According to Stratistics MRC, the global cold chain market is projected to grow 400 percent from $152.7 billion in 2018 to $608.4 billion in 2027.
The cold chain is the global supply chain centered around freezing, shipping and storing fresh foods for consumption. As the global population increases and rapidly urbanizes, the demand for vegetables, meat, seafood and other perishable food is exploding. This demand can be met only by freezing fresh food as close to the source as possible, storing the perishable food until it can be shipped and then delivering it safely to the consumer in refrigerated transportation.
Unfortunately, the impact of the cold chain on climate change is both alarming and daunting. The combined negative GHG contribution of refrigerant chemicals and food waste is more than three times the total carbon dioxide emissions of the 49.5 gigatons estimated by the Intergovernmental Panel on Climate Change (IPCC).
So we’ve been thinking a deeply at Clean Energy Ventures about the cold chain and how we can have a positive impact.
As a result, we’ve invested in innovative cold storage technology firm, Rebound Technologies, as the lead of Rebound’s $5 million Series A financing.
Rebound Technologies has developed a revolutionary, energy-efficient and more cost-effective alternative to traditional vapor compression cooling systems. Rebound will use the new capital to install its first industrial-scale systems with food manufacturers and cold storage logistics companies in North America. Rebound’s dynamic cooling capacity will improve moisture control and rapid-freezing capabilities while also lowering energy costs.
Here’s a quote from the release:
“Rebound’s breakthrough technology creates a powerful opportunity to improve the freezing efficiency of cooling systems by 35 percent and potentially prevent 681 MMT of greenhouse gas emissions annually from the cooling sector by 2050,” said Temple Fennell, Managing Director and Co-founder at Clean Energy Ventures. “The dominant technologies used across cooling applications today are inefficient and ready for major innovation. We see a very promising future for Rebound, whose unique scientific and technological achievement is well-positioned to fundamentally transform an industry projected to increase three-fold to $600 billion by 2027.”
If you’re interested in learning more about the state of cold chain, spend seven minutes reading Temple Fennell’s January article in GreenBiz, Why climate-saving investments in cold chain technologies are hot.
