Toby Peters, Chief Executive of Dearman – the clean cold technology company – will be speaking at REFF-Wall Street in New York on June 24.
Peters will highlight the critical role that cold plays in national and international energy systems, the growing environmental impact of cooling and the potential for cold technologies to become a major growth market within the renewables sector.
He will call for a joined-up, systems-level approach to the development of ‘clean cold’ infrastructure, with governments, investors and technology companies working together to enable the formation of a ‘cold economy’ worth billions of dollars and capable of supporting thousands of jobs.
The US has a major, established demand for cooling. It kilowatt hours of energy annually just to provide residential cooling; 48% of domestic energy consumption in the US is used to provide either heating or cooling; and the US is the world’s largest market for transport refrigeration units, with approximately 480,000 refrigerated vehicles on the road.
Research by Dearman has also drawn attention to future growth of cooling demand, which is being driven by fast growing economies such as China and India. For example, based on estimated demand, the number of transport refrigeration units on the world’s roads could reach 17 million by 2025, up from fewer than 3 million in operation today.
However, despite this existing and rapidly growing demand for cold and the impact cooling has on the global energy system, thermal technology remains the Cinderella of the renewable energy market, with investment lagging behind electricity generation. In the UK, between 2010 and 2013 an estimated £27.7bn was invested in renewable electricity generation, compared to £1.7bn in thermal technologies.
Peters will highlight the relative underinvestment into thermal technologies and the opportunity to establish new high-growth markets for clean cold technology if that were to change.
Discussing Dearman’s presence at REFF-Wall Street, Toby Peters said, “America is the largest economy on Earth and much of its prosperity is underpinned by cold. Whether in transporting food, distributing medicines or enabling people to live comfortably in places like Las Vegas, people need cooling – lots of it. But providing that cold is energy intensive and all too often inefficient, fossil fuelled and polluting. That has to change, and this is the point I will be making at REFF-Wall Street.”
“Emerging clean cold technologies such as Dearman’s liquid air systems have the potential to make an immediate impact here in the United States. They can quickly improve air quality, reduce carbon intensity and save operators money. However, to maximise the long-term benefit governments, investors and technology companies need to think about the role that cold plays in the overall energy mix and how new clean cold technologies can be integrated to establish substantial new markets. If that happens, the overall prize of developing a whole new market for clean cold technology could be very significant.”
He added, “Dearman has exciting prospects for future growth, and the United States is a key long-term market for us. REFF-Wall Street is a crucible of innovative American thinking and I am very proud to be flying the flag for the UK cleantech industry and the growing British cold economy.”
REFF-Wall Street is the premier renewable energy financing event in the US, and attracts senior representatives from the renewables, cleantech and finance industries. The event is hosted by ACORE (American Council on Renewable Energy) and Euromoney Energy Events.
This event will follow closely after a Dearman-hosted event, which takes place during the European Union Sustainable Energy Week on June 18. Dearman is leading a workshop, Cleaner Cooling: Sustainably meeting the rapid growth in transport and urban cooling demand. The workshop will explore how industry and policy makers can sustainably meet the rapid growth in transport and urban cooling demand.