Absorption Chillers Global Market

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Report Title: Absorption Chillers
Date Published: 4/1/2013
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ABSORPTION CHILLERS MCP-6705
CONTENTS
I. INTRODUCTION, METHODOLOGY & Government Initiatives & Regulatory Measures
Assure Market Expansion .......................................... II-13
PRODUCT DEFINITIONS
Industry Promotional & Marketing Efforts to Help
Study Reliability and Reporting Limitations ...................... I-1 Drive Increased Adoption ........................................... II-13
Disclaimers ...................................................................... I-2 Demonstration Projects: A Launch Pad for
Data Interpretation & Reporting Level .............................. I-2 Absorption Chillers.................................................. II-13
Quantitative Techniques & Analytics ............................. I-3 Training and Marketing Initiatives to Foster
Product Definitions and Scope of Study ........................... I-3 Awareness Levels................................................... II-13
Other initiatives .......................................................... II-13
Need based Products Likely to Prove Advantageous .... II-14
II. EXECUTIVE SUMMARY District Cooling and Trigeneration Systems Offer the
Needed Push ............................................................. II-14
1. INDUSTRY OVERVIEW...........................................II-1 Trigeneration ............................................................. II-14
Time is Ripe for Absorption Chillers ................................ II-1 Boom in Construction Industry Translates to Strong
An Overview of Global Absorption Chiller Market ............ II-1 Absorption Market Development ................................ II-14
Focus on Energy Efficiency Drives Demand for Existing Chillers Segments: A Threat to the
Absorption Chillers....................................................... II-2 Absorption Chiller Market ........................................... II-14
Soaring Electricity Demand but Tight Supply Competitive Analysis ..................................................... II-15
Becomes Order of the Day ....................................... II-2
Table 4: Leading Players in the Solar Driven Absorption
Positive Implications for Absorption Chillers Market ..... II-3 Chiller Market (2011): Percentage Share Breakdown
Environmental Concerns Drive Business Case for for Yazaki, EAW, Broad, Thermax and Others
Absorption Chillers....................................................... II-4 (includes corresponding Graph/Chart) ....................... II-15
Indirect Fired Absorption Chillers - The Best Bet
for Environmental Cause .......................................... II-5 2. PRODUCT OVERVIEW ......................................... II-16
Implementation of the Kyoto Protocol to Tackle
Thermally Driven Cooling Systems ............................... II-16
Climate Change Augurs Well for Solar &
Waste Heat Powered Absorption Chillers .............. II-5 Classification of Thermal/Heat Driven Cooling
Technologies .......................................................... II-16
Table 1: Global Solar Air Conditioners Market (2012): Closed and Open Cycles .............................................. II-16
Percentage Breakdown of Market Share by Definition of Absorption Chiller ...................................... II-17
Solar Cooling Type - Absorption, DEC Solid, Disadvantages of Using Absorption Chillers .................. II-17
Adsorption and DEC Liquid (includes
Industrial Applications of Absorption Chillers ................. II-17
corresponding Graph/Chart) ..................................... II-6
Table 5: Cost and Performance of Single-Effect,
Recession Dents Growth in the Chiller Market ................ II-6 Indirect-Fired Absorption Chillers ............................... II-18
The Current State of Europe’s Debt Crisis:
At Bursting Point? ..................................................... II-6 Historic Review of the Absorption Technology .............. II-18
Strengths of Absorption Chillers .................................... II-18
Table 2: Breakdown of Gross Government Debt as Low consumption of Electricity ................................... II-18
Percentage of GDP for the Year 2012 by Country
Effective Utilization of Waste Heat ............................. II-19
(includes corresponding Graph/Chart) ...................... II-8
Environment Friendly ................................................. II-19
Impact of Europe’s Debt Crisis: A Review .................... II-9 No Risk of Explosion .................................................. II-19
Outlook ......................................................................... II-10 Minimizes Installation Area ........................................ II-19
Asia-Pacific Continues to Lend Traction to the Market ....... II-10 Low Running Costs .................................................... II-19
Table 3: Absorption Chillers as Percentage of Total Low Driving Temperatures ......................................... II-19
Chillers Market (2011): Breakdown by Region - Crystallization Risk Absent in Water/Ammonia
Asia & Oceania, North & South America, Chillers ................................................................... II-19
Europe, and Rest of World (includes Low Vibration and Noise ............................................ II-19
corresponding Graph/Chart) ...................................... II-10 Absence of Rotating Parts ......................................... II-20
Absorption Chillers Face Stiff Competition from Disadvantages .............................................................. II-20
Other Popular Chiller Categories ............................... II-10 High Cost ................................................................... II-20
Robust Increase in Sales of Centrifugal Chillers - Less Efficient in Comparison with Mechanical
A Cause for Concern .............................................. II-11 Chillers .................................................................... II-20
Lack of Awareness - Major Concern .......................... II-11 Low Thermal Efficiency of Single Effect Systems ....... II-20
Technology Developments to Bring New Opportunities ..... II-11 Requirement of Higher Pump Energy ......................... II-20
Triple-Effect Absorption Chillers: An Upcoming Necessitates Larger Cooling Tower ........................... II-20
Technology ................................................................ II-12 Risks Due to Air Leaks ............................................... II-20
Rising Demand for Compact Absorption Chillers Crystallization ............................................................ II-21
from Residential Sectors ............................................ II-12 High Costs of Manufacturing ...................................... II-21
ABSORPTION CHILLERS - A GLOBAL STRATEGIC BUSINESS REPORT 04/13

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CONTENTS
Types of Absorption Chillers ......................................... II-21 AE Smith Designs and Constructs Double Effect
Direct Fired and Indirect Fired Absorption Chillers ..... II-21 Direct Gas Fired Absorption Chillers .......................... II-34
Sources of Heat ......................................................... II-21 New Energy Transfer Launches Shuangliang
Brief Overview of Solar Driven Absorption Eco Energy Systems Absorption Chillers ................... II-34
Cooling ................................................................... II-22 Jiangsu Shuangliang Launches Triple Effect
Single-Effect Chillers.................................................. II-22 Absorption Chiller ...................................................... II-34
Single Effect Absorption cycle................................. II-23 Sakura Designs Low Capacity Solar Absorption Chillers ... II-34
Double-Effect Chillers ................................................ II-23
Double Effect Absorption Cycle .............................. II-24 6. RECENT INDUSTRY ACTIVITY ........................... II-35
LiBr/Water and Water/Ammonia Absorption Tecogen Inks Agreement with Brevoort East for
Chillers .................................................................... II-24 Co-generation Project ................................................ II-35
Comparison between LiBr/Water and Water/ Yantai Moon Group Acquires Controlling Stake in
Ammonia Absorption Chillers ............................... II-25 Dunham-Bush Group ................................................. II-35
Parameters for Water/LiBr and Ammonia/Water Thermax Inks Agreement with Trane............................. II-35
Absorption Chillers .............................................. II-25 FireChill Secures Supply Contract from Water
Air-cooled and Water Cooled Chillers ........................ II-25 from the Air ................................................................ II-35
Efficiency of Absorption Chillers ................................. II-25 LG Electronics Takes Over LS Mtron’s
Working of an Absorption Chiller ................................... II-26 Air Conditioning Business .......................................... II-36
Absorption Chillers by Cooling Capacity........................ II-26 Thermatec™ Inks Agreement with Avangreen
Services ..................................................................... II-36
Table 6: Types of Absorption Chillers by Thermatec™ Inks Agreement with Sichuan Hope
Cooling Capacity (kW) ............................................... II-27 Deepblue Air-conditioner Manufacturer ...................... II-36
Table 7: Price Range of Absorption Chillers Johnsons Controls Inks Agreement with Shuangliang
(in Dollars) by CHP Size ............................................ II-27 Eco-energy Systems .................................................. II-36
Fischer AquaDesalt Undergoes Name Change to
3. THERMAL DRIVEN SYSTEMS: A DIRECT fischer eco solutions .................................................. II-36
COMPETITOR .......................................................II-28 Climatewell and GSS Intellihomes Ink Distribution
Agreement ................................................................. II-37
Adsorption Chillers ........................................................ II-28
AE Smith Installs Novel Absorption Chiller at
Desiccant Cooling Systems........................................... II-28
University of Melbourne ............................................. II-37
Comparison of Absorption Cooling Technology
Shuangliang and Johnsons Controls Enter Into
with Other Thermally Driven Technologies .............. II-28
Distribution Agreement .............................................. II-37
Yazaki to Supply Absorption Chillers to Masdar ............ II-37
4. END-USE APPLICATIONS AREAS ......................II-30 Panasonic Acquires Panasonic Electric
Commercial Applications............................................... II-30 Works and Sanyo ...................................................... II-38
Refrigeration Applications ............................................. II-30 Rooty Hill Establishes Trigeneration Plant ..................... II-38
Industrial Applications ................................................... II-30 LS Mtron Bags Major Absorption Chiller Project ............ II-38
Landfill Gas................................................................ II-30 Gas Companies and Chiller Manufacturers
Coal Bed Methane ..................................................... II-30 Join Forces to Develop Absorption Chiller Heater ...... II-38
Incinerator.................................................................. II-31 Sopogy Provides Solar Collector System for
Brewery ..................................................................... II-31 Driving Absorption Chiller........................................... II-39
Petroleum and Chemical Industry .............................. II-31 Thermax and Lambion Energy Solutions Ink
Palm Oil Production ................................................... II-31 Technology License Agreement ................................. II-39
Printing ...................................................................... II-31
District Energy ........................................................... II-31 7. FOCUS ON SELECT GLOBAL PLAYERS ........... II-40
Pulp Mill ..................................................................... II-32 Broad Air Conditioning Co Ltd (China) .......................... II-40
Biogas ....................................................................... II-32 Carrier Corporation (US) ............................................... II-40
Combined Heating and Power (CHP)......................... II-32 Century Corporation (Korea) ......................................... II-41
Geothermal ................................................................ II-32 EAW Energieanlagenbau GmbH (Germany) ................. II-41
Freezing and Food Canning....................................... II-32 Hitachi Appliances Inc. (Japan) ..................................... II-42
Miscellaneous ............................................................ II-32 Johnson Controls (US) .................................................. II-42
LG Air Conditioning (Shandong) Co., Ltd. (China) ......... II-43
5. PRODUCT INTRODUCTIONS/INNOVATIONS .....II-33 Shuangliang Eco-Energy Systems Co., Ltd. (China) ..... II-43
Advanced Ergonomic Technologies Introduces Robur Group (Italy) ....................................................... II-43
SAB-DF Chillers......................................................... II-33 Thermax Inc (US).......................................................... II-44
Advanced Ergonomic Technologies Introduces Trane Inc. (US) ............................................................. II-44
SAB-HW Series Absorption Chillers ........................... II-33 Yazaki Energy Systems Inc (US) .................................. II-45

