Dalrada Financial Corporation Announces Heat Pump Product Expansion, Enters Home and Residential Heat Pump Market

Company to begin distribution of class-leading home heat pumps and stake its claim in a U.S. market expected to reach $30 billion in less than 10 years.

SAN DIEGO, April 02, 2024 (GLOBE NEWSWIRE) -- Dalrada Financial Corporation (OTCQB: DFCO, “Dalrada,” “the Company”), announced today the formation of Dalrada Home Inc., a wholly-owned subsidiary, to enter the booming home heat pump market by offering high-efficiency, cost-saving heat pumps specifically designed for residential use and hinting at further development.

Dalrada’s range of impressive home heat pumps will fit the vast majority of American single-family homes from 850 square feet and above. The expected product lineup will be announced in three to four weeks, with priority shipping available in approximately four weeks.

The announcement of Dalrada’s home heat pumps comes as governments and official agencies in the United States and around the world continue to ramp up their decarbonization efforts, targeting heat pumps to address ongoing climate and environmental concerns.

According to a 2023 report, the U.S. residential heat pump market was valued at over $13 billion, and is expected to reach nearly $30 billion by 2032. Similarly, the global market is expected to reach $165 billion by 2032.

Reports of the growing home heat pump market in the U.S. aren’t surprising either, considering research from 2022 that highlighted the fact that heat pumps had officially overtaken the number of gas-powered furnaces sold in the U.S., with Americans purchasing more than 4.3 million heat pump units compared to roughly 3.9 million natural gas furnaces.

“We’re answering the global call to create eco-friendly, two-in-one heating and cooling solutions by introducing our competitively-priced home heat pumps developed for the current market,” said Dalrada Founder and CEO, Brian Bonar. “There’s a tremendous need for climate technology like this and our machines deliver innovation that reduces home energy costs and carbon footprints,” he added.

Dalrada’s new home heat pumps are designed for high efficiency, and will enable homeowners to meet their residential heating, ventilation, and air conditioning (HVAC) needs. Additionally, there are available incentives for installing heat pumps, including the Internal Revenue Service (IRS) Energy Efficient Home Improvement Credit that can net homeowners $2,000 or more per year.