Phononic was included as a featured investment in Goldman Sachs 2021 Sustainability Report.
In 2020, Goldman Sachs announced they would deploy $750 billion in financing, investing, and advisory activity by 2030 to accelerate climate transition and advance inclusive growth. In 2021, Goldman Sachs invested $50 million in Phononic to scale the global adoption of sustainable solid state climate cooling solutions. Goldman Sachs recognizes it takes an interconnected, converging ecosystem of stakeholders, capital, and partnerships to mobilize capital toward sustainable outcomes. The firm leverages their unique position at the center of global markets to catalyze vital connections at scale across the financial system, in collaboration with stakeholders. This report outlines the goals, metrics, and key partnerships that Goldman Sachs is utilizing to achieve sustainability objectives for their clients, people, partners, and communities in which they work.
From the Report:
Goldman Sachs invested in Phononic, a global leader in solid-state cooling technology. The company seeks to reform cooling using unique semiconductor technology to improve energy efficiency and reduce carbon emissions relative to traditional mechanical compression incumbents. Through its technology platform, Phononic’s innovations could support the transformation of the ways data is communicated; automobiles “see”; grocers merchandise and deliver food; vaccines and drugs are stored and protected; and residential houses and office buildings are cooled.
We believe Phononic furthers Goldman Sachs’ broader sustainability commitments, and their solid-state technology is delivering solutions that have not historically been available through legacy thermoelectric or compressor incumbents. Our investment aims to help grow and expand their capabilities to meet anticipated demand.
Phononic’s technology and products are important to the way we communicate; feed our families; safeguard and transport life-saving vaccines; and even shop for our favorite ice cream snacks. We believe that this investment is an important example of how innovation and capital can together help support transformative environmental impact.
Read the full report here: Goldman Sachs 2021 Sustainability Report