CONTENTS
8. GLOBAL MARKET PERSPECTIVE ......................II-46 Table 15: Canadian Historic Review for Absorption
Chillers Analyzed with Annual Sales Figures
Table 8: World Recent Past, Current & Future Analysis in US$ Thousand for Years 2004 through 2009
for Absorption Chillers by Geographic Region - US, (includes corresponding Graph/Chart) ................... III-10
Canada, Japan, Europe, Asia-Pacific (excluding
Japan), Latin America and Rest of World Markets
Independently Analyzed with Annual Sales Figures 3. JAPAN ................................................................. III-11
in US$ Thousand for Years 2010 through 2018 A. Market Analysis ..................................................... III-11
(includes corresponding Graph/Chart)........................... II-46 Outlook .................................................................. III-11
Table 9: World Historic Review for Absorption Chillers Overview of the Chillers Market ............................. III-11
by Geographic Region - US, Canada, Japan, Europe, Table 16: Japanese Chiller Market (2012) -
Asia-Pacific (excluding Japan), Latin America and Percentage Breakdown of Unit Sales by Chiller
Rest of World Markets Independently Analyzed with Segments - Positive Displacement, Centrifugal
Annual Sales Figures in US$ Thousand for Years 2004 Chillers and Absorption Chillers (includes
through 2009 (includes corresponding Graph/Chart) ..... II-47 corresponding Graph/Chart) ............................... III-11
Table 10: World 15-Year Perspective for Absorption Japanese Absorption Chillers Market in the
Chillers by Geographic Region - Percentage Breakdown Aftermath of 2011 Earthquake ............................ III-11
of Dollar Sales for US, Canada, Japan, Europe, Product Launch ..................................................... III-12
Asia-Pacific (excluding Japan), Latin America and
Strategic Corporate Developments ........................ III-12
Rest of World Markets for Years 2004, 2012 and
2018 (includes corresponding Graph/Chart) .................. II-48 Key Players ........................................................... III-13
B. Market Analytics .................................................... III-15
III. MARKET Table 17: Japanese Recent Past, Current &
Future Analysis for Absorption Chillers Analyzed
with Annual Sales Figures in US$ Thousand
1. THE UNITED STATES ...........................................III-1 for Years 2010 through 2018 (includes
A. Market Analysis ....................................................... III-1 corresponding Graph/Chart) .................................. III-15
Outlook .................................................................... III-1
Table 18: Japanese Historic Review for Absorption
Lithium Bromide Based Absorption Chillers Find Chillers Analyzed with Annual Sales Figures
Increased Demand ............................................... III-1 in US$ Thousand for Years 2004 through 2009
Table 11: US Chillers Market (2012) - Percentage (includes corresponding Graph/Chart) ................... III-16
Breakdown of Unit Sales by Chiller Segments-
Positive Displacement, Centrifugal Chillers and 4. EUROPE .............................................................. III-17
Absorption Chillers (includes corresponding
A. Market Analysis ..................................................... III-17
Graph/Chart) ........................................................ III-1
Outlook .................................................................. III-17
Product Launches .................................................... III-2 Overview of the Chillers Market in Europe ............. III-17
Strategic Corporate Developments .......................... III-2 Growing Focus on Environmental Protection
Key Players ............................................................. III-3 Drives Demand for Solar Powered
B. Market Analytics ...................................................... III-7 Absorption Chillers .......................................... III-17
Table 12: US Recent Past, Current & Future Analysis Some Significant Market Statistics ......................... III-18
for Absorption Chillers Analyzed with Annual Sales Table 19: Installed Base of Solar Cooling Systems
Figures in US$ Thousand for Years 2010 through in the World and European Markets: Breakdown
2018 (includes corresponding Graph/Chart)............. III-7 of Number of Units for the Years 2004, 2007,
Table 13: US Historic Review for Absorption 2009 & 2011 (includes corresponding
Chillers Analyzed with Annual Sales Figures Graph/Chart) ...................................................... III-18
in US$ Thousand for Years 2004 through 2009 Table 20: EU Solar Cooling Market (2012);
(includes corresponding Graph/Chart) ..................... III-8 Percentage Breakdown of Installations
in Units by Country/Region (includes
2. CANADA.................................................................III-9 corresponding Graph/Chart) ............................... III-18
A. Market Analysis ....................................................... III-9 Table 21: Proportion of Sales of Absorption Chillers
Outlook .................................................................... III-9 (in Total kW) in the EU for the Year 2012 by
B. Market Analytics ...................................................... III-9 Rating (includes corresponding Graph/Chart) ..... III-19
Table 14: Canadian Recent Past, Current & Future Table 22: European Chiller Market (2011):
Analysis for Absorption Chillers Analyzed with Annual Regional Breakdown of Prices (in Euros)
Sales Figures in US$ Thousand for Years 2010 by Capacity (in kW) (includes
through 2018 (includes corresponding Graph/Chart) .... III-9 corresponding Graph/Chart) ............................... III-19

CONTENTS
B. Market Analytics .................................................... III-20 Table 31: Germany Historic Review for Absorption
Table 23: European Recent Past, Current & Future
in US$ Thousand for Years 2004 through 2009
Analysis for Absorption Chillers by Geographic
(includes corresponding Graph/Chart) ................... III-28
Region - France, Germany, Italy, UK, Spain,
Russia and Rest of Europe Independently
Analyzed with Annual Sales Figures 4c. ITALY ................................................................. III-29
in US$ Thousand for Years 2010 through A. Market Analysis ..................................................... III-29
2018 (includes corresponding Graph/Chart)........... III-20 Outlook .................................................................. III-29
Table 24: European Historic Review for Absorption Select Key Players................................................. III-29
Chillers by Geographic Region - France, Germany, B. Market Analytics .................................................... III-30
Italy, UK, Spain, Russia and Rest of Europe Markets Table 32: Italian Recent Past, Current & Future
Independently Analyzed with Annual Sales Figures Analysis for Absorption Chillers Analyzed with Annual
in US$ Thousand for Years 2004 through 2009 Sales Figures in US$ Thousand for Years 2010 through
(includes corresponding Graph/Chart) ................... III-21 2018 (includes corresponding Graph/Chart)........... III-30
Table 25: European 15-Year Perspective for Table 33: Italian Historic Review for Absorption
Absorption Chillers by Geographic Region - Chillers Analyzed with Annual Sales Figures
Percentage Breakdown of Dollar Sales for France, in US$ Thousand for Years 2004 through 2009
Germany, Italy, UK, Spain, Russia and (includes corresponding Graph/Chart) ................... III-31
Rest of Europe Markets for Years 2004, 2012 &
2018 (includes corresponding Graph/Chart)........... III-22 4d. THE UNITED KINGDOM .................................... III-32
4a. FRANCE .............................................................III-23 Outlook .................................................................. III-32
A. Market Analysis ..................................................... III-23 Product Launches .................................................. III-32
Outlook .................................................................. III-23 Strategic Corporate Development .......................... III-33
Competition ........................................................... III-23 B. Market Analytics .................................................... III-34
Table 26: Leading Players in the French Solar Table 34: UK Recent Past, Current & Future Analysis
Cooling Market (2012): Percentage Breakdown for Absorption Chillers Analyzed with Annual Sales
by Number of Installations for Yazaki and Figures in US$ Thousand for Years 2010 through
Others (includes corresponding Graph/Chart) ..... III-23 2018 (includes corresponding Graph/Chart)........... III-34
B. Market Analytics .................................................... III-24 Table 35: UK Historic Review for Absorption
Table 27: French Recent Past, Current & Future in US$ Thousand for Years 2004 through 2009
Analysis for Absorption Chillers Analyzed with (includes corresponding Graph/Chart) ................... III-35
Annual Sales Figures in US$ Thousand
for Years 2010 through 2018 (includes 4e. SPAIN ................................................................ III-36
corresponding Graph/Chart) .................................. III-24
Table 28: French Historic Review for Absorption Outlook .................................................................. III-36
Chillers Analyzed with Annual Sales Figures B. Market Analytics .................................................... III-36
in US$ Thousand for Years 2004 through 2009
(includes corresponding Graph/Chart) ................... III-25 Table 36: Spanish Recent Past, Current & Future
Analysis for Absorption Chillers Analyzed with
Annual Sales Figures in US$ Thousand for
4b. GERMANY..........................................................III-26 Years 2010 through 2018 (includes
A. Market Analysis ..................................................... III-26 corresponding Graph/Chart) .................................. III-36
Outlook .................................................................. III-26 Table 37: Spanish Historic Review for Absorption
Table 29: German Solar Driven Chillers Market Chillers Analyzed with Annual Sales Figures
(2012): Percentage Breakdown of Market Share in US$ Thousand for Years 2004 through 2009
by Type (includes corresponding Graph/Chart)....... III-26 (includes corresponding Graph/Chart) ................... III-37
Key Players ........................................................... III-26 4f. RUSSIA .............................................................. III-38

B. Market Analytics .................................................... III-27 Market Analysis ...................................................... III-38
Table 30: Germany Recent Past, Current & Table 38: Russian Recent Past, Current & Future
Future Analysis for Absorption Chillers Analysis for Absorption Chillers Analyzed with
Analyzed with Annual Sales Figures Annual Sales Figures in US$ Thousand for
in US$ Thousand for Years 2010 through Years 2010 through 2018 2018 2018
2018 (includes corresponding Graph/Chart)........... III-27 (includes corresponding Graph/Chart) ................... III-38

CONTENTS
Table 39: Russian Historic Review for Absorption Taiwan ................................................................ III-45
Chillers Analyzed with Annual Sales Figures Thailand ............................................................. III-46
in US$ Thousand for Years 2004 through Pakistan ............................................................. III-46
2009 (includes corresponding Product Launches .................................................. III-46
Graph/Chart).......................................................... III-39 Strategic Corporate Developments ........................ III-47
Select Key Players................................................. III-49
4g. REST OF EUROPE ............................................III-40 B. Market Analytics .................................................... III-51
Table 45: Asia-Pacific Recent Past, Current &
Outlook .................................................................. III-40 Future Analysis for Absorption Chillers Analyzed
Product Launch ..................................................... III-40 with Annual Sales Figures in US$ Thousand
B. Market Analytics .................................................... III-40 for Years 2010 through 2018 (includes
corresponding Graph/Chart) .................................. III-51
Table 40: Rest of European Recent Past,
Current & Future Analysis for Absorption Table 46: Asia-Pacific Historic Review for
Chillers Analyzed with Annual Sales Figures Absorption Chillers Analyzed with Annual Sales
in US$ Thousand for Years 2010 through Figures in US$ Thousand for Years 2004
2018 (includes corresponding through 2009 (includes corresponding
Graph/Chart).......................................................... III-40 Graph/Chart).......................................................... III-52
Table 41: Rest of European Historic Review for
Absorption Chillers Analyzed with Annual Sales 6. LATIN AMERICA ................................................. III-53
Figures in US$ Thousand for Years 2004 A. Market Analysis ..................................................... III-53
through 2009 (includes corresponding Outlook .................................................................. III-53
Graph/Chart).......................................................... III-41 Latin American Chillers Market-Snapshots ............ III-53
Table 47: Latin American Chiller Market (2012) -
5. ASIA-PACIFIC ......................................................III-42 Percentage Breakdown of Unit Sales by Chiller
A. Market Analysis ..................................................... III-42 Segments - Positive Displacement, Centrifugal
Outlook .................................................................. III-42 Chillers and Absorption Chillers (includes
Brief Overview of Select Markets ........................... III-42 corresponding Graph/Chart) ............................... III-53
China .................................................................. III-42 B. Market Analytics .................................................... III-54
Table 42: Chillers Market in China (2011 & 2012): Table 48: Latin American Recent Past, Current &
Percentage Breakdown of Market Share in Future Analysis for Absorption Chillers Analyzed
Value Terms by Type - Screw Chillers, with Annual Sales Figures in US$ Thousand
Centrifugal Chillers, Absorption Chillers for Years 2010 through 2018 (includes
and Scroll/Reciprocating Chillers corresponding Graph/Chart) .................................. III-54
(includes corresponding
Graph/Chart) ................................................... III-43 Table 49: Latin American Historic Review for
Absorption Chillers Analyzed with Annual Sales
India ................................................................... III-43 Figures in US$ Thousand for Years 2004 through
Overview of the Chillers Market ....................... III-43 2009 (includes corresponding Graph/Chart)........... III-55
Industrial Sector Drives Demand for
Absorption Chillers........................................ III-43
7. REST OF WORLD................................................ III-56
Competition ..................................................... III-44
Table 43: Leading Players in the Indian Outlook .................................................................. III-56
Absorption Chillers Market (2011): Middle East: A Land of Opportunities ..................... III-56
Percentage Breakdown of Market Share
Iran ........................................................................ III-57
for Thermax and Voltas (includes
corresponding Graph/Chart) ......................... III-44 B. Market Analytics .................................................... III-57
Korea.................................................................. III-44 Table 50: Rest of World Recent Past, Current &
Future Analysis for Absorption Chillers Analyzed
Table 44: Korean Chiller Market (2012) - with Annual Sales Figures in US$ Thousand
Percentage Breakdown of Unit Sales by for Years 2010 through 2018 (includes
Chiller Segments - Positive Displacement, corresponding Graph/Chart) .................................. III-57
Centrifugal Chillers and Absorption Chillers
(includes corresponding Graph/Chart) ............. III-45 Table 51: Rest of World Historic Review for
Absorption Chillers Analyzed with Annual Sales
Australia ............................................................. III-45 Figures in US$ Thousand for Years 2004
What Led to the Popularity of Absorption through 2009 (includes corresponding
Chillers in Australia? ..................................... III-45 Graph/Chart).......................................................... III-58

