| DATE OF INVESTMENT | 29 August 2023 |
| LOCATION | Waikato |
| SECTOR | Refrigeration |
| STAGE/TYPE OF INVESTMENT | Expansion |
| IMPACT FOCUS | Climate Change |
| STATUS | Active |
Profile
Cool Group Limited is a New Zealand-owned and operated Original Equipment Manufacturer (“OEM”) providing end-to-end commercial and industrial refrigeration solutions through their subsidiaries: CoolCare, CoolSense, and PAUS (Pay-As-You-Save).
CoolSense uses low Global Warming Potential (GWP) refrigerant and next-generation refrigeration technology that is more efficient, cost-effective, delivers transparent data reporting and allows real-time, remote monitoring through a CoolCare Connection.
PAUS offers milk suppliers the option to lease cutting-edge milk chilling systems – allowing hassle-free, and cost-effective access to this innovative solution.
Cool Group’s chilling systems advantages include:
- The PAUS leasing option for a fully serviced lease offering.
- Positioning for the phasing down of hydrofluorocarbons (HFCs) over the coming years, in accordance New Zealand’s signing of the Montreal protocol and the Kigali amendment.
- Significantly reduced global warming potential from refrigerants (approximately 80% reduction in CO2 equivalent over existing systems).
- Reduced power consumption (30% reduction on average).
- Free hot water production (allowing the farmer to clean the milking shed).
- Milk snap chilling (to 6 degrees Celsius and below) meeting NZCP1 standards.
Impact
Cool Group’s solutions use refrigerant that has significantly lower Global Warming Potential than legacy systems (up to 3,920 GWP vs 466 GWP). They also use much less refrigerant (7kg vs an average of 30kgs). In combination, the company estimates that replacing one legacy system with a Coolsense system instantly removes 90 Tonnes net CO2 equivalent from the average farm. This is additional to the reduction in ongoing emissions due to curtailed leakage – estimated to be 15% per annum* – and reduced power consumption.
* Hydrofluorocarbon Consumption in New Zealand; prepared for the Government of New Zealand, Ministry for the Environment October 2017.
Transaction Summary
In August 2023, the Purpose Capital Impact Fund became a major shareholder in Cool Group Limited with a 37.50% shareholding.
Cool Group Limited wholly owns the subsidiaries CoolCare NZ Limited, CoolSense NZ Limited and PAUS Rentals Limited.
