DURHAM, North Carolina and NEW YORK – (BUSINESS WIRE) – Jul 21, 2021–
To support global demand for sustainable innovations that respond to climate change, Phononic, a global leader in solid-state cooling and heating technologies, today announced it has secured a significant growth investment led by $ 50 million sustainable investing activity within Goldman Sachs Asset. Management (Goldman Sachs). This investment enables Phononic to significantly expand sales and marketing, domestic and international high-volume manufacturing capabilities, and expand its cooling and refrigeration product portfolio and platform.
Goldman Sachs joins previous investors Temasek, Franklin Templeton, Venrock, Oak Investment Partners and others.
The world is facing a global warming catastrophe that is only exacerbated by a voracious appetite for cooling, refrigeration and air conditioning. Left unchecked, by 2045, refrigerant leaks alone will contribute as much to CO 2 emissions as automobiles. Additionally, 3 billion people live in hot climates, but only 8% have access to air conditioning. As the standard of living continues to rise and reaches that of the developed world, CO 2 emissions will only get worse. Refrigerant regulations are often patchwork, eliminating some GWP refrigerants, but replacing them with toxic or flammable alternatives.
Solid-state cooling and refrigeration solutions that meet performance, cost and sustainability metrics are the main drivers of Phononic’s explosive growth in optoelectronics (fiber optic communications / 5G / LIDAR); Cold Chain Fulfillment (e-commerce ecosystem); and technology licensing (vaccine protection, cold chain and retail merchandising, and climate control).
“With millions of high-performance thermoelectric devices already in use around the world and tens of thousands of solid-state refrigerators and freezers in the field, Phononic’s technology and products are essential to the way we communicate; feed our families; safeguard and transport life-saving vaccines; and even buy our favorite frozen snacks, ”said Tony Atti, co-founder and CEO of Phononic. “This support from Goldman Sachs is a validation of our team’s continued focus and commitment to making a transformative environmental impact. “
Goldman Sachs’ investment creates an exciting opportunity for sustainability and growth for both parties. “We recognize the essential role of cooling and refrigeration in the long-term sustainability of the planet and climate sustainability, and we are delighted to invest in Phononic to advance Goldman Sachs’ broader sustainability commitments,” said said Jeff Possick, managing director of Goldman Sachs. “Phononic’s semiconductor solutions deliver performance and durability not available from legacy thermoelectric or compressor operators, and our investment is aimed at helping develop and expand their capabilities to meet anticipated demand.
Phononic, Inc. is an innovator of solid-state cooling solutions that transform refrigeration and cooling in the long term. The Company’s thermoelectric chips and fully integrated products are used in optoelectronics (Fiber Optic Communications / 5G / LIDAR); Cold Chain Fulfillment (e-commerce ecosystem); and technology licenses (licenses granted to leaders in the life sciences and health, food and beverage and climate control sectors). Phononic innovations revolutionize the way people work and communicate, how grocers sell and deliver food, how vaccines and life-saving medicines are protected, and how homes and buildings are cooled, setting a new global standard of efficiency. and sustainability.
For more company and product information, visit: www.phononic.com.
About Goldman Sachs Asset Management
Bringing together traditional and alternative investments, Goldman Sachs Asset Management offers its clients around the world a dedicated partnership focused on long-term performance. As the primary investment area within Goldman Sachs (NYSE: GS), we provide investment and advisory services to the world’s leading institutions, financial advisors and individuals, leveraging our deeply connected global network and on personalized expert knowledge, in each region and each market, overseeing more than $ 2,000 billion in assets under surveillance worldwide as of June 30, 2021. Driven by a passion for the performance of our clients, we seek to build long-term relationships based on conviction, lasting results and shared success over time. Follow us on LinkedIn.
Copyright © 2021 Phononic. All rights reserved. Website phononic.com. Twitter @phononic_inc. LinkedIn Phononic Inc.
See the source version on businesswire.com: https://www.businesswire.com/news/home/20210721005225/en/
CONTACT: Media contact:
Theresa Pantazopoulos, Vice-President, Marketing and Corporate Communications
[email protected]; mobile: + 1.917.701.7991 (United States)
KEYWORD: UNITED STATES NORTH AMERICA NORTH CAROLINA NEW YORK
INDUSTRY KEYWORD: AUTOMOTIVE TECHNOLOGY MANUFACTURING SEMICONDUCTORS OTHERS GENERAL AUTOMOTIVE SCIENCE ALTERNATIVE ENERGY ENERGY ENGINEERING HARDWARE SCIENCE
Copyright Business Wire 2021.
PUB: 07/21/2021 9:00 a.m. / DISC: 07/21/2021 9:01 a.m.
Copyright Business Wire 2021.