CONTENTS
IV. COMPETITION
1. AAF International (USA) .................................................. IV-1 Table 60: Half Yearly Sales Comparison by
2. Advanced Ergonomic Technologies Ltd. (UK) .................. IV-2 Business Segment (2013 Vs. 2012) - Ship and
3. AE Smith Construction (Australia) .................................... IV-3 Offshore Structure, Rolling Stock, Aerospace,
Gas Turbine & Machinery, Plant & Infrastructure,
4. Broad Air Conditioning Co., Ltd. (China) .......................... IV-4
Motorcycle & Engine, and Precision
5. Carrier Corporation (USA) ............................................... IV-5 Machinery (In ¥ billion) ........................................... IV-40
6. Century Corporation (Korea) .......................................... IV-12
Table 61: Annual Sales Comparison:
7. Climatewell AB (Sweden) .............................................. IV-13 2010-2012 (In ¥ billion) ........................................... IV-40
8. Climaveneta SpA (Italy) ................................................. IV-14
Table 62: Annual Sales Comparison by
9. Cooling Technologies, Inc. (USA) .................................. IV-15 Geographic Region (2012 Vs. 2011) – Japan,
10. Dunham-Bush Holding BHD. (Malaysia) ........................ IV-16 USA, Europe, and Asia (In ¥ billion)........................ IV-40
11. Eaw Energieanlagenbau GmbH (Germany) ................... IV-18 Table 63: Annual Sales Comparison by Business
12. Ebara Thailand, Ltd. (Thailand) ...................................... IV-19 Segment (2012 Vs. 2011) - Ship and Offshore
13. Fedders Lloyd Corporation Ltd. (India) ........................... IV-20 Structure, Rolling Stock, Aerospace,
14. Finetec Century Corporation (Korea) ............................. IV-21 Gas Turbine & Machinery, Plant &
15. FireChill Ltd. (UK) .......................................................... IV-22 Infrastructure, Motorcycle & Engine,
and Precision Machinery (In ¥ billion) ..................... IV-41
16. Fischer Eco Solutions GmbH (Germany) ....................... IV-23
17. Glorious Refrigeration Equipments Co., Ltd. Table 64: Annual Sales Comparison by Business
(China)........................................................................... IV-23 Segment (2011 Vs. 2010) - Ship and Offshore
Structure, Rolling Stock, Aerospace, Gas
18. Hitachi Appliances, Inc. (Japan) ..................................... IV-24
Turbine & Machinery, Plant & Infrastructure,
19. ICL India (India) ............................................................. IV-25 Motorcycle & Engine, and Precision
20. International Coil Ltd. (India) .......................................... IV-26 Machinery (In ¥ billion) ........................................... IV-41
21. Jiangsu Huineng New Energy Technology Co., Ltd. Kawasaki Thermal Engineering Co., Ltd. (Japan) ....... IV-47
(China)........................................................................... IV-27
25. Kirloskar Pneumatic Co., Ltd. (India) .............................. IV-48
22. Jiangsu Shuangliang Air-Conditioning Equipment Co.,
Ltd. (China) .................................................................... IV-27 Table 65: Nine Months Sales Comparison:
2013 Vs. 2012 (In INR million) ................................ IV-49
23. Johnson Controls, Inc. (USA)......................................... IV-28
Table 52: Nine Months Sales Comparison: 2012 Vs. 2011 (In INR million) ................................ IV-49
2012 Vs. 2011 (In US$ million) ............................... IV-30
Table 53: Nine Months Sales Comparison by Operation (2012 Vs. 2011) – Compression
Business Segment (2012 Vs. 2011) – Systems, and Transmission Equipment
Building Efficiency, Automotive Experience, (In INR million) ....................................................... IV-49
and Power Solutions (In US$ million)...................... IV-30
26. LS Air-Conditioning System (Shandong) Co., Ltd.
Table 54: Annual Sales Comparison: (China)........................................................................... IV-50
2011 Vs. 2010 (In US$ million) ............................... IV-30 27. LS Mtron Ltd. (Korea) .................................................... IV-50
Table 55: Quarterly Sales Comparison: 28. Maruthi Cooling Systems Pvt., Ltd. (India) ..................... IV-51
2011 Vs. 2010 (In US$ million) ............................... IV-30 29. Mcquay International (USA) ........................................... IV-52
Table 56: Annual Sales Comparison by 30. Mitsubishi Heavy Industries Ltd. (Japan) ........................ IV-56
Geographic Region (2011 Vs. 2010) - Table 68: Half Yearly Sales Comparison:
United States, Germany, Mexico, 2013 Vs. 2012 (In ¥ billion) ..................................... IV-58
Other European countries, and Other
foreign (In US$ million) ........................................... IV-31 Table 69: Half Yearly Sales Comparison by
Business Segment (2013 Vs. 2012) -
Table 57: Annual Sales Comparison by Shipbuilding & Ocean Development, Power
Business Segment (2011 Vs. 2010) – Systems, Machinery & Steel Structures,
Building Efficiency, Automotive Aerospace, General Machinery & Special
Experience, and Power Solutions Vehicles (In ¥ billion) .............................................. IV-59
(In US$ million)....................................................... IV-31
24. Kawasaki Heavy Industries Ltd. (Japan) ........................ IV-38 2010-2012 (In ¥ billion) ........................................... IV-59
Table 58: Half Yearly Sales Comparison: Table 71: Annual Sales Comparison by
2013 Vs. 2012 (In ¥ billion) ..................................... IV-39 Geographic Region (2012 Vs. 2011) –
Table 59: Half Yearly Sales Comparison by Japan, USA, Asia, Europe, Central and
Geographic Region (2013 Vs. 2012) – Japan, South America, Middle East, and Africa
USA, Europe, and Asia (In ¥ billion) ....................... IV-39 (In ¥ billion)............................................................. IV-59

CONTENTS
Table 72: Annual Sales Comparison by Business 38. Tecogen, Inc. (USA) .................................................... IV-108
Segment (2012 Vs. 2011) - Shipbuilding & Ocean 39. Thermax Ltd. (India)..................................................... IV-114
Development, Power Systems, Machinery & Steel
Structures, Aerospace, General Machinery & 2012 Vs. 2011 (In INR million) .............................. IV-115
Special Vehicles (In ¥ billion) .................................. IV-60
Table 73: Annual Sales Comparison by Business Geographic Region (2012 Vs. 2011) – India
Segment (2011 Vs. 2010) - Shipbuilding & Ocean and Outside India (In INR million) ......................... IV-115
Development, Power Systems, Machinery &
Steel Structures, Aerospace, General Table 84: Annual Sales Comparison by Business
Machinery & Special Vehicles (In ¥ billion) ............. IV-60 Segment (2012 Vs. 2011) – Energy and
Environment (In INR million) ................................. IV-115
31. New Energy Transfer SA (Poland) ................................. IV-81
Thermax, Inc. (USA) ................................................. IV-116
32. Panasonic Corporation (Japan) ..................................... IV-82
Thermax Europe Ltd. (UK) ........................................ IV-118
Table 74: Annual Sales Comparison: 40. Thermotech Green Products Ltd. (Bangladesh) ........... IV-119
2010-2012 (In ¥ billion) ........................................... IV-85
41. Trane, Inc. (USA) ......................................................... IV-120
Table 75: Annual Sales Comparison by 42. Voltas Ltd. (India)......................................................... IV-122
Geographic Region (2012 Vs. 2011) – Japan,
Table 85: First Quarter Sales Comparison:
North and South America, Europe, 2013 Vs. 2012 (In INR million) .............................. IV-123
Asia and others (In ¥ billion) ................................... IV-85
Table 86: First Quarter Sales Comparison by
Table 76: Annual Sales Comparison by Business Business Segment (2013 Vs. 2012) - Electro -
Segment (2012 Vs. 2011) – AVC Networks, mechanical Projects and Services, Engineering
Appliances, Systems & Communications, Products and Services, and Unitary Cooling
Eco Solutions, Automotive Systems, Industrial Products for Comfort and Commercial use
Devices, Energy, and Other (In ¥ billion) ................ IV-85 (In INR million) ..................................................... IV-123
Sanyo Electric Co., Ltd. (Japan) ................................. IV-94 Table 87: Annual Sales Comparison:
33. Parker Hannifin Corporation (USA) ................................ IV-98 2010-2012 (In INR million) .................................... IV-124
Table 77: First Quarter Sales Comparison: Table 88: Annual Sales Comparison by
2013 Vs. 2012 (In US$ million) ............................... IV-99 Geographic Region (2012 Vs. 2011) – India
Table 78: First Quarter Sales Comparison by and Middle East (In INR million) ........................... IV-124
Business Segment (2013 Vs. 2012) – Industrial, Table 89: Annual Sales Comparison by Business
Aerospace and Climate & Industrial Controls Segment (2012 Vs. 2011) - Electro - mechanical
(In US$ million)....................................................... IV-99 Projects and Services, Engineering Products
Table 79: Annual Sales Comparison: and Services, and Unitary Cooling Products
2010-2012 (In US$ million) ................................... IV-100 for Comfort and Commercial use
(In INR million) ..................................................... IV-124
Table 80: Quarterly Sales Comparison:
2012 Vs. 2011 (In US$ million) ............................. IV-100
Geographic Region (2011 Vs. 2010) – India
Table 81: Annual Sales Comparison by Geographic and Middle East (In INR million) ........................... IV-124
Region (2012 Vs. 2011) – North America and Table 91: Annual Sales Comparison by Business
International (In US$ million) ................................ IV-100 Segment (2011 Vs. 2010) - Electro - mechanical
34. Power Partners, Inc. (USA) .......................................... IV-103 Projects and Services, Engineering Products and
35. Robur Corporation (USA) ............................................. IV-104 Services, and Unitary Cooling Products for
36. Sakura Corporation (Japan) ......................................... IV-105 Comfort and Commercial use (In INR million) ....... IV-125
37. Shuangliang Eco-Energy Systems Co., Ltd. 43. Yantai Moon Group Co., Ltd. (China) ........................... IV-128
(China)......................................................................... IV-107 44. Yazaki Energy Systems, Inc. (USA) ............................. IV-129

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INTRODUCTION, METHODOLOGY & PRODUCT DEFINITIONS
The primary purpose of this study is to provide comprehensive market intelligence on a global level
for Absorption Chillers. This report attempts to provide a comprehensive review of the market
situation and analyzes trends by each country/region to the year 2018.
A combination of primary and secondary research has been used for all findings. The usage of
obtained information is based on the perceived reliability of the source by the researcher. In many
cases, a combination of such sources was used. Global Industry Analysts Inc. (GIA) provides an in-
depth analysis of the market segments. The critical strategy at Global Industry Analysts, Inc. (GIA)
is to design, analyze, and report on various markets on a global basis.
Our analysts identify and discuss most competitors in the global marketplace in a given segment.
Executives in marketing, strategic planning, and new business development will find such
discussions in our studies pertinent and useful. Management consultants, investment bankers,
distributors, suppliers of raw materials, and regulatory and governmental policy making officers are
amongst our regular clientele served.
Worldwide competitors in each segment are identified in this report. Key competitors are extensively
discussed throughout our reports. The Competitive Intelligence section profiles large diversified
players as well as small private niche players that are seldom reported in the news or by most
researchers. Profiles of such local and less prominent players are intended to provide a general
perspective of the market makeup.
In our market determination efforts, an extensive secondary research was initially completed to gain
a good perspective of the market in that region. The next step was to conduct primary research,
involving levels 1 & 2 questionnaires targeting marketing and sales executives worldwide.
Another primary research technique useful in supplemental market research was sending focused
and detailed letters to senior management in companies worldwide, particularly those operating in
markets that are not well reported in secondary research feeds. These letters sought answers to
specific questions pertinent to the region.
STUDY RELIABILITY AND REPORTING LIMITATIONS

Primary and secondary research was completed over a four-month period to determine market size,
growth trends, major impacting factors, and relative strengths and weaknesses of companies.
Extensive effort is made to provide reliable information. However, we do not accept responsibility for
the findings and other information provided in this report. Information presented in our studies is
constrained by the credibility of the primary and secondary research sources. Often times hundreds
of such secondary source feeds are used to derive the final published data. It is beyond the scope
of our reports to evaluate the credibility of these sources and validity of such obtained data.
Researchers at GIA make extensive efforts to obtain the best mix of information through established
research techniques, to present extensive and yet reliable information about the markets. Most of
the data is drawn from secondary research sources. Sometimes very little information may be
reported requiring another effective method – historic cross linking of published data and using

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period growth CAGR to derive analytics. Most of the company-related information is extracted from
company websites and several other online published sources. We never use econometric
modeling techniques to derive market analytics. It is important to recognize that several research
publishers use such techniques. At GIA, we pride in the ability to draw from diverse multilingual
information sources to collect, analyze and publish research that is rarely reported.
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the information do not accept any responsibility for the content in this report. GIA and the authors
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DATA INTERPRETATION & REPORTING LEVEL

All the figures and forecasts provided in this report are presented in US$ Thousand at the
Manufacturer’s level unless otherwise specified. The "Recent Past, Current and Future Analysis"
covering the period 2010 through 2018 has been drawn from an extensive list of secondary sources
combined with primary source feeds. The data reported as "Historic" from 2004 through 2009 is
drawn largely from secondary feeds and previous primary research programs.

