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

SWORDS, Ireland, May 8, 2024 /3BL/ - 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 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.

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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.