ThermoLift Investors LLC, a special purpose vehicle for investments in ThermoLift, Inc., raised $360,000 from eleven Long Island (NY) angel investors . In March news surfaced in a Newsday article that ThermoLift, Inc. secured $1.5 million in commitments.
The company is developing a “turbo charged” heat pump that heats, cools (by pumping out heat) and provides hot water. The proprietary design coupled with mechatronics (combination of mechanical engineering, electrical engineering, control engineering and computer engineering) control leaves the traditional HVAC (Heating Ventilation Air Conditioning) technology out…in the cold. In addition current measured performance data far exceeds the Department of Energy’s (DOE) target for next generation heat pumps. ThermoLift expects the device to reduce energy consumption by up to 50% for commercial and residential space conditioning.
The company, headquartered in Stony Brook, NY, was founded in April 2012 based on an invention by Prof. Dr.-Ing. Peter Hofbauer and is led by Paul Schwartz (President and CEO).