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Quantitative Techniques & Analytics

Each data table is followed by a list of notes. Error tolerance in these notes indicates the actual
reliability of the data. The reliability of the data used in this report is based on an overall essence of
all the sources used for the estimates. Data tolerance is based on several parameters that were
standardized and/or used for estimates that have margin for error.
Global Industry Analysts automatically places a 5% (+/-) error tolerance on all market data. Some
geographic markets will be accurately reported with a tolerance of less than 5% (+/-) while others
could have a tolerance of 10% to15% (+/-).
The impact of exchange rate fluctuations has not been analyzed. The weakening US dollar against
the Euro, Yen and other currencies can affect market and production trends. It is likely that
production will shift to weaker currency nations from stronger currency nations.
The dollar figures provided in this report have not been adjusted for inflation. Exchange rates used
for standardizing data in the report are 1 US $ = 1.00 Canadian Dollars, 86.18 Japanese Yen, 0.76
Euro, 0.62 British Pound and 30.50 Russian Rubles. Data is standardized to the currency values as
on January 01, 2013. Historic data is reported as is and not standardized to base year (2012)
currency values.
PRODUCT DEFINITIONS AND SCOPE OF STUDY

Absorption chillers are the most widely used and the most common representative of a closed cycle
system. Absorption chillers provide cooling using thermal energy rather than electric/mechanical
energy. These chillers use a liquid refrigerant/sorbent (or absorbent) solution such as Lithium
Bromide/Water (LiBr/H2O) or Water/Ammonia, referred as a working pair.
Absorption chillers are known for their ability to be driven by waste heat and therefore their
integration with heat recovery and power production units has come to become the mainstream
market in many developed countries. In such regions the primary goal is to increase overall
efficiency of the system by utilizing low temperature heat. Although absorption chillers are emerging
as a lucrative segment in the chillers industry in many countries, they are still in the initial phases of
market adoption in many developing countries.

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EXECUTIVE SUMMARY
INDUSTRY OVERVIEW
Time is Ripe for Absorption Chillers

Over the years, demand for cooling systems have been increasing significantly, not only for comfort
cooling purposes but also for process cooling requirements in industrial applications. Traditionally,
cooling systems were predominantly based on electrically driven compressor cooling technology.
Use of such cooling equipment typically exerts considerable drain on electricity supplied, creating
wide gap in electricity supply and demand and ultimately resulting in high electricity costs.
Additionally, these electrically-driven compressor cooling technologies use refrigerants such as
CFCs and HCFCs for cooling, which are typically associated with greenhouse gas emissions that
are harmful to ozone layer.
Growing focus on energy conservation and environmental protection against the backdrop of
escalating concerns over uninhibited rise in energy consumption, shortfalls in electricity supply,
rising electricity costs, global warming and depletion of ozone layer, have been driving focus on
smart and environmentally sustainable chiller technologies for use in a range of cooling systems.
Absorption chillers against this backdrop, stands to benefit as chiller technology that can help in
energy conservation and also provide high level of cooling with minimal impact on environment.
Although, use of these chillers is comparatively a recent phenomenon, the history of the technology
dates back to 1770s, when the absorption cooling technology was discovered in the late 1770s.
Although commercialized in the 19th century, absorption chillers failed to get desired level of
adoption until 1930s due to low electricity costs that saw electrically-driven compressor technologies
gaining an edge in the market. However, spike in electricity costs since then invigorated the market
for absorption chillers. During the same time period, scientists were encouraged to initiate research
activities centered on development of cost-effective and high performance absorption cooling
technologies for air conditioning purposes. Subsequently, in the 1950s, researchers developed the
first hermetic absorption machines in the United States. Its design was further modified and refined
in Japan. By the 1960s, absorption chillers accounted for a considerable share in the net chiller
sales. However, gas supply shortages brought about a drastic reduction in sales of chillers, and
electric vapor compression chillers gained immense popularity due to its convenience benefits and
cheaper electricity rates. Deregulation in the gas industry and government authorities encouraging
gas exploration that are expected to offer ample gas supplies for the future. Growth in sales of
absorption chillers is likely to depend on use of non-HCFC refrigerants due to concerns over the
environment, recovery and efficient utilization of waste heat.
An Overview of Global Absorption Chiller Market

Chiller systems are used for air conditioning and process cooling applications in commercial and
industrial set-ups. Centrifugal chillers, positive displacement chillers (which include reciprocating,
screw and scroll) and absorption chillers represent major categories of chiller systems. In contrast to
the European and US markets where centrifugal and positive displacement chillers account for a
major share, absorption chillers is a significant chiller system category in the Asian markets,
particularly in Japan, China and Korea. Since late 1980s use of absorption chillers has been

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growing at a steady pace as a consequence of CFC phase outs, crackdown on indiscriminate use of
fossil fuels and need to reduce greenhouse gas emissions.
High demand for absorption chillers in Asia can be attributed to scarcity of fossil fuel resources and
poor electricity infrastructures that compelled various governments to promote usage of absorption
chillers. Absorption chillers are known for their ability to be driven by solar or waste heat and their
integration with heat recovery and power generation units has become a part of the mainstream
market in many developed countries. In developed markets, gas-fire powered absorption chillers
takes greater importance, given that these markets value performance over economic value. All
across the world, absorption chillers are being seen as an efficient alternative to reduce
dependence on electricity supply.
As many countries embrace the idea of a toxic free environment, absorption chillers will stand to
benefit as they are considered to be next best alternatives to CFC based chillers. Furthermore, the
R&D efforts by manufacturers with focus on enhancing performance and efficiency of these chillers
and reducing ownership costs are likely to push this segment into a brighter position in the chiller
industry. Cogeneration and district cooling projects that are widely being implemented in many
countries would open great opportunities for absorption chiller manufacturers. As many countries
are turning towards renewable energy sources, usage of absorption chillers in solar cooling projects
is expected to push growth.
Although, absorption chillers are emerging as a lucrative category in the chillers industry, they are
still in the initial phases of market adoption across many developing nations. Despite being
environment friendly and powered by rejected/waste heat, making them more appealing compared
to vapor compression chillers, the segment still encounters impediments in the form of high cost,
low efficiency rates and poor consumer awareness. Extensive applications across a host of end-use
segments and increase in adoption rates of pollutant-free technologies have brightened growth
prospects for absorption chillers. Absorption chillers are being viewed as one of the most suitable
alternatives to CFC-based chillers. Furthermore, R&D efforts from existing manufacturers to develop
absorption chillers that can efficiently covert heat energy to meet cooling requirements, at cost-
effective prices, and several market expansion initiatives taken by new players are likely to push this
segment to the forefront.
Focus on Energy Efficiency Drives Demand for Absorption Chillers
Soaring Electricity Demand but Tight Supply Becomes Order of the Day
Increasing population and growth in the number of people moving to urban areas worldwide, rising
levels of industrialization in developing countries, improving standards of living and greater mobility
and trade, especially in emerging markets such as China, India and Brazil are all contributing
towards an increase in power consumption worldwide. Total number of people living in cities is
projected to reach 4.98 billion by 2030, thereby contributing significantly to power consumption
worldwide. Proliferation of consumer electronic devices, computerization of information
management, and automation of industrial processing, have all been adding to growing electricity
consumption over the last few years, resulting in considerable drain on electricity supplied, and
creating wide gap in electricity supply and demand. Electricity prices are also heading northwards,
given the growing demand and tight supply of energy. Overexploitation of fossil fuel resources in

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order to meet the surging electricity demand, ensuing shortages of the same, and resulting
increases in prices of coal and natural gas, and rising cost of climate change in the form of
increased carbon costs are key reasons cited for increasing electricity prices worldwide. The cap on
carbon dioxide emissions and the implementation of tradable permits, such as those legislated in
the EU, establishes a market price for carbon emissions resulting from burning of fossil fuels for
electricity generation, thus ensuring that consumers pay total cost of both electricity generation and
consumption in the form carbon cost. The dwindling fossil fuel resources are unable to meet sudden
growth in demand for energy and countries are now depending on more expensive energy
resources, which only add to the electricity costs. Electricity prices are forecast to spiral further in
the upcoming years, as demand for electricity worldwide skyrockets by over 50% over the next two
decades, outstripping supply of fossil fuels.
Positive Implications for Absorption Chillers Market

Increasing global focus on electricity conservation against a backdrop of alarming shortfalls in
electricity supply and rising electricity costs in many parts of the world is poised to drive significant
adoption of absorption chillers in cooling systems in the upcoming years. Growing demand for
cooling systems from commercial, industrial and residential sectors have been particularly blamed
for sudden spurt in electricity consumption worldwide and the resulting supply shortfall. Against this
backdrop, consumers, particularly industrial and commercial consumers, which are voracious users
of electricity guzzling high-end process and comfort cooling systems, are hard pressed to rationalize
their energy use driving demand for absorption chillers. Poised to benefit from the trend are
absorption chillers, which use heat energy from wide range of energy sources such as solar energy,
natural gas fired energy (for instance kerosene fuel flame), steam or waste heat energy among
others to produce cooling effect instead of electric power used by conventional mechanical
compressors. As against electric powered chillers, absorption chillers have extremely low power
requirements with combined consumption for both solution and refrigerant pump going rarely
beyond 15 kW. Although absorption chillers demand larger cooling towers as compared to electric
powered chillers for same tonnage capacity, in terms of energy efficiency, the former excels given
that they use cheap, waste or high-grade heat, which is readily available. In hot and sunny weather
conditions, solar energy can be used for its functioning.
Volatility in electric prices, which has become a new norm makes it extremely difficult for
consumers to manage operating costs of electric chillers and therefore drives attention on
absorption chillers. Especially in summer, when cooling is most required but prices tend be
extremely high, natural gas or solar powered absorption chiller based cooling systems are best
bet, given that natural gas prices are more stable than electricity prices. With consumers having
to bear the burden of market price for carbon imposed by governments, for instance in the
European Union, due to unabated exploitation of fossil fuels is creating strong business case for
industries, commercial establishments and even independent consumers to adopt absorption
chillers for their cooling systems, which can drive significant energy savings and cost bene fits. A
study on effects of changing coefficient of performance (COP) of absorption chillers on cost
saving proved that use of absorption chillers for cooling systems may increase the amount of
energy consumed/ unit area but reduces the energy cost/ unit area significantly. Additionally, the
research also proves that for each 0.1 increase in COP of absorption chillers, about 500 USD/m2
saved cost can be realized.

