Trane Technologies and the U.S. Department of Energy Partner to Advance Building Decarbonization in New Heat Pump Technology Challenge

Rhea-AI Summary

Trane Technologies partners with the U.S. Department of Energy to advance building decarbonization through the Commercial Building Heat Pump Technology Challenge. They aim to develop cost-effective, low-emission heat pump rooftop units to reduce carbon emissions and energy costs by up to 50% compared to conventional units. The initiative focuses on creating prototypes, testing product performance, and conducting field trials to meet energy efficiency and decarbonization goals. Trane Technologies' participation highlights their commitment to sustainability and innovation in addressing climate change.

Positive

• Trane Technologies' partnership with the U.S. Department of Energy in the Commercial Building Heat Pump Technology Challenge demonstrates their commitment to advancing sustainable solutions.

• The development of low-emission heat pump rooftop units has the potential to significantly reduce carbon emissions and energy costs by up to 50% compared to conventional units.

• The initiative aims to increase energy efficiency and support decarbonization goals, aligning with Trane Technologies' 2030 Sustainability Commitments.

Negative

• The challenge to develop new heat pump rooftop units may require substantial research and development investments, potentially impacting short-term financial performance.

• There is a risk of delays or setbacks in the development of prototypes, testing, and field trials, which could affect the timeline for bringing new technologies to market by 2027.

• If the new heat pump rooftop units fail to meet performance or durability requirements during testing, it could result in additional costs and revisions to meet standards.

Following its industry-leading performance in the DOE’s Residential Cold Climate Heat Pump Challenge, company brings its expertise to commercial heat pump challenge

SWORDS, Ireland--(BUSINESS WIRE)-- Trane Technologies (NYSE: TT), a global climate innovator, today announced its participation in the U.S. Department of Energy’s (DOE) Commercial Building Heat Pump Technology Challenge. This new initiative is designed to advance the adoption of cost-effective, next-generation heat pump rooftop units and cut carbon emissions. Heat pump rooftop units can reduce greenhouse gas emissions and energy costs by up to 50% compared with conventional rooftop units using natural gas heating.

Partnering with the DOE and its national laboratories to create prototypes, test product performance and durability and conduct field trials, Trane Technologies will leverage its proven innovation expertise to develop new low-emissions heat pump rooftop units. In line with the Challenge’s advanced technology specifications, these heat pumps will be designed to help organizations meet their energy efficiency needs and decarbonization goals.

“As the urgent need for clean technologies in addressing climate change becomes increasingly clear, we are proud to partner with the DOE in transforming the way the world heats and cools buildings, while dramatically reducing energy use and carbon emissions in the process,” said Holly Paeper, president, Commercial HVAC Americas, Trane Technologies. “Together, we can revolutionize the industry, reduce the carbon footprint of our communities and increase energy efficiency with more sustainable, cost-effective solutions.”

“As an inaugural partner in the Better Buildings Commercial Heat Pump Accelerator, Trane Technologies is demonstrating a commitment to leadership and collaboration,” said Maria Vargas, Director of the DOE’s Better Buildings Initiative. “We are thrilled to work together on this important initiative to drive greater energy efficiency and decarbonization in our nation’s buildings.”

According to the DOE, the U.S. spends approximately $800 billion each year to power buildings, manufacturing plants and homes. On average, between 20% and 30% of the nation’s energy is wasted, presenting a significant opportunity to increase energy efficiency. With a goal to bring more efficient and affordable rooftop heat pump technologies to market as soon as 2027, the Challenge has the potential to cut both emissions and energy costs in half when compared to natural gas-fueled heat pumps. If deployed at scale, American businesses and commercial entities could save $5 billion annually on utility bills.

Trane Technologies also participated in the DOE’s Residential Cold Climate Heat Pump Challenge, during which the company’s Trane® prototype performed in temperatures as low as negative 23 degrees Fahrenheit – surpassing the mandatory negative 20 degrees Fahrenheit DOE requirement. Following nearly two years of field trials, Trane’s prototype continues to run in extremely cold temperatures, resulting in improved comfort while delivering approximately 15% energy savings to the homeowners.

Through bold, industry-leading action and innovation, Trane Technologies is advancing its 2030 Sustainability Commitments, including the Gigaton Challenge to reduce customer emissions by a billion metric tons and its pledge to reach net-zero carbon emissions by 2050.

About Trane Technologies

Trane Technologies is a global climate innovator. Through our strategic brands Trane® and Thermo King®, and our portfolio of environmentally responsible products and services, we bring efficient and sustainable climate solutions to buildings, homes, and transportation. Learn more at tranetechnologies.com.

About Trane

Trane – by Trane Technologies (NYSE: TT), a global climate innovator – creates comfortable, energy-efficient indoor environments for commercial and residential applications. For more information, please visit www.trane.com.

This news release includes “forward-looking statements” within the meaning of securities laws, which are statements that are not historical facts, including statements that relate to innovations to develop cost-effective decarbonization solutions, and our sustainability commitments and the impact of these commitments. These forward-looking statements are based on our current expectations and are subject to risks and uncertainties, which may cause actual results to differ materially from our current expectations. Factors that could cause such differences can be found in our Form 10-K for the year ended December 31, 2023, as well as our subsequent reports on Form 10-Q and other SEC filings. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect the Company. We assume no obligation to update these forward-looking statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240507389212/en/

Media Contact:

Travis Bullard

+1-919-802-2593

Media@tranetechnologies.com

Investors Contact:

Zachary Nagle

+1-704-990-3913

InvestorRelations@tranetechnologies.com

Source: Trane Technologies

FAQ

What is Trane Technologies partnering with the U.S. Department of Energy for?

Trane Technologies is partnering with the U.S. Department of Energy in the Commercial Building Heat Pump Technology Challenge to develop low-emission heat pump rooftop units.

How much can the new heat pump rooftop units reduce greenhouse gas emissions and energy costs by?

The new heat pump rooftop units developed through the challenge can reduce greenhouse gas emissions and energy costs by up to 50% compared to conventional units.

What is the timeline for bringing more efficient rooftop heat pump technologies to market?

The goal is to bring more efficient rooftop heat pump technologies to market as soon as 2027.