New cooling technology for Phase 37

YORKSHIRE-BASED Phase 37, which invests and develops start-up businesses, has formed a joint venture with a US company to acquire the worldwide distribution rights to a new system which reduces the energy needed to deliver air conditioning and refrigeration systems.

Leeds firm Phase 37, run by Simon Clothier, has linked up with Cooling Technologies of Toledo, Ohio, which has developed a patented, heat-activated cooling technology which can reduce operating costs by 20% in traditional air conditioning applications and by 80% when integrated into a combined heat and power system.

Mr Clothier said that the capture of waste or excess heat means a single entry-level unit can save the CO2 annual emissions of up to 14 family cars.
 
Targeted primarily at medium-sized commercial establishments, the new technology addresses a sizeable world-wide market estimated at 4m units annually.

The techology developed in the US was identified by Yorkshire Forward subsidiary VEN Management, which acts as a business matchmaker, helping buyers to find the best suppliers for their needs and helping small and medium sized companies find the right partners to join forces with.

Now Phase 37 is embarking on moves to secure funding to begin manufacturing and to identify a European manufacturer for the product. Mr Clothier said they would look to have the product built in Yorkshire if possible.

In development since 2000 there are more than 40 test units installed and operating successfully across North America. Without any formal marketing the company already has expressions of interest for more than 12,000 units from around the world.

No bigger than a double-door fridge, the units can be assembled into multipacks of up to six to provide cooling capacities suitable for medium-sized supermarkets, data centres and large residential units.

Mr Clothier said: “Few people appreciate the massive volume of carbon consumed world-wide in cooling our houses, hospitals, shops and places of work. Increases in average temperatures means that future cooling demand will almost certainly rise. With this new product we now have a small, accessible, easy-in solution which reduces energy usage, saves money and helps businesses mitigate the future impact of climate levy.

“We are delighted to have reached agreement with our US partners about the shape and direction of the new venture and will now bring it to life quickly. We are talking to a number of interested backers and are confident of finding the right level of support. This is exactly the type of project the world needs to get behind. It’s an exciting step forward and in the right direction for all of us! ”

Ron Soka, chief technology officer of of Cooling Technologies, and the product’s developer said: “We have been working toward this special day for some time now. It’s been a long journey to make sure we have a world-class product and commercialisation team. Having access to Phase 37’s energy, focus and expertise is an essential ingredient for success; I have every confidence they will build a successful delivery team, form strong world-wide relationships, and establish an effective distribution network.”

Jim Thomas, managing director of VEN Management, who worked with colleague Ian Watson on the project, added: “This is great news for Yorkshire. We are delighted to have played our part in identifying the product, verifying its potential and bringing the parties together. From our legal, technical and commercial due diligence we are convinced it’s a winner. We look forward to working with the new company to help bring the product into full production and to creating much-needed jobs in Yorkshire.”

Stuart Hillston of Constellation Capital, Ian Gilbert of Walker Morris, Tim Parr of Baker Tilly and Dick Wolff of US firm Spengler Nathanson formed the advisory team.