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On par with developed countries, the increasing focus shed by developing countries on the energy
efficiency is expected bring in vast demand potential from the developing Asian countries. With
investments energy efficient technologies poised wax at over 18% per annum, China is poised to
turbo-charge demand for energy efficient absorption chillers. And as more governments follow the
EU route of charging industries for CO2 emissions, industries, especially process and
manufacturing industries will have to face the high electricity costs and consume less energy. In this
regard, energy efficiency will be critical for the survival of processing and manufacturing plants
worldwide. Also, immediate investments in upgradation to energy efficient absorption chillers will be
fueled by the fact that investments in energy efficiency equipment have short ROI periods.
Companies poised to successfully survive in the upcoming years are those that focus on
innovations in energy efficiency. While the objective of most carbon cap policies is to encourage
shared responsibility among utilities and the end-user, the same is benefiting the absorption chillers
market. For instance, there exists increasing focus on absorption chiller monitoring, maintenance
and timely replacements as end-user industries are forced to adopt appropriate measures to
enhance energy performance of heat exchangers in attempts to lower energy bills.
Environmental Concerns Drive Business Case for Absorption Chillers

Stringent environmental protection norms governing the use of cooling systems in commercial
HVAC and industrial process cooling will lend traction to the global absorption chillers market.
Conventional chillers based on compression refrigeration technology (including reciprocating,
scroll, screw and centrifugal chillers) use CFCs and HCFCs as refrigerants, which when released
into the atmosphere as gases can harm ozone layer and cause global warming. Concerns
regarding depletion of ozone layer and impact of global warming such as melting of polar ice caps
and glaciers, rise in average surface temperature, and extreme changes in regional temperatures,
have prompted various government agencies to take necessary measures in order to reduce the
use of harmful compounds in chillers. The Montreal Protocol, which was established in 1987 to
protect ozone layer and has about 177 nations conforming to it, encouraged gradual phasing out of
CFCs (Chlorofluorocarbons) used as refrigerants in electricity powered compressor-based cooling
systems, thereby helping drive focus on environmental friendly alternatives. Even HCFCs (Hydro
chlorofluorocarbons), which emerged as suitable alternatives for CFCs (chlorofluorocarbons) were
added to the list of compounds that are potentially dangerous to ozone layer and had to be phased
out. Use of HCFC-22 refrigerant in the vapor-compression cycle of a majority of
conventional/stationery air conditioning systems has also been banned. HFC
((Hydroflourocarbons), another alternative to CFCs, although not harmful to the ozone layer as
CFCs or HCFC, are however associated with green house gas emissions, and therefore coming
under international pressure.
In accordance with the Montreal Protocol, use of these harmful refrigerants has already been
phased out in Europe and by the year 2010 manufacturers even ceased production of cooling
equipment that used HCFC-22 refrigerant technology. Likewise, Japan is also expected to ban use
of harmful refrigerant substances and related equipment in the near future. The new stricture is
likely to convert majority of toxic refrigerant using equipment to environmentally sustainable cooling
technologies. Absorption chillers in this regard stand to benefit as they only use water as a
refrigerant and do not require any ozone depleting substances, thereby having little or highly
negligible impact on global warming.

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Indirect Fired Absorption Chillers - The Best Bet for Environmental Cause
Focus on environmental benefits and energy conservation is driving increased attention on indirect
fired absorption chillers such as solar powered or waste heat powered absorption chillers. Natural
gas powered absorption chillers although widely recognized for its potential to replace electricity
powered compression chillers for cooling systems, however rely on burning natural gas for
generating heat energy required drive the unit. This burning of fossil fuels for generation of natural
gas results in greenhouse emissions, which is the main cause of global warming. Greenhouse gas
emissions have led to an increase in the surface temperature by 0.74ºC since the last century.
According to the Intergovernmental Panel on Climate Change (IPCC) projects, the global average
temperature is projected to increase by 1.8ºC to 4ºC, by the year 2100. The sudden rise in average
global temperature would result in melting of glaciers and polar ice caps, rising sea levels, higher
seismic activity, depletion of the ozone layer, hurricanes, threat to wildlife and endangered species
and extreme weather conditions.
Against this backdrop, use of solar energy based absorption chillers is growing in prominence.
As a renewable energy source, solar power exploits the use of sun light for generating heat
energy required for driving the unit, thereby reducing dependence on natural gas. Even waste
heat powered absorption chillers too are growing in prominence in this regard given that these
units draw heat energy from waste heat stream from other process that would normally be
rejected into the environment. Growing focus on climate change and environment protection in
developed and developing countries will continue to benefit solar powered absorption cooling
systems. China for instance, has voiced intentions to reduce CO2 emission per GDP unit by
over 48% by the year 2020 and in 2010 energy conservation and emission reduction
investments averaged to over US$5 billion, which have and will continue to drive demand for
solar powered absorption chillers in the nation. With Chinese government offering over RMB
4,500 billion for stimulating environmentally friendly projects, these energy efficient absorption
chillers are poised to benefit big time.
Implementation of the Kyoto Protocol to Tackle Climate Change Augurs Well for Solar &
Waste Heat Powered Absorption Chillers
Government agencies at international, national and regional levels are taking necessary
measures to combat extreme climatic changes. One such initiative is the Kyoto Protocol, which
mandates certain regulatory and fiscal measures to tackle climate change and greenhouse gas
emission especially from industrialized nations. The Kyoto Protocol emphasizes on battling
global climatic change and curbing greenhouse gas emissions by limiting dependence on
energy generated from burning fossil fuels. As a step in that direction, governments have been
encouraging adoption of absorption chillers as a replacement to conventional chillers, which rely
mostly on electric power, which in turn increases depending on fossil fuels for required
electricity. Technologies that use waste heat or renewable solar energy for cooling purposes
such as absorption chillers and solar assisted air-conditioning are especially being promoted by
government agencies and companies. Ample availability of solar energy during summers and
waste heat from various industrial processes can be used for cooling purposes such as heat -
driven cooling machines.

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TABLE 1: Global Solar Air Conditioners Market (2012): Percentage Breakdown of

Market Share by Solar Cooling Type - Absorption, DEC Solid, Adsorption and
DEC Liquid
Type % Share 12.87 2.15
Absorption 69.58
DEC Solid 15.40 15.4 Absorption
DEC Solid
Adsorption 12.87
Adsorption
DEC Liquid 2.15 DEC Liquid
69.58
Total 100.00
Recession Dents Growth in the Chiller Market

Fortunes in the absorption chillers market is closely tied to the level of investments in key end-use
industries such as commercial constructions, chemical & petrochemicals, brewery processing,
printing units, pulp mills, palm oil production facilities, manufacturing units and power generation
industry among others, which in turn is a function of several macro-economic factors such as
economic growth, consumer confidence, credit availability, fuel prices and capital investments in
plant infrastructure. The 2007-2009 economic recession took its toll on the industry with revenue
figures showing an erosion to tune of -2.45% in 2008 and -5.77% in the year 2009. The exhibited
signs of distress were the result of recessionary pressures manifested in the form of reduced
consumption of cooling systems as a result of decline in demand from key end-use sectors, lower
capital investment activity and project delays in processing and manufacturing industries.
Diminished manufacturing, processing and commercial activity, fall in the business confidence
index, bleeding corporate balance sheets, and enterprise skepticism over infrastructure/capital
investments also took its toll on the market. All of these factors lowered the order intake for cooling
systems and therefore for absorption chillers. Especially hard hit were traditional end-user segments
like the chemical, breweries, and general manufacturing industries which are prone to exhibit knee-
jerk sensitivity to economic conditions, while in comparison, demand in oil and gas end-use sector
performed relatively better. For instance, in the chemical industry plant shutdowns, capacity
rationalization and tightened investments sharpened the blow on new equipment orders, while in the
oil and gas industry demand was partially shielded by environmental legislation, and government
supported upgradation and investment projects. The year 2010 however saw demand for absorption
chillers recover in sync with the resurgence in growth driving market fundamentals.
The Current State of Europe’s Debt Crisis: At Bursting Point?

With efforts still underway to prevent Greece's towering debt crisis from tearing apart the unified
currency, Europe is still mired in a crisis of confidence. Economic activity across the European
Union has been fairly volatile all through the year 2011 and the Euro plunged to its lowest point in
over two years in mid-2012. Concerns over the economic growth and stability of Germany and
France, often termed as the engine of the eurozone, continues to periodically flare up and dampen
market sentiments which are already swinging widely between optimism and fear. Although

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repeated intervention of the EU, ECB and IMF in positivity building the resilience of the region’s
banking sector by building a financial firewall around Greece has resulted in short-termed relief,
Greece is still far being stable. With the fragile three-party coalition currently in office in Greece, and
the growing anti-austerity sentiment among the electorate, political instability is far from resolved in
Greece, and the probability of Greece’s exit from the Economic and Monetary Union (EMU), a
phenomenon now widely termed as “Grexit” cannot be ruled out. Although there exists a lesser
known school of thought that a Greek exit from the Eurozone will now be more manageable as a
result of the efforts made by the Troika of the European Union-International Monetary Fund-
European Central Bank (EU-IMF-ECB) to cut significantly private sector exposure to Greece and
build a eurozone's firewall to shield Spain and Italy from Greece, the potential implications of the
same for Europe is still nevertheless grave.
The massive levels of social resistance and the self-reinforcing economic decline still continue to put
Athens at a high risk of insolvency. The situation currently stands highly uncertain with Greece now
requiring a third bailout in less than two years. With the European leaders already having bailed out
€110 billion in 2010 and €130 billion in 2011, the ability of the now ailing currency union to fund a
third bailout is causing concerns. The need for the third bailout has yet again sparked concerns over
Greece’s exit from the Eurozone. Fears are currently on the rise about the ability of European
Central Bank and the European Commission to successfully resurrect the fast failing economy in
Greece. With IMF now demanding a 20% immediate reduction in Greece’s debt to GDP ratio, fears
are rising that the Greek debt can no longer be made sustainable without writing down a portion of
its debt, a move that is currently resisted by the country’s official eurozone creditors. The apparent
gridlock is aggravating fears that Euro crisis which has been festering for more than three years
now, can likely fester for a fourth year. Fears over the crisis spreading from the region’s peripheries
to banking systems of core European Union members, like Spain, France and Italy is now real with
Spain now requiring a €39.5bn bailout from the ECB after months of Spanish government’s denial of
a need for bailout. With unemployment rates as high as 27%, as of the last quarter of 2012, Spain is
now in recession. Approval of a bailout from the ECB will carry riders for tough austerity measures,
which will further slowdown the Spanish economy, which has already been witnessing sharp
declines in domestic spending, as the government unflinchingly presses on which its deficit
reduction programs.
Key fallout of Europe’s attempts to infuse financial stability is the creation of a potential firewall for
the future in the form of the European Stability Mechanism (ESM), which was created and established
in October 2012, which with objective of providing conditional financial assistance i.e. loans,
bailouts, for EU member states. The establishment of the ESM is shrouded in controversies with the
founders of the organization claiming that the ESM can effectively facilitate reforms in crisis ridden
EU countries by providing conditional bailouts that demand implementation of financial reforms or
fiscal consolidation by borrowing governments. However, views to the contrary exists that the ESM
can actually encourage creation of debt by curbing the influence of the financial markets and making
debt cheaper to acquire. A key political implication of the ESM is the validation of the philosophy
that no euro member should be ejected from the Eurozone, which in turn can create a reckless path
for proliferate spending and non-conformance to the rules of the common currency. Easy access to
loans provided by the ESM ensures pumping of credit to governments thereby reducing the severity
of the need to make the much required, although painful, budget cuts. With Spain now emerging to
be the ESM’s first client as the country seeks to recapitalize its banks, the long-term objective of the
ESM, dubbed by its antagonists as a debt making machine, stands questionable.

