New agreement secures exclusive distribution of Dalrada’s heat pump technology, targeting sales of 600 heat pumps while expanding the company’s product and service footprint.
SAN DIEGO, CA / ACCESSWIRE / August 20, 2024 / Dalrada Financial Corporation (OTCQB:DFCO), ("Dalrada," "the Company"), announced today that it had executed an agreement with Applied Technologies of New York, Inc. ("ATI," "ATI NY"), to be its exclusive distribution partner of the Company's heat pumps and related service and support for an extended portion of the United States.
The master distribution agreement with ATI supports Dalrada's ongoing ambitious heat pump manufacturing goals, targeting an initial order of 75 combined (commercial and residential) units in the first 18 months and increasing to 600 combined units in the following 12 months.
With the three-year agreement, ATI secures exclusive distributorship of Dalrada's advanced climate technology products in a number of coveted sales territories spanning the east coast and the midwest-ranging from Boston and New York City, south to Atlanta and Miami, and west to Chicago, Columbus, and Nashville. Other major city centers including Philadelphia, Pittsburgh, and Detroit, are also identified as sales and distribution territories in the agreement.
"Growing our sales network with the help of an esteemed organization like ATI will allow us to provide millions of customers with direct access to heat pumps," according to Brian Bonar, Dalrada's CEO and Chairman. "With New York City alone having 60,000 boilers running on natural gas and the state pushing for the adoption of heat pumps, this agreement comes at the perfect time and will reach an extensive consumer base. I look forward to a long and successful partnership with ATI to make a lasting impact in the heat pump space."
Bonar's mention of the timing of the distribution agreement appears to be correct. Driven by the goal of reducing greenhouse gas emissions by 85% by 2050 and supported by the ongoing incentives of New York State Energy Research and Development Authority (NYSERDA), New York's heat pump market is rapidly expanding and making heat pumps a cost-effective alternative to traditional heating systems. The state's cold climate and high energy costs are further boosting demand and positioning New York as a significant growth market for heat pump installations.
"We are honored and excited to be partnering with such a forward-thinking company in Dalrada," said Frank Morgigno, President and CEO of Applied Technologies of New York. "Their cutting-edge heat pump technology will enable ATI to provide a premium solution for customers striving for carbon footprint reduction. Dalrada's engineering and executive management teams are the best in the industry," he added.
Dalrada CEO and Chairman, Brian Bonar, with ATI President and CEO, Frank Morgigno
ATI has nearly thirty years of experience providing reliable, efficient, and cost-effective mechanical solutions to buildings and process facilities in the New York metropolitan area. The master distribution agreement allows ATI to increase and enhance its sales and service capabilities beyond New York as it continues to represent the world's leading heating and energy equipment manufacturers, which now includes Dalrada.
About Dalrada Financial Corporation
Dalrada Financial Corporation (OTCQB: DFCO) is a multi-national holding company that develops, manufactures, and sells a robust suite of products and services in the Clean Energy and Health Care sectors. Dalrada's core segments include Dalrada Climate Technology, which offers cutting-edge heat pump technology for industrial and residential applications, and Genefic Specialty Pharmacy, which provides end-to-end prescription services as well as patient advocacy and support.
Dalrada consistently drives innovation that delivers maximum impact, bringing increased value to its shareholders.
Applied Technologies of NY (ATI of NY) is a proven resource partner for reliable, efficient and cost-effective mechanical solutions for buildings or process facilities. Offering expert sales and engineering services supported by a factory-certified technical services division for after-market support, ATI has served the New York Metropolitan area and beyond since 1996, representing the world's leading heating and energy equipment manufacturers.
Forward-Looking Statements
Statements contained in this press release, other than statements of historical fact, particularly statements relating to cost reductions and the anticipated pre-tax savings from the cost reduction program, restructuring costs, footprint rationalization, simplifying and streamlining our operations, reducing complexity, enhancing the speed of decision-making, leveraging our sourcing capabilities and the timing of implementation and completion of the cost reduction program, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs and assumptions of management based on information available to us at the time such statements are made. These statements, which are generally identifiable by the use of the words "will," "believe," "expect," "intend," "anticipate," "estimate," "forecast," "project," "plan," and similar expressions, are subject to certain risks and uncertainties, are made as of the date hereof, and we undertake no duty or obligation to update them. Forward-looking statements are subject to the occurrence of many events outside the Company's control and actual results and the timing of events may differ materially from those suggested or implied by such forward-looking statements due to numerous factors that involve substantial known and unknown risks and uncertainties. Factors that may impact the Company's success are more fully disclosed in the Company's most recent public filings with the US Securities and Exchange Commission ("SEC"), including its annual report on Form 10-K.
