![Pinterest](https://pinterest.com/pin/create/button/?url=https://bollspel.com/revolutionizing-hvac-energy-use-wells-fargos-70-slash-through-building-retrofit/&media=https://bollspel.com/wp-content/uploads/2024/01/13765-revolutionizing-hvac-energy-use-wells-fargos-70-slash-through-building-retrofit.png&description="Discover how Wells Fargo achieved a 70% reduction in HVAC energy use through innovative building retrofits. Learn about the revolutionary techniques that are transforming the way we approach energy efficiency in commercial buildings."){kind=link}
A tech incubator program backed by the Wells Fargo Foundation initially invested in early-stage startup, Turntide Technologies, seven years ago, attracted by the company’s plan to produce energy-saving motors that reduce power consumption for HVAC systems.
Fast forward, the bank is not only an investor, but an avid user of Turntide’s technology. Turntide’s motors have the unique ability to operate at variable speeds, allowing building managers to automate changes to electricity consumption based on real-time conditions. “It’s a simple replacement that can drastically reduce energy,” said Robyn Luhning, chief sustainability officer at Wells Fargo. The system is compatible with most existing HVAC equipment, a crucial metric for the bank’s corporate facilities and property group, she said.
Wells Fargo’s field tests of Turntide’s technology facilitated through the Innovation Incubator program resulted in a 70 percent decrease in power consumption at a bank branch near Englewood, Colorado, and an 80 percent drop in power consumption at its Charlotte, North Carolina, office. This translates to a potential annual savings of thousands of kilowatt-hours.
The company, Turntide makes switched reluctance motors that operate at variable speeds, allowing them to be adjusted according to changing operating conditions, thus saving energy. Turntide’s motors also don’t require rare earth metals, making them more sustainable from a materials perspective.
Wells Fargo, the Sunnyvale-based startup is supported by Amazon Climate Pledge Fund, Breakthrough Energy Partners and Robert Downey Jr.’s Footprint Coalition, also backs the company. Turntide is valuated at over $1 billion as of June 2022, a number that is expected to decrease with another fundraise in 2024, a spokeswoman said.
Energy efficiency is a critical aspect of climate goals. According to the International Energy Agency, improvements in energy efficiency need to double for the world to meet the climate goals set by the Paris Agreement.