The Wells Fargo Foundation-funded technology incubator program, which initially invested in early-stage startup Turntide Technologies seven years ago, is developing energy-saving motors that reduce power consumption in heating, ventilation, and air conditioning systems. I was fascinated by the company's business plan to produce. .
The bank is now a major user of Turntide's technology, which can be used as a drop-in motor replacement for HVAC equipment that is not old enough to be replaced but needs an efficiency upgrade. Turntide's motors can operate at variable speeds, allowing building managers to automate changes in power consumption based on real-time conditions.
„This is an easy alternative that can save you a lot of energy,“ said Robin Luening, Wells Fargo's chief sustainability officer. The system is compatible with most existing air conditioning equipment, an important indicator for the bank's corporate facilities and real estate groups, he said.
Wells Fargo Field Tests Turntide Technology — Innovation incubator program The foundation manages it in collaboration with the National Renewable Energy Laboratory, which has resulted in significant savings. A bank branch near Englewood, Colorado, saw a 70% reduction, which would reduce overall electricity consumption by an estimated 7,000 kilowatt-hours per year. The Charlotte, North Carolina office could see an 80% reduction in electricity consumption, saving 29,000 kilowatt-hours annually.
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The case for smarter motors
Turntide makes switched reluctance motors that have historically been used in clocks and phonographs. The motor operates at variable speed, allowing you to adjust the speed depending on operating conditions such as changing weather. This allows building managers to automate changes in power consumption based on real-time conditions. Turntide's motors are also more sustainable from a materials standpoint, as they don't require the rare earth metals used in magnet drive systems.
Rashad Nanavati, director of Third Derivatives, a climate technology startup accelerator founded by RMI and New Energy Nexus, said the technology is „simple, reliable and capable of handling a variety of demanding operating conditions.“ Ta.
The challenge was controlling the motors, and Turntide has raised more than $485 million for the problem. Solve with digital means. „As software and digital controls become more sophisticated, these challenges become more tractable,“ Nanavati said. “If Turntide can solve them, the potential market and applications could be huge and very promising. Everything from EVs and his HVAC systems to industrial pumps, fans and conveyors. Things become more efficient.”
The Sunnyvale, California-based startup is backed by the Amazon Climate Pledge Fund, Breakthrough Energy Partners, and Robert Downey Jr.'s Footprint Coalition, along with Wells Fargo. Turntide was valued at more than $1 billion in June 2022, but that valuation will be lowered if it announces another round of funding in 2024, a spokesperson said.
Energy efficiency is essential to climate change goals
Energy efficiency doesn't generate as many headlines as renewable energy, but improvements in these measures must double between 2022 and 2030 if the world is to meet the climate change goals set by the Paris Agreement. The report says there is a need. international energy agency. While investment in efficiency has increased since 2020, it is not growing fast enough, the agency said.
“Maximizing efficiency can help you reach your goals years earlier and save trillions of dollars, and vice versa,” Third Derivatives' Nanavati said. “Failure to act ambitiously towards efficiency will make global decarbonization even more difficult.”
Air conditioning accounts for an estimated 20 percent of global electricity consumption, so addressing air conditioning is a „very important“ part of the equation, he said. As the planet warms, its use could triple by 2050. Based on current projections, the world will need an additional 1 terawatt of new electricity generation just to run its air conditioners by 2050. This is nearly double the total amount currently used in the United States.
“Air conditioning loads are particularly problematic because they often drive peak demand, which is the most difficult and costly to meet and is met by the most polluting power plants. There are many,” Nanavati said.
easy upgrade
Turntide targets companies with large real estate portfolios, such as retailers and companies that manage large warehouse networks where climate control is important, said Marty Ogram, head of strategic accounts. Other customers include his chain of department stores Canadian Tire (600 stores) and his two largest shopping mall operators in the United States, Macerich and Ivanhoe Cambridge.
The number of motors required for an installation depends largely on the number of systems involved. 2 to 4 machines for bank branches and up to 60 machines for large warehouse operations. „The key is to find companies with commitment and energy efficiency goals,“ Ogram said.
Ogram declined to discuss pricing, but Turntide has created a calculator to help potential accounts model the payback period for implementation, typically two to three years.
For example, Wells Fargo said it selects locations for additional Turntide technology based on factors such as the age and condition of existing systems, local utility rates, and the availability of utility energy efficiency incentives to cover costs. Ta.