Nobao has just entered into a contract with Tsing to provide geothermal heat pumps to several projects funded by Tsing’s China Environment Fund III
Tsing, established in 2001, is one of China’s leading renewable energy investors, and as such is receiving reasonable amounts of government funding to pursue various cleantech projects. So far they have raised over $300 million for three different funds focusing on clean energy and environmental issues.
“Ground source energy utilization has huge market potential in China and is gaining strong support from all levels of government,” “Ground source energy utilization has huge market potential in China and is gaining strong support from all levels of government,” said Don Ye, managing partner for Tsing Capital.
Nobao’s new geothermal heat pumps conduct heat exchanges which use the Earth’s natural constant temperature of about 10 to 15 degrees Celsius. Operating at a depth of roughly 3 metres, the geothermal pumps utilise a structured grid of piping filled with water and glycol to remove thermal energy. The thermal energy is then used to heat or cool water or air more effectively and economically than electricity on its own.
The technology has gone global, but it most commonly used in countries such as Sweden in the Nordic region. The Nordic region is the easiest access point for geothermal heat and has more than 300,000 installed geothermal pumps used to heat small residential areas.
Nobao, which operates out of China, engineers, builds, and installs projects in residential and industrial areas. Installed Nobao geothermal pumps can save users up to 70% of energy consumption a year.
Tsing will invest the money from its China Environment Fund III into Nobao’s geothermal technology to expand the market in China. In July, Tsing Capital also announced that they would invest $30 million in Neo-Neon Holdings, an LED manufacturer based in Hong Kong.