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.
“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.
Contacts
Media Contact:
Shelby Hansen
+1-704-990-3835
Shelby.Hansen@tranetechnologies.com
Investors Contact:
Zachary Nagle
+1-704-990-3913
InvestorRelations@tranetechnologies.com
