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New Technology Combines Energy Storage With A/C Units
Defining the future of real estate
Propmodo Daily
By Holly Dutton · August 7, 2024
Greetings!
New HVAC technologies are turning air conditioners into energy storage systems, offering a game-changing solution to reduce grid stress. Also, the slowing multifamily market is pushing Class A operators to explore new technologies and strategies to cut costs without compromising resident experience. Sign up for the Propmodo Live webinar with JLL to learn how to balance budget and resident experience in Class A multifamily.
Now let’s dig in!
New Technology Combines Energy Storage With A/C Units
The energy use required in heating and cooling buildings has been a big focus for real estate owners and developers, as they work to make their properties more energy efficient and curb emissions in the wake of increased mandates. But, the latest HVAC technology could go even further—turning air conditioners into energy storage systems as well.
Nostromo Energy's IceBrick system at The Beverly Hilton significantly cuts cooling costs and reduces carbon emissions by using stored ice for cooling during peak demand times. (Image: Nostromo Energy)
Air conditioning, while critically important in hot climates, is a major energy drain. Globally, cooling accounts for 20 percent of global electricity demand in buildings. A number of different technologies aimed at more eco-friendly HVAC systems have been getting more popular in recent years, from geothermal and heat pump systems that avoid fossil fuels to solar-assisted systems.
The newest tech involves traditional air conditioning systems with an added twist: they can also store energy like a battery. The systems would be able to charge themselves at times when renewable electricity is available and energy demand is low, while still being able to provide cooling when the grid is overwhelmed.
Utility companies sometimes shut off electricity supply to certain areas when the grid comes under high stress, creating a big problem for those faced with no power when it’s in the highest demand. These new technologies would tackle this issue by helping meet the needs of the grid during the highest demand and avoiding things like rolling blackouts.
Nostromo Energy, a company that is known for its ice-based energy storage systems, is one of the firms leading the way in incorporating energy storage with cooling systems. One of the company’s products includes a system that is made up of individual capsules that freeze and thaw to store energy. While many commercial cooling units use large chillers to help lower temperatures in a building, Nostromo’s tech can store more energy with less material, due to how it uses a freezing and melting process instead of just cooling down a liquid.
Blue Frontier, a startup backed by Bill Gates' clean tech fund, makes cooling units using desiccants that absorb moisture. These systems can be more efficient than traditional air conditioners, charging at specific times and providing cooling later. Using a salt solution, the recharging system can run continuously or in bursts, offering grid relief without relying on human behavior.
With climate change driving up temperatures, air conditioning innovations are crucial. Countries across the globe are exploring energy-efficient cooling methods. In Switzerland, deep lake water is replacing traditional air conditioning, cutting electricity use by 80 percent. Singapore is using subterranean water to cool buildings, showing that even after a century, there's still room for new cooling technologies.
Insider Insights
More funds to manage
The private equity firm the Carlyle Group has reported that it raised over $3 billion for real estate last quarter, up significantly from the $200 million raise in the first quarter of the year.
Settled, again
One of the many commission-splitting lawsuits, called the Tuccori case, is said to be working to finalize an agreement. This case would be the first lawsuit involving a buyer as the plaintiff to have reached a settlement.
Propmodo Technology
The commercial real estate market is under pressure from high interest rates and stubborn property prices, making traditional loans difficult to secure. Creative financing options like preferred equity and technology platforms are becoming essential for connecting borrowers with lenders.
Check out this week’s Propmodo Technology focus on Lending with the support of our friends at StackSource.
Headlines
August 6, 2024 | Bisnow
Alexandria Sues NYC For $50M, Says It Delayed Kips Bay Tower
August 6, 2024 | The Real Deal
Investor Suit Alleges Arbor Hid “Toxic” Portfolio, Financials “Cannot Be Trusted”
August 6, 2024 | Utility Dive
AI Could Halt Energy Use Growth in US Buildings: LBNL Study
Overheard
One thing that people in the housing market need to get prepared for is no bounce back in buyer demand from lower rates.
Mortgage Rates are down to 6.4%. This has only lowered the monthly house payment for buyers to $2,700/month.
In reality we need to get to $2,100-$2,200/month… x.com/i/web/status/1…
— Nick Gerli (@nickgerli1)
2:45 PM • Aug 5, 2024
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