Carrier Launches VC Group with Initial Investments Targeting Building & Cold Chain Decarbonization
HVAC, refrigeration and sustainable building solutions Carrier announced today the launch of Carrier Ventures, a new venture capital group targeting investments in companies accelerating sustainable innovation and disruptive cold chain technology.
According to Carrier, the new venture will form part of its strategy to enable large scale decarbonization of its customers. Carrier introduced its first set of ESG goals as an independent company in 2020, after separating from United Technologies Corporation. Included in the company’s commitments was a target to reduce its customers’ carbon footprint by more than one gigaton, supported by a planned investment of more than $2 billion over the next 10 years toward the development of healthier, safer, and more sustainable building and cold chain solutions.
HVAC and refrigeration system companies are well-positioned to help companies globally achieve their climate goals. Buildings are a significant contributor to global GHG emissions, and one of the hardest to replace, given their long-term nature. According to Carrier, buildings contribute about 15% of global carbon emissions, and food wastage is also responsible for an estimated 4.4 gigatons of emissions annually.
Dave Gitlin, Chairman & CEO, Carrier, said:
“As a company founded on innovation, Carrier inherently values a creative and disruptive ‘startup’ mindset. Carrier Ventures will help connect our proven expertise and resources with the best thinkers outside of Carrier to accelerate bringing new technologies to market. In addition to delivering new solutions to make the world healthier, safer, more sustainable and intelligent for generations to come, it will also be an important tool in meeting our previously stated goal of helping our customers reduce their carbon footprints by more than one gigaton by 2030.”
Carrier highlighted two of Carrier Ventures’ first investments, AddVolt and OhmConnect, both providing solutions enabling customer decarbonization. Addvolt has developed the world’s first plug-in electric systems for refrigerated transportation markets, and OhmCOnnect provides a free service rewarding users for saving energy during times of high grid demand.
Carrier Ventures will be led by Jennifer Anderson, Carrier’s Senior Vice President, Strategy, Business Development & Chief Sustainability Officer. Anderson said:
“While Carrier has long been a sustainability leader, Carrier Ventures will be the catalyst to disrupt ourselves and our industry as we innovate and commercialize the next generation of differentiated, net zero solutions. We’re looking forward to partnering with AddVolt, OhmConnect and our future portfolio companies as we lead our global customers on a new path to achieve their business and climate goals.”