ThermoLift Selected as First Investment Made By NGIF Cleantech Ventures
STONY BROOK, NY, July 29, 2021
ThermoLift, Inc. is pleased to announce that NGIF Cleantech Ventures, a Canadian venture capital fund investing in cleantech innovation in the natural gas sector, has chosen ThermoLift as its first scale-up capital investment in the portfolio with the New York-based energy innovator of HVAC solutions
Founded in 2012, ThermoLift is now preparing for commercialization of its flagship offering, the TC3 (Thermal Compression Climate Control), a fuel-flexible natural gas and hydrogen-enabled heat pump that can provide simultaneous space heating, water heating, and air conditioning from a single unit at a projected cost and carbon intensity far less than any incumbent system. Based on the patented Hofbauer cycle, the TC3 can provide up to a 50% reduction in energy consumption*, particularly in cold weather markets.*
“ThermoLift is proud to be the first of NGIF Cleantech Ventures’ investments. This partnership reflects our shared ambition toward a low carbon economy,” said Paul Schwartz, ThermoLift Co-Founder and Director.
Jointly funded by prominent companies across Canada's gas industry, NGIF Cleantech Ventures is poised to take on every part of the gas value chain, from production to end-use. NGIF Cleantech Ventures, operated by NGIF Capital Corporation, offers equity financing for startups that deliver solutions to the environment and other challenges facing the natural gas sector.
“NGIF Cleantech Ventures is excited to be investing in ThermoLift, which has developed a cleantech solution to reduce energy consumption and costs for homes and businesses across North America,” said John Adams, NGIF Capital Corporation President and CEO and NGIF Cleantech Ventures Managing Partner. “Their natural gas heat pump is an efficient, low-emission, cost effective product meeting a variety of energy needs. We are confident that ThermoLift will emerge as a market leader in this space.”
“ThermoLift’s technology delivers on customers’ demands for affordable, clean, and reliable energy. We hope decision makers take note of this innovative technology—it is the kind of energy choice the gas industry can make available to Canadians,” said Timothy M. Egan, President and CEO of the Canadian Gas Association and Chair of NGIF Capital Corporation, which operates NGIF Cleantech Ventures.