PHOTONIC
RADIATIVE
COOLING
24 hour cooling,
without electricity
Increase
in
global energy
residential
growth by energy
2040
use for cooling
people
traveled
by per
2100
meal in U.S.
11 billion
1500
83%
37%
miles
S O U R C E : NASA satellite imagery, U.S. EIA and DOE data books, NAS articles, U.S. Census Bureau, U.C. Berkeley research, IEA WEO 2014
2
Cooling in the U.S. annually consumes:
18%
=
100
=
$80 Billion
of all electricity
million tons
of coal
S O U R C E : U.S. EIA Residential Energy Consumption Survey (2009) and Commercial Building Energy Consumption Survey (2003), Average Energy Price (2015)
3
P
HOTONIC
No Electricity
No
parts
Rmoving
ADIATIVE
COOLING
S O U R C E : PI research, published documents
4
Works day and night!
S O U R C E : PI research, associated published documents
5
Temperature ( C)
9F cooler than ambient air
45F cooler than aluminum
100F cooler than black paint!
Time of Day
40-80 W/m2 cooling power
Emissivity
1
0.5
0
0.3
1
1.5
2
2.5
5
Wavelength (μm)
S O U R C E : PI research, associated published documents
6
8 10 13
20
Ideal first market has three components
High value
for cooling
S O U R C E : Internal team analysis, expert interviews
Sky-facing
Technical fit
7
Buildings
Refrigerated Trucking
$24B
$1.4B
Spent on HVAC in the
U.S. annually
Spent on fuel for U.S.
refrigerated trucking
S O U R C E : BCC Research, IBIS World
8
Cooling
Tower
$140,000
3.2M
Per year in
electricity costs
gallons per year
in water losses
Chiller
Air
Handler
S O U R C E : EIA Commercial Building Energy Consumption Survey (2009), Trane® cooling tower product manual
9
Unit economics and 24/7 performance
present compelling value
20%
3 year
SOURCES: Internal team analysis based on $100/m2 cost in U.S. southwest and current average electricity prices (EIA)
10
savings on electric
cooling costs
payback period
Launch and growth stages imply different pull-push tactics
among segmented value net decision-makers
Distributor
SOURCES: IBISWorld, 2015; DOE, 1999.
11
Launch and growth stages imply different pull-push tactics
among segmented value net decision-makers
Distributor
SOURCES: IBISWorld, 2015; DOE, 1999.
12
Buildings
Refrigerated Trucking
$24B
$1.4 B
Spent on HVAC in the
U.S. annually
Spent on fuel for U.S.
refrigerated trucking
PRC cools without fuel
S O U R C E : BCC Research, IBIS World
13
Present cooling technologies in trucking
“Reefer” units
Gel packs
Dry ice
S O U R C E : Industry expert interviews, Frost and Sullivan industry reports
14
PRC offers improved margins
10%
2 year
S O U R C E : Internal team analysis on scientific documentation and research results
savings on cooling
fuel costs
payback period
15
Going to market means targeting the right segments
2. Last-mile/home delivery
Market segment attractiveness
3. Long-haul
1. Regional distribution
Large private fleet operators have scale, cash,
and motivation to innovate
S O U R C E : Expert interviews, Walmart webpage
16
Potential PRC Markets and Challenges
Cost ($/m2, $/W)
Now
S O U R C E : Internal team analysis
Next
Coating of non-flat surfaces
Future
17
Refrigerated
Transport
Buildings
Estimated
Addressable
Potential
(Billions)
$8
$1
$4
R&D
Focus
Cost
Competing
Solutions
Solar
Photovoltaic
Thermal Power
Plants
$10
Cost
Cost, IP defense
Cooling Power
Density
Cooling Towers
Diesel reefer,
Passive (ice, etc.)
Cheaper Solar,
cheaper land
Cooling tower +
Single-pass water
Benchmark
3-year payback
Transport cost
per product-mile
LCOE Reduction
Competitive
Advantage
Carbon-free,
electricity
neutral
Carbon-free,
electricity
neutral
Cools without
increasing PV’s
footprint
Now
Next
S O U R C E : Internal team analysis,
analysis expert interviews, Frost and Sullivan industry reports, SEIA reports, CBO report, IBISWorld reports
Liquid Natural
Gas
$4
Military
$3
Cooling Power
Density
Non-flat coatings
Boil-off
recompressor
Unlimited budget
for spares
LCOE Reduction
Transport cost
per mmBTU
Undetermined
Water
conservation
Carbon-free,
electricity
neutral
Equipment works
when hot
Future
18
Estimated
Annual
Revenue
Phase One
Phase Two
Phase Three
Prototyping
Business Model Testing
Startup Launch
Major R&D
Manufacturing Expansion
Series A and B
Incremental R&D
Market Domination
Exit
$350M
$75M
$3M
2 years
Time
4-6 years
S O U R C E : Internal team analysis
S O U R C E : Internal team analysis, expert interviews, Walmart Stores Inc. 2015 10-K, Ingersoll-Rand PLC 2015 10-K
19
PHOTONIC
RADIATIVE
COOLING
20
Aaswath Raman
Eli Goldstein
Lead Scientist
Laboratory Lead
Travis Dziubla
Lisa Becker
Pete Dillon
Kenny Gotleib
Kurt Van Allsburg
Anita Kotagiri
1 m2 PV
1 m2 PRC
Power
150 W
40 W
Energy
236 kWh/year
345 kWh/year
Cost
$250-400
$100-200
S O U R C E : NREL PVWatts Calculator and scientific observations in Palo Alto, CA; solar module power and price based on average commercially available offerings for PV module at 300W
22