ThermoLift Inc., a heating and cooling technology company with its engineering development and testing center located in Livonia and headquarterd in Stony Brook, N.Y., announced that NGIF Cleantech Ventures, an Ottawa-based venture capital firm, has selected it as its first scale-up capital investment in the portfolio.
Founded in 2012, ThermoLift is preparing to commercialize its flagship offering, the Thermal Compression Climate Control (TC3), 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 less than any incumbent system, according to the company.
“ThermoLift is proud to be the first of NGIF Cleantech Ventures’ investments. This partnership reflects our shared ambition toward a low carbon economy,” says Paul Schwartz, co-founder and director of ThermoLift
NGIF is jointly funded by companies across Canada’s gas industry, and invests in every part of the gas value chain, from production to end-use.
“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,” says John Adams, president and CEO of NGIF Capital Corp. and managing partner NGIF Cleantech Ventures
“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.”
According to data based on independently verified lab test results conducted in 2018, the TC3 can provide up to a 50 percent reduction in energy consumption, particularly in cold weather climates. TC3 energy and cost savings will vary upon application, climate and input source energy utilized for power production of the local and regional electric grids, among other factors.
“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,” says Timothy M. Egan, president and CEO of the Canadian Gas Association and chair of NGIF Capital Corp., which operates NGIF Cleantech Ventures.