Trane and Northern Illinois University Kick Off Energy-Saving Program for a More Sustainable Future
Rhea-AI Summary
Trane Technologies (NYSE:TT) announces a major energy-saving infrastructure upgrade program at Northern Illinois University (NIU). The comprehensive initiative, set to be implemented over 18 months, includes LED lighting, water conservation measures, solar installations, EV charging stations, and HVAC upgrades. The program is projected to reduce NIU's energy consumption by over 26% and emissions by 11%, supporting the university's goal of 50% emissions reduction by 2030.
The campus-wide improvements will have an environmental impact equivalent to removing 6,552 cars from the road or planting 455,169 trees. The project is funded through a budget-neutral Energy Savings Performance Contracting (ESPC) approach, utilizing federal, state, utility, energy, and operational savings. The collaboration also includes workforce development opportunities through student capstone projects, internships, and employment opportunities.
Positive
- Project will reduce energy consumption by over 26% and emissions by 11%
- Budget-neutral financing through Energy Savings Performance Contracting (ESPC)
- Creates new revenue streams through federal, state, and utility savings
- Expands business opportunities through workforce development and student programs
Negative
- 18-month implementation period indicates delayed revenue recognition
News Market Reaction
On the day this news was published, TT declined 0.12%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Innovative upgrades will reduce NIU energy consumption by more than
DAVIDSON, NC / ACCESSWIRE / December 12, 2024 / Trane® - by Trane Technologies (NYSE:TT), a global climate innovator, announces that energy-saving infrastructure upgrades are underway at the Northern Illinois University (NIU) campus in DeKalb, Ill. Trane, a leader in building and energy solutions, is collaborating with the university to develop and implement a comprehensive energy saving and emissions reduction program.
Over the course of the next 18 months, Trane and NIU will upgrade the Dekalb campus with comprehensive energy saving solutions including LED lighting, water conservation measures, building weatherization improvements, Solar Photovoltaic installations at multiple locations, EV charging stations, Thermal Energy Storage for cooling, high-efficiency heating and cooling system upgrades, and smart HVAC building controls.
As a result of these improvements, NIU is projected to achieve over a
This campus-wide initiative supports NIU's technical, social, environmental, and financial goals, delivering sustainable benefits to the community while integrating sustainability into campus life, strategic planning, and decision-making. In 2023 the university established a comprehensive Sustainability and Climate Action Plan, aiming to establish a leading position in sustainability education and research. Campus improvements will have an annual greenhouse gas emissions equivalent to removing 6,552 cars from the road or planting 455,169 trees according to the Environmental Protection Agency's Greenhouse Gas Equivalencies Calculator.
"In collaboration with Trane, we are excited and thrilled to be pursuing a greener future for Northern Illinois University, our community and our world," NIU President Lisa C. Freeman said. "NIU already plays critical roles in education and research related to sustainability, but this effort demonstrates our commitment to modeling sustainable behavior and environmental stewardship."
The updates are funded through a combination of federal, state, utility, energy, and operational savings. By leveraging Energy Savings Performance Contracting (ESPC), this budget-neutral approach will enable progress. This allows NIU to reinvest capital against other priorities that align with their vision of being a regional and national model for sustainability. By collaborating with Trane, the university can finance today's facility upgrades with tomorrow's energy savings, without tapping into capital budgets.
"NIU's commitment to both sustainability and the comfort of students and staff created a strong foundation for this extensive sustainability program," said Jon Dunlap, Upper Midwest Area Director of Energy Services, Commercial HVAC Americas, Trane Technologies. "We are proud to collaborate and help them achieve their energy efficiency goals. These improvements will help reduce energy consumption and carbon emissions and create more resilient and sustainable learning spaces for students and more comfortable working environments for staff."
In addition to ambitious on-campus sustainability goals, the Trane and NIU collaboration will incorporate significant social impact elements, including new workforce development opportunities for students through capstone projects, internships, and employment opportunities. The program emphasizes community engagement and uplift around sustainability, energy career paths, and STEM education. These efforts further enhance NIU's community presence and contribute to the broader community's economic and social well-being.
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About Trane
Trane - by Trane Technologies (NYSE: TT), a global climate innovator - creates comfortable, energy efficient indoor environments through a broad portfolio of heating, ventilating and air conditioning systems and controls, services, parts and supply. For more information, please visit www.trane.com or www.tranetechnologies.com.
About Trane Technologies
Trane Technologies is a global climate innovator. Through our strategic brands Trane® and Thermo King®, and our portfolio of environmentally responsible products and services, we bring efficient and sustainable climate solutions to buildings, homes and transportation. For more on Trane Technologies, visit tranetechnologies.com.
About Northern Illinois University
Northern Illinois University is a student-centered, nationally recognized public research university, with expertise that benefits its region and spans the globe in a wide variety of fields, including the sciences, humanities, arts, business, engineering, education, health and law. The Wall Street Journal and CollegeNET recognize NIU as a leading institution for social mobility, or helping its students climb the socioeconomic ladder. Through its main campus in DeKalb, Illinois, and education centers for students and working professionals in Chicago, Naperville and Rockford, NIU offers more than 100 areas of study while serving a diverse and international student body.
Forward Looking Statements
This news release includes "forward-looking statements" within the meaning of securities laws, which are statements that are not historical facts, including statements that relate to our decarbonization efforts, energy saving initiatives, social impact initiatives, sustainability commitments and the impact of these commitments. These forward-looking statements are based on our current expectations and are subject to risks and uncertainties, which may cause actual results to differ materially from our current expectations. Factors that could cause such differences can be found in our Form 10-K for the year ended December 31, 2023, as well as our subsequent reports on Form 10-Q and other SEC filings. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect the Company. We assume no obligation to update these forward-looking statements.
Tax Disclaimer: Trane does not provide tax, legal, or accounting advice. This material is for informational purposes only and it should not be relied on for tax, legal, or accounting advice. Tax law is subject to continual change. All decisions are your responsibility and you should consult your own tax, legal, and accounting advisors. Trane disclaims any responsibility for actions taken on the material presented.
© 2024 Trane. All Rights Reserved.
All trademarks referenced in this document are the trademarks of their respective owners.
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View the original press release on accesswire.com
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