BOULDER, CO / ACCESSWIRE / March 9, 2016 / Cool Energy Inc. (www.coolenergy.com) announced today that it received the Renewable Energy Award at the CO Impact Days and Initiative Social Venture Showcase on Friday, March 4, 2016.
Cool Energy has developed a 25kW low-temperature heat engine, called the ThermoHeart® Engine, which captures waste heat to produce carbon-free electricity. The company was one of 60 finalists chosen from more than 280 applicants, and one of only eight selected to pitch its story to all of the attendees. The company's power conversion system has demonstrated industry-leading efficiency of over 30 percent when converting wasted heat into clean electricity.
"Cool Energy is dedicated to providing a clean energy product that will reduce society's contribution to climate change and our dependence on fossil fuels," said Sam Weaver, co-founder and president of Cool Energy, who accepted the Renewable Energy Award. "We are pleased that not only is our product recognized as good for the environment and as a solid energy efficiency investment, but also that the way we conduct our business is sustainable according to the high standards set by the judging panel at CO Impact Days," added Weaver.
The ThermoHeart Engines developed by Cool Energy are based on a Stirling cycle and have undergone 10 years of lab and field testing with partners in the U.S. and overseas, including a pilot solar energy generation project for rural applications in developing nations. Currently, Cool Energy is testing the first unit of its 5th generation 25kW ThermoHeart Engine for integration with a concentrating solar power system, as well as testing for low-temperature (150° C to 400° C) waste heat and geothermal applications.
The ThermoHeart Engines can increase the energy efficiency of many industrial processes that exhaust heat, and can apply to a wide variety of applications, including electricity generation via waste heat recovery from diesel and natural gas generators, coffee roasters, bakeries, glass and ceramic manufacturing plants, etc. With suitable arrangements, gas temperatures of up to 700° C can be utilized.
The 60 social venture companies and organizations convened at the Ellie Caulkins Opera House at the Denver Center for the Performing Arts (DCPA) for the first-of-its-kind, statewide marketplace for impact investing. With more than 200 accredited impact investors in attendance, the chosen social ventures had the opportunity to showcase their ability to provide their return on investment while also having a positive impact on the state's communities, economy and natural environment.
"This is the first time in the U.S. that 200 accredited impact investors have come together for a statewide marketplace, where they could connect with each other, learn, and have intimate access to social ventures representing projects, for profits, nonprofits, and funds at any stage of growth," said Dr. Stephanie Gripne, Founder of the Impact Finance Center and creator of CO Impact Days and Initiative. "This is a first for impact investors and social ventures."
The goal of CO Impact Initiative was to catalyze $100 million in impact investments into Colorado social ventures in the next three years. CO Impact Days kicked off from March 2-4, 2016 to encourage a new breed of impact investors and (community members to Learn. Connect. Invest.
About Cool Energy
Cool Energy is a privately-held provider of low-temperature power conversion systems based in Boulder, Colorado. The company was founded in 2006 to develop a power generation system for converting waste heat from engines and industrial processes into clean electricity. The system is built around a low-temperature Stirling engine, the ThermoHeart® Engine, which captures and converts low-to-medium temperature (150° C - 400° C) heat into electricity. The company has received grants and contracts from the National Science Foundation, the U.S. Department of Energy, the U.S. Environmental Protection Agency and the Colorado Governor's Energy Office, and has 11 patents awarded or pending. In recognition for creating substantial positive overall environmental impact, Cool Energy was named among B Corp's "Best for the Environment." More information is available at www.coolenergy.com.
About CO Impact Days and Initiative
CO Impact Days is the first of its kind effort to create a statewide marketplace for impact investing; identifying, connecting, and celebrating Colorado's top social ventures and impact investors from the Western Slope to the Front Range. CO Impact Days' will to bring together Colorado's top 60 social ventures, 200 impact investors, and 500+ community members to Learn. Connect. Invest. For more information, visit www.coimpactdays.org or contact Molly at [email protected].
CO Impact Initiative, created by the Impact Finance Center and led by Dr. Stephanie Gripne and a steering committee of community leaders is a 3-year strategy to elevate and accelerate impact investing in Colorado, catalyzing the flow of $100 million in investment capital into Colorado social ventures that deliver positive impact on the state's communities, economy and natural environment.
(303) 413-8066; [email protected]
SOURCE: Cool Energy