Trane Technologies Surpasses U.S. Department of Energy Requirements for High-Efficiency, Cold Climate Heat Pump

Rhea-AI Summary

Trane Technologies (NYSE: TT) has successfully completed laboratory testing and is set to begin field trials for its high-efficiency cold climate heat pump. This product surpassed U.S. Department of Energy (DOE) standards by performing at temperatures as low as -23°F, exceeding the DOE's requirement of -20°F. Jason Bingham, president of Residential HVAC, emphasized the company's commitment to sustainability and innovation. The heat pump is designed to assist homeowners in utilizing clean energy tax credits available through the Inflation Reduction Act.

Positive

• Successfully surpassed DOE requirements for cold climate heat pump performance.
• Prototype demonstrated high efficiency at temperatures as low as -23°F.
• Transition towards sustainable solutions aligns with growing demand and new energy tax credits.

Negative

• None.

Following successful laboratory testing, company begins field testing stage

SWORDS, Ireland--(BUSINESS WIRE)-- Trane Technologies (NYSE: TT), a global climate innovator, has surpassed U.S. Department of Energy (DOE) requirements for the Residential Cold Climate Heat Pump (CCHP) Challenge for high-efficiency heating in freezing temperatures. After outperforming in laboratory tests in extremely cold temperatures, the Trane® high-efficiency, cold climate heat pump will begin field trials this month.

It snows every week in Tyler, Texas! The Systems Extreme Environmental Test (SEET) room at the Tyler, Texas Trane® manufacturing facility provides an ideal, controlled environment for simulating extreme weather conditions, allowing technicians and engineers to put heat pumps and AC systems through thousands of hours of continuous testing – while measuring and managing quality and performance. The foundation for Trane’s Cold Climate Heat Pump challenge prototype was tested in the SEET room, ahead of outperforming tests at the U.S. Department of Energy’s Oak Ridge National Lab Facility. (Photo: Business Wire)

“As a sustainability leader, we relentlessly innovate to develop high-efficiency heat pumps and other sustainable solutions that transition away from fossil fuels and reduce carbon emissions,” said Jason Bingham, president of Residential HVAC, Trane Technologies. “We’re excited to move to the next phase of the DOE challenge. As more and more homeowners choose sustainable solutions like heat pumps, we look forward to helping them take advantage of new clean energy tax credits and rebates available through the Inflation Reduction Act.”

When tested at the DOE’s lab, Trane’s CCHP prototype performed in temperatures as low as negative 23 degrees Fahrenheit, surpassing the mandatory negative 20 degrees Fahrenheit DOE requirement.

“When tested at the Oak Ridge National Lab Facility, our prototype pushed the limits of the testing with high performance even as temperatures moved beyond the trial scope. To stop this Trane unit, they had to manually cut the power,” said Katie Davis, vice president of engineering and technology, Residential HVAC, Trane Technologies. “We are excited to conduct field testing with this heat pump and keep families warm while supporting a more sustainable future. It’s hard to stop a Trane!”

Until this new technology is available, the company continues to offer the most efficient options available today including heat pumps, more environmentally minded furnaces, and the pairing of the two in dual fuel systems.

Through bold, industry-leading action, Trane Technologies is creating efficient and sustainable comfort solutions and advancing its 2030 Sustainability Commitments, including the company’s Gigaton Challenge – the largest validated science-based climate commitment related to product use emissions, which pledges to reduce one billion metric tons (one gigaton) of greenhouse gas emissions from customers’ carbon footprints by 2030.

About Trane Technologies

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

This news release includes “forward-looking statements” which are statements that are not historical facts, including statements that relate to 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. Such factors include, but are not limited to, our future financial performance and targets, including revenue, EPS and operating income; our business operations; demand for our products and services, including bookings and backlog; capital deployment, including the amount and timing of our dividends, our share repurchase program, including the amount of shares to be repurchased and the timing of such repurchases and our capital allocation strategy, including acquisitions, if any; our projected free cash flow and usage of such cash; our available liquidity; performance of the markets in which we operate; restructuring activity and cost savings associated with such activity; and our effective tax rate. Additional factors that could cause such differences can be found in our Form 10-K for the year ended December 31, 2021, as well as our subsequent reports on Form 10-Q and other SEC filings. We assume no obligation to update these forward-looking statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221103005955/en/

Media Contact:

Shelby Hansen

+1-704-990-3835

Shelby.Hansen@tranetechnologies.com

Investors Contact:

Zachary Nagle

+1-704-990-3913

InvestorRelations@tranetechnologies.com

Source: Trane Technologies

FAQ

What are the performance results of Trane Technologies' heat pump?

Trane's heat pump prototype performed efficiently at -23°F, surpassing the DOE's requirement of -20°F.

When will field testing for Trane's heat pump begin?

Field testing for Trane's high-efficiency cold climate heat pump is set to begin this month.

How does Trane Technologies plan to support sustainability?

Trane Technologies is focused on developing high-efficiency heat pumps and offers solutions that reduce carbon emissions.

What is the significance of the Inflation Reduction Act for Trane's customers?

The Inflation Reduction Act provides new clean energy tax credits that benefit homeowners choosing sustainable solutions like heat pumps.

What company is behind the new cold climate heat pump technology?

The cold climate heat pump technology is being developed by Trane Technologies (NYSE: TT).