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The state of affairs threatens to bring the euro-zone economy to a grinding halt in the year 2013.
Exhibiting less resistant to the economic woes of southern Europe, the export driven German
economy is now beginning to show signs of evidence of the spreading ravages of the crisis. For
instance, although Germany till date has been dodging the prospect of slipping into recession, the
Eurozone’s largest economy is showing signs of slowing down with forecasts predicting a 0.1 to
0.2% contraction in economic growth for the last quarter of the year 2012. The economy is forecast
to grow just 0.8% in the year 2013. Europe in the year 2013 is expected to face its deepest
downturn since the year 2009. Until now, the short-term measures taken by the EU government,
such as, legislating additional bailouts, has not provided a permanent solution to the crisis and in
reality has deferred conclusive, corrective action by kicking the EU proverbial “Debt Can” further
down the road. In conclusion, the festering crisis has now resulted in the “Debt Can” becoming too
big to kick it down the road any further, and Europe is poised to face its deepest downturn in 2013
ever witnessed since the start of the crisis. Against this backdrop, the financial fire continues to burn
brighter under the smoldering ashes of this very persistent crisis.
The following table highlights the faltering stability in the Euro Zone caused by high debt to GDP ratios:
TABLE 2: Breakdown of Gross Government Debt as Percentage of GDP for the Year
2012 by Country
Country % of GDP
Greece 155 % of GDP
Italy 118 Greece

Ireland 115 Italy
Ireland
Belgium 100
Belgium
Portugal 89
Portugal
France 87 France
UK 83 UK
Germany 80 Germany
Hungary 76 Hungary
Austria 71 Austria
Netherlands
Netherlands 65
Spain
Spain 63
Poland
Poland 56 Norway
Norway 53 Switzerland
Switzerland 51 Finland
Finland 49 Denmark
Denmark 45 Czech Republic
Romania
Czech Republic 40
Sweden
Romania 35
15 45 75 105 135 165
Sweden 34

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Impact of Europe’s Debt Crisis: A Review

The worsening debt crisis in Europe is exerting pressure on growth in the European absorption
chillers market. Growth in the European absorption chillers market is expected to lose a little steam
in the year 2013 with growth marginally slipping to 0.80% as against the 1.69% estimated in the
year 2012. A key reason cited for the weakening growth in Europe is the myriad challenges
currently being faced by the European industrial sector, the major end-use market for pressure
sensors. Given the slump in industrial production, oil & gas exploration, chemicals and petrochemicals,
and commercial construction industries, demand for absorption chillers for cooling in industrial and
processing sectors has been following the downward trend. While these key end-use markets have
been recovering the world over from the impact of 2007-2009 recession, the same in Europe have
been running into fresh set of challenges. EUs industrial sentiment currently remains torn between
optimism and fear, given the mixed signals emanating from the volatile production data in Spain and
Italy and the encouraging industrial performance in Germany. Spending on industrial processing in
Europe has been weakening once again due to the heat of current European debt crisis.
Overleveraged governments and banks with bad loans are slowing down economic growth in
Europe and the future outlook remains overshadowed by the deleveraging process underway in the
region’s private, public and financial sector. Debt laden governments and their austerity measures
to curtail towering national debts is resulting in challenges such as, high cost of capital & financing
as a result of lower credit ratings and increased pressure to contain capital and operating expenditures.
With widening deficits comes higher taxes, and as companies increasingly fall to sharpened tax
swords of the financial ministry, top line corporate growth is becoming increasingly challenging.
The European debt crisis and its induced volatility in the Index of Industrial Production (IIP), not
surprisingly leaves the domestic market hurting. Indicating the deepening financial crisis in the
region was the decline in industrial production, which fell by over 1.5% across 17 of the EU
countries in October 2012. For the full year 2012, eurozone industrial output declined by 2.4%
approximately. The decline indicates persistent sluggishness in the economy, poor performance of
the manufacturing sector, and decline in production of capital goods. Eurozone’s PMI was also
weak and volatile for most part of the year 2012, with the region’s manufacturing PMI closing the
year 2012 with 47.2 points in December much below the 50 points. Indicating continuous
contraction in growth, PMI index for the month of January 2013 also remained below 50 points at
48.6 points. Although higher than the 47.2 points recorded in December 2012 and indicative of a
possible easing in the rate of decline, the manufacturing sector, nevertheless has and still continues
to contract, signaling deterioration and widespread decline in spending power across Europe. The
lethargic manufacturing and construction activity is also having a cascading impact on the
chemical/petrochemical industry as these two sectors represent major consumers of
petrochemicals/chemicals. The scenario offers very little reasons for optimism and hope for a
turnaround thus creating an especially uncomfortable market scenario for absorption chillers market.
In addition, the shift from fiscal government stimulus to anti-crisis austerity and spending cuts as a
measure to tame the towering public debt scenario is impacting capital expenditure in
manufacturing/process industries in debt affected economies by limiting borrowing and reducing
investments in capital goods, including industrial machinery. Reduced ability of the government to
fund capital expenditure can impact both domestic and foreign financed projects thus indirectly
affecting plant utilization rates, production capacity expansion and use of machinery, all of which
have a negative impact on absorption chillers. Bearish market sentiments indicate that an escalation
in the euro crisis could precipitate a slowdown in the market.

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Outlook
The global market for absorption chillers is estimated at US$763.27 million for 2013. Growing at a
compounded annual rate of 3.21% over the analysis period 2010-2018, the market is likely to reach
US$921.80 million by 2018.
Asia-Pacific Continues to Lend Traction to the Market

Asia-Pacific continues to represent the largest and the fastest growing regional market for absorption
chillers. Rapid economic development, growth in manufacturing and processing activity, particularly in
emerging countries such as China and India and other industrialized nations such as Korea, Taiwan,
Singapore, and Indonesia, increased construction of commercial business facilities, and subsequent
growth in demand for comfort and process cooling equipment are particularly driving demand for
absorption chillers in the region. Inadequate power supply in many of the countries, and growing
consumer awareness on energy efficiency are also driving increased adoption of absorption chillers
for cooling systems in a range of industry segments in the region. Government mandates to control
noxious gas emissions, and improve energy efficiency in industrial and commercial facilities is also
helping drive increased adoption of absorption chillers in the region. Supply of gas in certain countries
such as Pakistan is also expected to fuel demand for gas-fired absorption chillers. Commissioning and
installation of new chemical facilities outside North America and Europe additionally resulted in shifting
of demand for absorption chillers from the developed to the emerging markets. Although a major
market already, Asia-Pacific still offers huge untapped market potential for absorption chillers,
particularly in Tier-II and Tier III industrial areas. Given the lucrative opportunities in store, global
players have already started focusing on Asia-Pacific market. Leading companies such as Carrier
Corporation, York International, Trane, Daikin McQuay, Dunham-Bush, and Kawasaki Thermal
Engineering, among others, already have established their presence in many countries in the region.
The expertise and knowledge of these manufacturers in other chiller segments is likely to provide a
robust platform for greater and easier penetration in the absorption chiller category in the region.
TABLE 3: Absorption Chillers as Percentage of Total Chillers Market (2011): Breakdown

by Region - Asia & Oceania, North & South America, Europe, and Rest of World
Region % Share % Share
Asia & Oceania 8.76 Asia & Oceania

North & South America
North & South America 2.83
Europe
Europe 1.23 Rest of world
Rest of world 3.14 0 1.9 3.8 5.7 7.6 9.5
Absorption Chillers Face Stiff Competition from Other Popular Chiller Categories
Despite the huge opportunities for growth, the absorption chillers continue to battle it out with other
competing chiller technologies such as screw, reciprocating, scroll and centrifugal chiller systems for

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market share. As conventional chiller technologies have already gained considerable penetration in
commercial and industrial markets and enjoy significant success in implementations, they are not
likely to be replaced with new absorption chillers very soon, thus posing major hindrance to the
expansion of the absorption chillers market. Although absorption chillers make strong sense for
energy conservation and environmental reasons, they however are yet to achieve mass market
adoption in industrial and commercial applications. Absorption chillers suffer from perceived
drawbacks such as lower efficiency rates, high ownership costs, and large space requirements.
Absorption chillers are perceived to be less efficient than compressor driven chillers given that they
use water as a refrigerant, which is less efficient as a refrigerant than fluorocarbon based
refrigerants. This lower efficiency mandates larger components, making absorption chillers larger
and more space consuming than electric chillers of same capacity. Also, absorption chillers need
dedicated space for installation and maintenance (volume of steam absorption chillers is 0.2 m3 per
KW). Therefore, any space constrains or structural limitations (especially in small buildings) can
become an impediment for use of absorption chillers. Although absorption chillers bring
considerable savings on electricity costs in the long run, they are highly expensive upfront, which
make most of the commercial and industrial consumers prefer less expensive products. Absorption
chillers also could not overshadow other chiller technologies over the years, given that most of
these models that came into the market were designed for use in large scale industrial and
commercial applications, thus limiting their adoption in light commercial and residential structures.
Additionally, given that water is the most important component for functioning of absorption chiller,
water supply shortages in certain areas is a major hindrance to its widespread adoption.
Robust Increase in Sales of Centrifugal Chillers - A Cause for Concern

Absorption chillers are facing stiff completion from the centrifugal chiller category. Growing popularity
of centrifugal chillers in industrial and commercial segments, and a flourishing multi-split air conditioners
market is biting into the share of absorption chillers. Subsequently, a large number of companies
are also launching newer and more efficient centrifugal chiller products in order to increase their
respective market shares. In case of the scroll/reciprocating chillers category, primarily air-cooled
modular scroll chillers rule the demand scene. Of late, sales of modular chillers has been witnessing
rapid growth and increase in market share, mainly due to their capability of addressing general
requirements, low-costs compared to screw chillers and easy maintenance and installation benefits.
Lack of Awareness - Major Concern

Lack of awareness among consumers about the availability of absorption chiller technology in the
market and its environmental and economical benefits is a major factor pulling back market growth.
Even in markets where chillers have a certain share, poor consumer perceptions regarding reliability
of the product restricts penetrations rates. Lack of technical skills and practical experience among
professionals, particularly in emerging markets is a setback to the absorption chiller market in these
regions, as the viability and usage benefits are not clearly propagated to end-users.
Technology Developments to Bring New Opportunities

Manufacturers currently are concentrating on research and development activities focused on
designing cost-effective absorption chiller units with high efficiency rates. Companies are also

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integrating certain add on features such as microprocessors and sophisticated lamps for enhancing
the convenience benefits of these chiller machines. Most of the absorption chiller units sold today
use automatic purge systems that eliminate the need for manual purging. Not only has the
integration of automatic purging systems reduced risk of corrosion, integration of microprocessor
solid state controls and concentration sensing has significantly enhanced control system response
times and lowered chances of crystallization. Producers are also integrating absorption chillers with
mass spectrometers and LEP lamp to indicate the status of mechanic operation/shutdown along
with ensuring stringent quality control that would improve efficiency and convenience benefits
associated with absorption chillers.
Technological advancements that would enhance system technology, basic materials and
components would provide growth opportunities by lowering costs and ramping up performance.
Increasing developments in the absorption chillers market is likely to lower costs of the absorption
chiller unit leading to its widespread adoption and rapid upgradations.
Triple-Effect Absorption Chillers: An Upcoming Technology

In response to the ever-growing need for high-efficiency absorption chillers, a large number of
companies have introduced triple-effect systems and these are likely to emerge as one of the
fastest growing categories of absorption chillers. These chillers are expected to have a higher COP
than double-effect chillers and would be available with two different cycles. One variant includes
three condensers systems where the third condenser functions as a sub-cooler, while the second
variant uses two absorbers and two condensers. One of the most significant advantages associated
with advanced triple-effect chillers is the likelihood of achieving thermal efficiencies at par with
efficiency rates of mechanical/electrical chillers. Such superior performance would most likely
facilitate absorption chillers segment to gain a greater share in the chiller market.
Rising Demand for Compact Absorption Chillers from Residential Sectors

Commercially sold absorption chillers with capacities ranging from medium level (50-300kW) to high
(300kW and up) level have been successfully implemented in a host of solar cooling applications
and CHPs for industrial and large commercial applications. Growing need for development of
solutions that can bring down electricity costs, especially to fulfill air conditioning requirements in
residential and small commercial facilities has prompted introduction of smaller capacity absorption
cooling systems with capacity less than 50kW. Initiatives taken by the International Energy Agency
(IEA) under Task 25 and Task 38 have led to the introduction of small capacity absorption units into
the market. The 16 KW and 23 KW capacity absorption chillers, which are suitable for such small-
scale applications are especially witnessing high demand and are accounting for higher percentage
of sales than large capacity chillers. Compact absorption chillers effectively make use of waste
process low-intensity heat generated as a waste product or by-product in various industrial
processes. Further, natural heat from the sun can also be channelized to solar thermal systems and
heating networks and converted efficiently to meet cooling and air conditioning requirements in
residential buildings, and commercial and industrial establishments. Consequently, the need for
compact and high capacity absorption chilling units is rising at a rapid pace. Modular and compactly
designed twin container absorption chillers that can be easily disassembled and reassembled on
the site are increasing being installed across various facilities and establishments. During the winter
months, absorption chillers can be also be used as a heat pump in district heating units.

