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The UK sees heat pumps as critical to meeting its 2035 climate targets as they remove fossil fuels from the heating and cooling equation. They are estimated to halve the carbon emissions from heating buildings, which makes for almost one-quarter of the demand for fossil fuels in the country. Most North American households also depend on fossil fuel-powered central furnaces. Terravis Energy CEO Lorenzo Rossi stated that it is estimated that these systems generate an average of 6,400 pounds of carbon dioxide per household, making them the third largest contributor to carbon emissions across the globe. But the world is now embracing the possibility to heat and cool their homes with zero-emission, sustainable clean energy, with heat pumps like the one Terravis is developing. One of the biggest energy players, Panasonic Holdings Corporation (OTC:PCRFY) also just unveiled its new residential heat pumps.
Terravis Energy is a subsidiary of Worksport Ltd (NASDAQ:WKSP)(NASDAQ:WKSPW) who is developing a solar-powered truck bed cover SOLIS and its companion COR hot swap portable battery system. Worksport-backed Terravis just revealed that the company has increased its R&D commitment to its cold climate heat pump due to the expected large-scale growth both in North America and across the globe. The market in North America, currently valued at $7.3 billion, is expected to grow 9% annually between 2023 and 2032. By 2028, it is guided to reach $24 billion. As for the global market, residential heat pumps market is expected to reach the value of $121.5 billion by 2032 fueled by ongoing governmental incentives to reduce carbon emissions and growing consumer interest for energy-efficient, clean and sustainable heating and cooling solutions.
Terravis Energy’s heat pump will utilize the phase change of a particular fluid to transfer heat. When heating, the pump will be taking outdoor heat and use the phase change from liquid to gas to bring it indoors. When cooling, it will be employing the phase change from gas to liquid to move indoor heat outside.
The new central heat pump system that Panasonic developed in two versions promises to be a game changer. The first version is a low carbon, hybrid heating system with an outdoor heat pump unit and an indoor cased A-Coil. The second is an all-electric centra heat system that features an outdoor heat pump and an all-electric air handler. Panasonic claims that with its newest technology, Interios offers up to 300% greater efficiency and potentially 30% energy savings compared to conventional systems, bringing affordability and efficiency into the heat pumps revolution. In July, Panasonic also revealed it has expanded its heat pump production in Europe with full production of its latest generation heat pump that uses the R290 natural refrigerant which has much lower Global Warming Potential compared to other refrigerants.
Samsung is also proudly touting its innovative heat pump technology through its Air to Water Heating Systems that promise to deliver supreme comfort and low operating costs. On September 1st, Samsun unveiled the EHS Mono R290 heat pump at IFA 2023 in Berlin. To latest addition to its heat pump offering promises to provide reliable heating and lower energy costs as it also uses the R290 as a refrigerant. This refrigerant is able to provide hot water of up to 75°C to households which make it a green alternative to those dependent on gas boilers. Samsung also brough in an enlarged heat exchanger into the equation whose heat transfer area is up to 39% larger and is, therefore, able to transfer more heat compared to conventional outdoor units. Moreover, Samsung brought in AI to the table with the AI Energy Mode that learns user’s usage patterns to adjusts Domestic Hot Water temperature, providing the user with the same level of heat with less energy.
In March, Bosch reported that heat pump business grew 54% during the ISH Press conference. Germany can certainly tout around its 75% market growth with Bosch reporting sales of this division rising about 13% in 2022. Bosch also invested 700 million euros to ramp up its efforts in this promising business.
The word is starting to ban future installations of gas-powered stoves, furnaces, and propane heating as part of the much needed response to combat climate change. Although cities have led the way, New York became the first state to ban natural gas and other fossil fuels this year. As of 2025, the ban applies to most new residential buildings. Berkeley became the first city in the U.S. to ban natural gas hookups in new buildings back in 2019, with San Francisco following its footsteps in 2020 and New York City following suit in 2021. The world is also getting there as the International Energy Agency recommended that no gas boilers should be sold after 2025 if net-zero targets are to be achieved.
The other part of combating climate change demands a ramp-up of global offerings of climate-friendly solutions so Terravis Energy heat pump seems to be the right product at the right time. It is also a major milestone for Worksport who is planning to introduce more energy-based products as it grows to an all-energy enterprise that offers off-grid solutions that range from solar power on the go to zero-emission heating and cooling.
DISCLAIMER: This content is for informational purposes only. It is not intended as investing advice.
