||Florida Institute Funds Sarasota based Cool Flow
September 03, 2014 10:12 AM Eastern Daylight Time
GAINESVILLE & BOCA RATON, Fla.--(BUSINESS WIRE)--The Florida Institute for
the Commercialization of Public Research (the Institute) announced today that it
has finalized a funding agreement with Cool Flow Dynamics; a Sarasota based
company that is developing an energy efficiency solution for open-case display
refrigerators used by food and beverage retailers. The Institute supports new
company creation based on publicly-funded research, and bridges early funding
gaps for companies spinning out of Florida-based universities and research
Open-case refrigeration has become a global problem and is the largest source of
wasted energy in the retail sector in the United States. In the United States,
convenience and grocery stores open case refrigeration costs can make-up 55%
and 35% of its total energy consumption. With technologies licensed from the
University of Florida, Cool Flow Dynamics is developing a retrofit low-cost, easy to
install “plug and play” device that attaches to the outside of an existing open case
Using extremely low power plasma, a wall of fast moving air similar to a waterfall
is released over the open area of the unit, creating a separation wall so that neither
cold air in the unit, nor the warm air from the outside can penetrate the moving air.
Cool Flow Dynamics retrofit solution has no moving parts, unlike energy inefficient
fans and motors.
“Open case refrigeration has become such a substantial problem that the US
Department of Energy tried to write new legislation in an attempt to curb
inefficiencies, but were unable to find a suitable solution that met their standards.
This provides a tremendous opportunity for us when we go to market,” said
company CEO Kalu Watanabe. “Customers will yield energy saving and will be
able to comply with the increasingly stringent energy efficiency standards.”
“Cool Flow Dynamics is developing a product that is addressing both economic
and environmental issues,” said Jamie Grooms, Institute Chief Executive Officer.
“With increasing regulation they will allow convenience and grocery stores to meet
the energy standards implemented while benefiting from the cost savings;
estimates show a 30% savings on refrigerator energy costs alone.”
About the Institute
Formed by the Florida Legislature in 2007, the Florida Institute for the
Commercialization of Public Research is a non-profit organization that works
collaboratively with the technology licensing and commercialization offices of
Florida’s state universities and private research institutions to leverage a $2B+
research base and form investable companies that create clean jobs in new
industries that are driving the global economy. Over 100 new company projects
have been identified across the state, and the Institute deploys company building
and funding programs to promising Florida startups. Thirty-four companies have
been funded since the program’s inception.