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Despite potential in store, compact and small capacity absorption chillers market continues to face
pressing challenges. The typically high investment cost, limited number of manufacturers focusing
on these products, and need for additional equipment for its functioning are especially proving to be
a key bottleneck for its mass adoption. Additionally, lack of adequate evaluation standards, test
procedures and best practice guides for the evaluation of these chilling systems are likely to restrict
growth of absorption chillers market.
Government Initiatives & Regulatory Measures Assure Market Expansion

Initiatives taken by various governments and other market entities can help the absorption chiller
market reach a critical level in terms of volume sales, thereby providing a strong platform for growth
to become self-sustaining. To achieve desired growth, some measures that need to be taken by
governments include:
 Banning use of refrigerants that are not environmentally safe
 Providing financial incentives to customers in the form of discounted gas rates, financing
purchase of the equipment, tax credits and tax concessions, among others
 Making provisions in building regulations that discourage extensive consumption of electricity for
cooling purposes
 Providing support to manufacturers for engaging in technological developments, improving
efficiencies of the products, and attaining standardization of chiller equipment, thereby helping
them reach mass market levels
 Government measures to induce organizations and other end-users to improve energy
efficiencies and eliminate green house emissions.
Industry Promotional & Marketing Efforts to Help Drive Increased Adoption

Demonstration Projects: A Launch Pad for Absorption Chillers
Demonstration projects set up particularly in regions that have low acceptance and presence of the
product would bring about standardization in system technology and would showcase results that
would provide a platform for gaining new customers and increasing equipment installations. This
would also encourage new facilities to install absorption chillers.
Training and Marketing Initiatives to Foster Awareness Levels

Providing technology-based training for professionals and conducting product related marketing
campaigns targeted at various consumers such as installers, architects, organizations, industries
and also government bodies would most likely result in enhancing awareness among suppliers and
relevant stakeholders.
Other initiatives
Other manufacturer initiatives that would enhance the demand for absorption chillers include:
 Quantifying and promoting economic and environmental benefits of absorption cooling
implementations through seminars, workshops, conferences and publications.
 Promoting various marketing strategies to augment share of the absorption chiller market.

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 Conveying environmental and energy saving benefits of absorption chillers to government

authorities in order to gain subsidies and implementation financing.
 Lowering costs by engaging in mass production of chillers
 Providing efficient after sales services and technical assistance to existing customers, not only
maintain the existing customer base but to appeal to new ones
 Establishing committees and associations (Such as The Green Chiller Association in Europe
formed to promote solar and thermal cooling systems) that encourage and support use of energy
efficient technologies, especially the absorption technology.
Need based Products Likely to Prove Advantageous

To obtain high penetration rates in a particular regional market segments, manufacturers need to
focus on promoting products taking into consideration availability of resources or the market needs
in that region. For instance, gas-fired absorption chillers should be targeted in countries where gas
is available at inexpensive rates and where its supply is stable.
District Cooling and Trigeneration Systems Offer the Needed Push

Trigeneration and district cooling systems are expected to provide the needed push to the
absorption chiller market as many countries around the world are now widely implementing
these systems.
Trigeneration
The major use of absorption chillers worldwide can be seen across various energy cascading
systems such as trigeneration plants. Trigeneration refers to the simultaneous production of cooling,
heat and electricity. This system combines various technologies such as IC engines, chillers, gas
turbines and fuel cells among others that together fulfill the requirements for cooling, heat and
power by achieving optimal utilization of energy. Trigeneration may also be referred to as CHCP
(Combine heat, cooling and power) or BCHP (Building cooling, heat and power).
Boom in Construction Industry Translates to Strong Absorption Market Development

The absorption chiller market is no exception to the impact that general economic conditions of a
country have on various businesses and markets. Recession, rise in prices of raw materials, oil/gas
crisis are some of the economic factors that had an impact on the demand in the absorption chiller
market in the past. As seen in most regional markets, the demand for these chillers is driven by
growth in large building constructions. With globalization and improving economic scenarios in
many regions (including developing economies), the construction industry is likely to reach new
heights, that would in turn open up growth avenues for absorption chillers.
Existing Chillers Segments: A Threat to the Absorption Chiller Market

Despite the huge opportunities for growth, the absorption chiller segment being a part of the chiller
market faces tough competition from other chiller groups such as screw, reciprocating, scroll and

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centrifugal chiller systems. As these chiller technologies have already gained high penetration and
enjoy a dominant market share globally, they are likely to pose hindrance to the expansion of
absorption market in developed countries and create restrictions to entry into new markets.
Competitive Analysis
With sales absorption chillers gradually catching pace, owing to its sustainability and low-cost
benefits, of late, the market has been attracting several old and new players to invest in this
direction. Businesses are investing in research and development activities for developing high
performance, energy-efficient and low-cost absorption chiller units that use renewable energy
sources. Several end-use segments such as pharmaceutical, food, chemical, petroleum and other
industries, as well as residential and cooling segments with cooling and refrigeration requirements
are opting for absorption chillers to meet cooling requirements. Absorption chillers can be efficiently
used to produce cooling effect using low temperature heat generated as a waste product from an
industrial process or that from any renewable energy source. Some of the major players offering
absorption chillers include Carrier Corporation, Robur Corporation, Yazaki Energy Systems Inc,
Broad Air Conditioning Co Ltd, Hitachi Appliances Inc, Shuangliang Eco-Energy Systems Co Ltd,
Thermax Ltd and Trane Inc. among others.
TABLE 4: Leading Players in the Solar Driven Absorption Chiller Market (2011):
Percentage Share Breakdown for Yazaki, EAW, Broad, Thermax and Others
Leading Players % Share 24.99

Yazaki 39.49 39.49
Yazaki
EAW 22.45 EAW
6.14 Broad
Broad 6.93
Thermax
Thermax 6.14 6.93 Others
Others 24.99
Total 100.00 22.45

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PRODUCT OVERVIEW
Thermally Driven Cooling Systems

Various thermally driven cooling methods are available and can be classified into thermo-
mechanical processes and heat transformation processes. The heat transformation processes are
basically sorption cycles that include a solid or liquid sorption material that plays the role of a
chemical compressor for the refrigerant. These sorption technologies enjoy extensive usage, as
they are more developed than thermo-mechanical processes.
Classification of Thermal/Heat Driven Cooling Technologies
Heat Driven Cooling Methods
Heat Transformation Methods Thermo-Mechanical Methods
Open Cycles Closed Cycles
Liquid Sorbent Liquid Sorbent
In R&D Phase Absorption Technology
Solid Sorbent Solid Sorbent
Desiccant Cooling Adsorption Technology
Closed and Open Cycles

The heat transformation processes are further divided into closed and open cycles. In a closed
cycle, the refrigerant is placed in isolation from the environment in a closed circuit, whereas in an

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open cycle the refrigerant receives exposure to the atmosphere and therefore only water can be
used as the refrigerant. The most widely used open cycle system is the Desiccant Cooling system
that uses a refrigerant (water), a solid sorbent material and a dehumidification wheel.
Among the closed cycle systems, the key technologies available are the Absorption and
Adsorption systems.
Definition of Absorption Chiller

Absorption chillers are the most widely used and a very common representative of a closed cycle
system. Absorption chillers provide cooling using thermal energy rather than electric/mechanical
energy. In other words, it is a heat driven chemical process that is capable of completely replacing
the electricity driven compressor in an electrically powered cooling system. The absorbent is
distilled by using heat from the fuel in a generator. This purified solution is then absorbed by a
refrigerant at a very low pressure. These chillers use a liquid refrigerant/sorbent (or absorbent)
solution such as Lithium Bromide/Water (LiBr/H2O) or Water/Ammonia that is commonly referred as
a working pair. Post the absorption of the refrigerant, the chemical passes back to the generator unit
and the refrigerant is boiled out at high pressure. Thus, heat activated chemical process moves the
refrigerant from low to high pressure, thereby replacing the electrically driven compressor.
Absorption chillers differ from conventional vapor compression or refrigeration systems in two
aspects:
1. The absorption process in an absorption chiller is a thermochemical process compared to the
mechanical process of the electric vapor compression systems
2. Secondly, an absorption chiller uses water as a refrigerant instead of cholorofluorocarbons
(CFCs) and hydro chlorofluorocarbons (HCFCs)
Disadvantages of Using Absorption Chillers

 Size and weight of cooling towers increases by approximately 30%, resulting in larger and
heavier towers compared to electric chillers of the same tonnage
 Except in areas where electricity costs are high, operation and initial expenditure on absorption
chillers is more than electric chillers
 Heat requirements are large and COP’s range from 0.7 for single effect to (1.0 – 1.2) for
double effect
 LiBr solution is a low degree toxic mixture but requires careful handling and disposal
Industrial Applications of Absorption Chillers

 In the metallurgical, glass, plastic and petrochemical industries where the waste process heat
energy can be used in the form of hot water or steam in absorption chillers to produce cooling
 Waste heat from the freezing and food canning industries generated during cooking and
blanching operations can be supplied to absorption chillers. The chilled can be thus used for
comfort cooling and product processing applications

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 Waste gases and fuels from petroleum refineries can be used to fire boilers for steam generation,
which in turn is supplied to absorption chillers
 In areas where combustion turbines are used for electric generation, the exhaust heat can be
supplied to an absorption chiller for turbine inlet cooling and turbine inlet cooling
 In the paper and pulp industries, wood wastes are fired to generate steam used in the absorption
chillers. The chilled water can thus be used for comfort applications
 Other applications that generate waste heat, low cost process steam and/or low cost gas fuel
TABLE 5: Cost and Performance of Single-Effect, Indirect-Fired Absorption Chillers
Electric Use Thermal Input Maintenance Cost

Tons Cost ($/ton)
(kW/ton) (Mbtu/ton) ($/ton p.a.)
10-100 700-1200 .02-.04 17-19 30-80
100-500 400-700 .02-.04 17-18 20-50
500-2000 300-500 .02-.05 17-18 10-30
Historic Review of the Absorption Technology

During the latter half of the 1960’s, Japan forayed into the absorption chiller market and pioneered
production of double-effect, direct-fired chillers. With the aim to gain efficiency advantages offered
by the chillers, Japanese players established manufacturing facilities for augmenting production
activities centered around the absorption technology. Through consistent technological
developments in both single-effect and double-effect chiller segments, Japan further expanded into
the market and thereby increased share. On the other hand, during the same period the US
dominated the single-effect based LiBr/H2O absorption chiller market, with Trane, a major player in
the market launching the world’s first double-effect steam-fired LiBr/H2O absorption chiller in the
year 1970. However, by the mid-1970s, the absorption chiller market witnessed a decline in sales
due to the global energy crisis that adversely impacted availability and cost of natural gas, the
primary energy source for the chillers. As the global fuel prices regained stability in the 1980s and
90s period, chiller sales regained pace and registered robust growth rates. Sales of absorption
chillers in the US market also rose with the distribution of direct-fired, double-effect chillers, licensed
from Japanese suppliers.
Strengths of Absorption Chillers
Low consumption of Electricity

The primary benefit of absorption chillers is that they greatly reduce consumption of electricity, when
compared to mechanical compression chillers. Absorption Chillers only use cost effective sources of
heat such as waste heat or solar energy instead of electricity. While an absorption chiller needs as
low as 0.28KW/RT (RT-Refrigeration Ton), a mechanical chiller’s electric power requirement ranges
between 0.7-0.8KW/RT. Absorption Chillers also help in the reduction of utility bills where electrical
rates and demand charges are excessively high.

