Trane Technologies Providing Access to STEM Education Through Additional $1.2 Million Investment in Project Scientist

Rhea-AI Summary

Trane Technologies (NYSE:TT) announced an additional $1.2 million investment in Project Scientist, expanding its initial $1 million funding from 2021. The support targets STEM education for girls aged 4-12 through Summer STEAM Labs and After-School STEAM Clubs in various U.S. communities and Monterrey, Mexico. More than 1,500 girls have participated in these programs since 2021, engaging with over 700 employee volunteers. This initiative aligns with Trane Technologies' 2030 Sustainability Commitments, aiming to invest $100 million and 500,000 volunteer hours by 2030 in programs promoting equitable education and green careers. The company reported a 19% increase in philanthropic giving in 2023, totaling over $18 million, with 92,517 volunteer hours contributed last year.

Positive

• Additional $1.2 million investment in STEM education.
• Initial $1 million funding provided in 2021.
• Over 1,500 girls participated in programs since 2021.
• 700+ employee volunteers engaged as role models.
• Expansion of Summer STEAM Labs in multiple U.S. locations and Monterrey, Mexico.
• Trane Technologies' 2030 goal to invest $100 million and 500,000 volunteer hours.
• 19% increase in philanthropic giving in 2023.
• Over $18 million donated in 2023.
• 92,517 volunteer hours contributed in 2023.

Negative

• No direct financial benefit reported from the investment.
• Potential dilution of resources towards non-revenue generating activities.
• Focus on long-term returns may not meet short-term investor expectations.

SWORDS, Ireland--(BUSINESS WIRE)-- Trane Technologies (NYSE:TT), a global climate innovator, is expanding its support of Project Scientist, providing the education non-profit with a contribution of $1.2 million over the next three years. This additional investment expands upon the original $1 million in funding from Trane Technologies in 2021 to help Project Scientist extend its reach and support girls ages 4-12 with innovative STEM programs in new communities.

Building on the program’s successful results in the first three years, this additional investment will fund Summer STEAM (science, technology, engineering, art, and math) Labs in communities where Trane Technologies has a significant workforce including Charlotte, North Carolina, Tyler, Texas, La Crosse, Wisconsin, St. Paul, Minnesota and Brea, California. The funding also supports an After-School STEAM Club in Monterrey, Mexico and virtual Scholar programs that will transition to an in-person model in 2025.

These new Summer STEAM Labs programs are designed to challenge and inspire girls ages 4-12 to be innovative scientists and problem solvers and give them experience of what it’s like to work at a leading STEM (science, technology, engineering and math) company. Since 2021, more than 1,500 girls have taken part in the programs, engaging with over 700 employee volunteers who served as role models, proving students with real world exposure to diverse women who work in STEM careers.

“I am so proud of our continuing support of Project Scientist because I’ve seen firsthand the joy on the young girls’ faces as they interact with our team, learn about possible opportunities, and build confidence in their own abilities,” said Deidra Parrish Williams, Trane Technologies’ leader of Global Corporate Social Responsibility. “These innovative and inclusive programs from Project Scientist open a new world of possibilities for children in our communities and spark interest in STEM fields that will propel them into rewarding careers.”

“Project Scientist is grateful for the unwavering support of Trane Technologies,” said Dr. Patrice S. Johnson, CEO, Project Scientist. “Their commitment allows us to deliver exceptional STEAM out-of-school education programs across the United States and Monterrey, Mexico. Trane’s generosity combined with employee collaboration not only sustains our current programs but also enables us to scale and expand our reach in the coming years ensuring that students from historically marginalized communities have access to educational and career pathways to become future innovators and leaders.”

Trane Technologies’ support of Project Scientist aligns with the company’s 2030 Sustainability Commitments, which include a commitment to creating Opportunity for All through citizenship initiatives that provide access to equitable education and pathways to green and STEM careers.

The company’s corporate citizenship strategy, Sustainable Futures, is designed to support young, under-represented learners. Trane Technologies is investing $100 million and 500,000 employee volunteer hours by 2030 in programs that support this strategy. In 2023, the company donated over $18 million in philanthropic giving, an increase of 19% from 2022, and its team members volunteered 92,517 hours last year, putting the company at 47% of its 2030 goal.

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. Visit tranetechnologies.com.

About Project Scientist

Project Scientist is a 501 (c)(3) nonprofit delivering high-quality experiences in science, technology, engineering, arts, and math (STEAM) to girls from marginalized and underserved communities. We offer summer and after-school programs in partnership with local schools, school districts, nonprofit organizations, and STEM Companies. To date, Project Scientist has provided nearly 116,000 STEAM education experiences, impacting over 24,000 girls from communities across the United States and Mexico. Learn more at projectscientist.org.

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 our investment in education programs, 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/20240612612664/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 the additional investment Trane Technologies is making in Project Scientist?

Trane Technologies is investing an additional $1.2 million in Project Scientist over the next three years.

How much initial funding did Trane Technologies provide to Project Scientist?

Trane Technologies initially provided $1 million in funding to Project Scientist in 2021.

What are the goals of Trane Technologies' investment in STEM education?

The investment aims to support STEM education for girls aged 4-12 through innovative programs and align with Trane Technologies' 2030 Sustainability Commitments.

In which locations will the new Summer STEAM Labs be established?

New Summer STEAM Labs will be established in Charlotte, North Carolina; Tyler, Texas; La Crosse, Wisconsin; St. Paul, Minnesota; and Brea, California.

How many girls have participated in Project Scientist programs since 2021?

More than 1,500 girls have participated in Project Scientist programs since 2021.

How many employee volunteers have been involved in Project Scientist programs?

Over 700 employee volunteers have been involved in Project Scientist programs.

What is Trane Technologies' 2030 goal for volunteer hours and investments in educational programs?

Trane Technologies aims to invest $100 million and 500,000 volunteer hours by 2030.

How much did Trane Technologies donate in philanthropic giving in 2023?

Trane Technologies donated over $18 million in philanthropic giving in 2023.

How many volunteer hours did Trane Technologies' team members contribute in 2023?

Trane Technologies' team members contributed 92,517 volunteer hours in 2023.