Carrier Launches Corporate Venture Capital Group to Accelerate Sustainable Innovation and Disruptive Building & Cold Chain Technology

PALM BEACH GARDENS, Fla., Feb. 17, 2022 /PRNewswire/ -- Carrier Global Corporation (NYSE: CARR), the leading global provider of healthy, safe, sustainable and intelligent building and cold chain solutions, has created Carrier Ventures, a new global venture capital group focused on investments to accelerate the development of sustainable innovations and disruptive technologies enabling the future of building and cold chain management. Carrier Ventures aims to engage in deep collaboration and strategic partnerships with its portfolio companies, starting with its inaugural investments in AddVolt and OhmConnect – high-growth organizations committed to reducing global emissions from refrigerated transport and homes.

"As a company founded on innovation, Carrier inherently values a creative and disruptive 'startup' mindset," said Dave Gitlin, Chairman & CEO, Carrier. "Carrier Ventures will help connect our proven expertise and resources with the best thinkers outside of Carrier to accelerate bringing new technologies to market. In addition to delivering new solutions to make the world healthier, safer, more sustainable and intelligent for generations to come, it will also be an important tool in meeting our previously stated goal of helping our customers reduce their carbon footprints by more than one gigaton by 2030."

Carrier Venture's first investments will support its customers' decarbonization journeys through electrification and optimizing grid efficiency.

• AddVolt offers patented, non-invasive, low-maintenance electric systems for potential use with refrigerated vans, trucks, trailers and containers. AddVolt developed the world's first plug-in electric systems for refrigerated transportation markets, which avoids fuel usage and reduces major emissions, including noise, particulates, nitrogen oxide and carbon dioxide. In 2021, Carrier signed a strategic agreement with AddVolt to advance battery-electric transport refrigeration development. The technology is already being used by customers in Europe with the world's first fully autonomous electric trailer refrigeration system, the Vector eCool^TM.
• OhmConnect is a free service that rewards users for saving energy during times when demand on the electric grid is high, helping reduce electricity consumption and emissions. During times of peak energy usage, OhmConnect users elect to power down smart devices connected to its platform or manually reduce their at-home electricity use. Users are rewarded for smarter energy use with points that can be redeemed in the OhmConnect Rewards Marketplace for discounts on Carrier products, prizes or cash via PayPal.

Jennifer Anderson, Carrier's Senior Vice President, Strategy, Business Development & Chief Sustainability Officer, will head Carrier Ventures, leading a dedicated team working to enhance the company's overall strategic focus aligned with Carrier's vision to create solutions that matter for people and the planet. Anderson joined Carrier in 2021.

"While Carrier has long been a sustainability leader, Carrier Ventures will be the catalyst to disrupt ourselves and our industry as we innovate and commercialize the next generation of differentiated, net zero solutions," said Anderson. "We're looking forward to partnering with AddVolt, OhmConnect and our future portfolio companies as we lead our global customers on a new path to achieve their business and climate goals."

For more information on Carrier Ventures, visit Corporate.Carrier.com/carrier-ventures.

About Carrier
As the leading global provider of healthy, safe, sustainable and intelligent building and cold chain solutions, Carrier Global Corporation is committed to making the world safer, sustainable and more comfortable for generations to come. From the beginning, we've led in inventing new technologies and entirely new industries. Today, we continue to lead because we have a world-class, diverse workforce that puts the customer at the center of everything we do. For more information, visit www.Corporate.Carrier.com or follow us on social media at @Carrier.

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Cautionary Statement
This communication contains statements which, to the extent they are not statements of historical or present fact, constitute "forward-looking statements" under the securities laws. These forward-looking statements are intended to provide management's current expectations or plans for Carrier's future operating and financial performance, based on assumptions currently believed to be valid. Forward-looking statements can be identified by the use of words such as "believe," "expect," "expectations," "plans," "strategy," "prospects," "estimate," "project," "target," "anticipate," "will," "should," "see," "guidance," "outlook," "confident," "scenario" and other words of similar meaning in connection with a discussion of future operating or financial performance or the separation from United Technologies Corporation (the "Separation"), since renamed Raytheon Technologies Corporation. Forward-looking statements may include, among other things, statements relating to future sales, earnings, cash flow, results of operations, uses of cash, share repurchases, tax rates and other measures of financial performance or potential future plans, strategies or transactions of Carrier, the estimated costs associated with the Separation, Carrier's plans with respect to its indebtedness and other statements that are not historical facts. All forward-looking statements involve risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. For additional information on identifying factors that may cause actual results to vary materially from those stated in forward-looking statements, see Carrier's reports on Forms 10-K, 10-Q and 8-K filed with or furnished to the U.S. Securities and Exchange Commission from time to time. Any forward-looking statement speaks only as of the date on which it is made, and Carrier assumes no obligation to update or revise such statement, whether as a result of new information, future events or otherwise, except as required by applicable law.

SOURCE Carrier Global Corporation