Cool Energy Technology Applicable to Untapped $15 Billion U.S. Market
BOULDER, CO; April 16, 2012 – Cool Energy Inc., a clean energy power generation corporation with headquarters in Boulder, Colorado, has developed a new use for the 200-year old Stirling engine. This approach can recover and convert waste heat that would otherwise be lost and turn the heat into usable electricity for broad application in industrial and commercial processes.
The company, which holds five U.S. patents on its SolarHeart® Engine system, has determined that its technology can service the untapped $15 billion U.S. market for waste heat recovery in the low to medium temperature range (100 to 300 Celsius). Currently, 20 to 50 percent of energy consumed in industrial and commercial processes is lost via waste heat.
“If we installed SolarHeart® Engines in just 30 percent of the industrial waste heat recovery opportunities in the U.S., we’d install 11 gigawatts of generating capacity which would produce 60 billion kilowatt hours of electricity every year from heat that’s wasted up industrial smoke stacks,” said Sam Weaver, President and CEO of Cool Energy, Inc. “We could save 30 million tons of carbon dioxide emissions every year if we got even 30 percent of these opportunities – and that’s in the U.S. alone,” added Weaver.
In the fourth quarter of 2011, Cool Energy designed, built and sold three of its fourth generation 3kW engines to European customers. The company is currently developing designs for higher-power engines to capture the large untapped market for power conversions in the 10kW to 50kW range. Mr. Weaver recently returned from India where he interviewed potential partners for on-site manufacturing and distribution of the SolarHeart® Engine.
The company’s technology is expected to increase engine generator efficiencies by up to 20 percent with a return on investment in as little as one year. Cool Energy has received grants from the National Science Foundation, the U.S. Department of Energy, the Environmental Protection Agency and the Colorado Governor’s Energy Office. By capturing and converting waste heat, the system both prevents damaging greenhouse gas emissions from entering the Earth’s atmosphere, and produces electricity with zero carbon emissions.
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