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Effective Utilization of Waste Heat

When waste heat is freely available such as in industries, CHP or district energy systems (which
is often discarded to the ambient), absorption chillers can be incorporated to utilize the rejected
heat to provide cooling, thus obtaining a cost-effective method for cooling by cutting down on the
energy requirements.
Environment Friendly
Absorption chillers have a major advantage from the environment point of view, as they use non-
freon refrigerant that prevents environmental pollution. The CFCs and HCFCs used in other cooling
equipment add to the ecological issues, as they contribute to the green house effect and also cause
depletion of the ozone layer. Direct fired natural gas units lower nitrogen oxide by 68%, particulates
by 97% over oil-fired, sulfur dioxide emissions by 100% and carbon dioxide by 57%
No Risk of Explosion
As an absorption chiller is operated in a vacuum state, there is no risk of physical damage from
explosion.
Minimizes Installation Area

As compared to conventionally used systems that comprise of a boiler and an electrically driven
centrifugal chiller, direct-fired absorption chillers require 40% lesser space for installation.
Absorption Chillers offer better dehumidification and reduces size of chilled water piping sizes and
pump requirements
Low Running Costs

Absorption chillers have higher efficiencies when operated at partial load (50%-70%) as against
operation at full load. Therefore, these chillers are most often run at partial load, which reduces the
overall running costs. Maintenance costs of absorption chillers are lesser than those of electric chillers.
Low Driving Temperatures

As absorption chillers have the advantage of being driven by low temperature thermal energy, they
find extensive usage in cascading energy set-ups (such as CHP systems).
Crystallization Risk Absent in Water/Ammonia Chillers

In contrast to LiBr/Water chillers, Water/Ammonia based absorption chillers do not face the problem
of crystallization and therefore permit high temperatures for heat rejection and also help achieve low
temperatures for chilled water production.
Low Vibration and Noise

Employs a low-vibration or low acoustic profile solution and thus can be conveniently used in
schools, hospitals and office buildings

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Absence of Rotating Parts

Absorption Chillers do not involve moving components and therefore are free from vibrations.
Disadvantages
Absorption chillers suffer from certain limitations despite the advantages they offer, such as the
following:
High Cost
Absorption chillers are relatively expensive than vapor compression machines (price difference is
greater than 25%) and this factor is primarily inhibiting widespread penetration of these chillers. The
installed capital costs for single effect system (Water/LiBr) range between €250 - €270 per KW,
while double effect (Water/LiBr) chillers are priced between €267 and €287 per KW. On the other
hand, single effect systems (Ammonia/Water) have a price range of €360 - €500 per KW.
Also, chillers driven with hot water having low temperatures (90-95°C) are relatively high-priced
(price difference is about 35%) over single-effect systems.
Less Efficient in Comparison with Mechanical Chillers

The COP of absorption chillers that have a higher limit of 1.3 is relatively lower than the COP of
electrically driven chillers that can be up to 1.65. This difference is due to the temperature variations
that exist between the heat sink and heat source in absorption chillers.
Low Thermal Efficiency of Single Effect Systems

Although, single effect systems can be integrated with CHP systems due to their low driving
temperatures (< 100°C), their low thermal efficiency is reducing their appeal, thus making them
non-competitive.
Requirement of Higher Pump Energy

In comparison to electric chillers, absorption chillers need higher pump energy.
Necessitates Larger Cooling Tower

Owing to the large volume of water used, absorption chillers require larger cooling tower as against
the tower capacity used in electric chillers.
Risks Due to Air Leaks

Absorption chillers function in vacuum conditions to enable vaporization of the refrigerant at a low
saturation point. In such conditions, any seepage of air into the system causes a reduction in the
efficiency of the machine. Also, such loss of vacuum leads to corrosion that poses a risk to the
machine by causing damage to steel present in the absorber.

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Crystallization
LiBr/Water absorption chillers carry a risk of crystallization, as the solution in the machine tends to
crystallize under specific temperature and pressure conditions. To avoid machine damage in such
conditions, certain reliable safety techniques would be required.
High Costs of Manufacturing

The LiBr/Water absorption chiller experiences low-pressure conditions as water is used as the
refrigerant. The tightness required by the system to support such pressure conditions needs a
sophisticated manufacturing process that involves high costs.
Types of Absorption Chillers

Absorption chillers can be broadly classified on the basis of:
1. Heat source
 Direct fired and Indirect fired chillers
2. Number of cycles
 Single effect and Double effect systems
3. Working pair
 Lithium bromide-Water (LiBr-H2O) and Water-Ammonia chiller equipment.
4. Cooling Process
 Air cooled chillers and water-cooled chillers
5. Cooling Capacity
 Large-scale Absorption Chillers, Mid-scale Absorption Chillers and Small-scale Absorption
Chillers
All the above-mentioned chiller types are available as a combination. For instance, single effect LiB/
H2O chillers, single effect indirect fired chillers etc.
Direct Fired and Indirect Fired Absorption Chillers

In Direct-Fired absorption chillers, natural gas burners are incorporated into the design to run the
chillers. On the other hand, in case of indirect fired absorption chillers, the heat energy comes from
a separate source such as a turbine or a boiler providing steam, solar energy, and waste hat energy.
Sources of Heat
The most common heat sources used to power absorption chillers include hot water, steam, direct-
fired fuels and waste heat recovered:
 From various systems such as biomass, fuel cells, MSW powered boilers, gas turbines and
engines and diesel engines.
 From processes like chemical, plastic, rubber, food, cement and paper.

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 From steam boilers that are used in facilities such as hospitals and hotels.
 And finally, natural and readily available heat energy including solar and geothermal energy.
Brief Overview of Solar Driven Absorption Cooling

Amongst all the different types of renewable sources of energy available, solar energy is the
most extensively distributed energy in the world, after wind energy. Solar thermal energy has
come to play a vital role in meeting the ever-growing demand for energy. Energy required for
meeting cooling demands across the globe, accounts for a significant proportion of the world’s
total energy consumption. A large majority of this increase in demand for electricity was fulfilled
by burning of fossil fuels such as coal and petroleum. And as nuclear energy and fossil fuels
become increasingly expensive and scarce due to its extensive depletion, alternative sources of
renewable energy needs to be discovered. Solar-assisted cooling technologies has surfaced as
one of the most promising concept as an alternative energy source to meet the cooling and air
conditioning demands, particularly in areas of abundant sunshine. Use of solar energy in hea t
transformation systems particularly in absorption chillers is said to save about 80% of electricity,
as compared to conventional cooling techniques. The solar cooling system combines solar
collectors, which act as heat source and an absorption chiller to produce the cooling effect. The
absorption chiller in such a system is driven by hot water from the solar collectors. Such systems
prove to be eco-friendly as they replace carbon-emitting, non-renewable energy sources and
employ toxic-free refrigerants (in most cases water or certain salts) with eco-friendly substitutes.
Also, economic efficiency can be achieved in the periods of active cooling, with the longer
operation cycles. During the 2007-2009 period, the solar cooling market witnessed an annual
increase in installations by 40-70%, accounting for 450 worldwide installations in 2009, among
which majority were absorption-based systems.
However, despite the energy savings that could be realized over the life of the solar thermal unit –
above 20 years, high initial investments act as a major hindrance towards the widespread adoption
of this technology. Other impediments include low awareness among consumers and professionals,
lack of availability of standardized products, short record of new technologies and low COP and
efficiency rates as a result of inconsistent operation, among others reasons.
With intentions to overcome these hurdles, various measures are being undertaken for the
promotion of these systems including the following:
 Provision of financial incentives
 Implementing awareness programs and demonstration projects
 Investments in research and development to develop improved cost-effective technologies
 Inclusion of solar cooling under various legislations regarding buildings, among other measures
 Research and development along with testing initiatives of designs, materials and hardware.
Single-Effect Chillers
In a single-effect system, the refrigerant solution passes through only a single stage. This process is
more widely used as it can be propelled by low-temperature heat energy. As a result, single effect

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chillers can be incorporated in CHP plants, district heating networks, in systems where industrial
waste heat can be used, as well as in low-temperature solar thermal systems. These chillers are
available in capacities starting from 10 KW. Single effect chillers can work with both water-lithium
bromide and ammonia-water working pairs. A single-effect chiller includes four components:
condenser, generator, absorber and evaporator.
Single Effect Absorption cycle
Condenser Generator
Evaporator Absorber
Features of single effect absorption chillers are:

 Produces chilled water in temperatures ranging 7°C to 15°C
 Heat rejection temperatures are at 27°C
 Required driving temperatures are at 75°C to 95°C
 Level of COP: 0.7 to 0.8
 Requires steam at 15 psig
Double-Effect Chillers
Double effect chillers include an additional boiling and condensing step, set at high temperature for
greater concentration of the solution. Therefore, these chillers provide improved efficiency as
against single effect chillers. These systems utilize high-pressure steam or gas-fired combustors as
the source of heat and are available in large capacities beginning from 170 KW.
Due to the increased pressure conditions in the machine as a result of high temperatures, double-
effect systems are available only with water-lithium bromide working pair, as ammonia-water pair in
these conditions (when pressure is >2 MPa) would cause safety issues.
The major drawback of all double effect chiller systems is the high manufacturing costs involved due
to the use of anti-corrosive materials, sophisticated control systems and large heat exchange
surface areas.
A double-effect absorption chiller comprises of an evaporator, an absorber, a low temperature
generator and condenser, and medium temperature condenser and generator.

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Double Effect Absorption Cycle
Medium Temperature Medium Temperature

Condenser Generator
Low-Temperature Low-Temperature
Condenser Generator
Evaporator Absorber
Features of double effect absorption chillers:

 Heat rejection temperatures stand at 27°C
 Driving temperature are over 160°C
 Temperature of chilled water ranges 7°C- 15°C
 Level of COP: 1.2 to 1.3
 Requires steam at 100-150 psig
LiBr/Water and Water/Ammonia Absorption Chillers

All absorption chillers can either be lithium bromide/water (LiBr/Water) or water/ammonia systems.
In a LiBr/Water chiller, LiBr is the absorbent and water is the refrigerant. Similarly, in water/ammonia
systems, ammonia is the refrigerant and water is the absorbent.
While water/lithium bromide pair is typically used in air-cooling applications where temperature
requirements are not below 0°C, ammonia/water pair is primarily used for industrial refrigeration or
process cooling applications. Additionally, water/lithium bromide systems normally operate under
vacuum conditions, whereas ammonia/water machines have pressure levels that are normally
greater than the atmospheric pressure point.

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Comparison between LiBr/Water and Water/Ammonia

Absorption Chillers
Attributes LiBr/Water Chillers Water/Ammonia Chillers

Advantages  More popular  Avoids complex vacuum compartments
 Superior thermal efficiency  Temperature of chilled water below 0°C
 Low driving temperatures can be achieved
 Reliable technology  No crystallization risk
Disadvantages  High production costs  High driving temperatures required

 Limits chilled water temperatures to  Low COP than LiBr systems
over 0°C.
 Risk of crystallization and corrosion
 Electrically driven solution pump
required
Parameters for Water/LiBr and Ammonia/Water

Absorption Chillers
Parameters Water/ LiBr Chillers Ammonia/Water Chillers

Effect Single Double Single
COP 0.7-0.8 1.2-1.3 0.5-0.6
Cooling Capacity (KW) 300- >5000 300- >5000 18-2500
Driving Temp. Range (c) 70-100 120-170 120-132
Evaporator Temperature 4°C < 0°C
Condenser Temperature < 35°C Up to 50°C
Air-cooled and Water Cooled Chillers

Absorption chillers are available with both air-cooling and water-cooling technologies. However,
most of the systems available on the market are water-cooled, as air-cooling chillers carry a high
projected cost and have an increased risk of crystallization.
Efficiency of Absorption Chillers
The efficiency of an Absorption chiller is measured in terms of Coefficient of Performance (COP),

which is defined as:
COP = Chilling Capacity / Driving Heat

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Working of an Absorption Chiller

An absorption chiller consists of four major parts, the evaporator, the generator or compressor, the
condenser and expander. The cooling cycle operates by utilizing a low temperature liquid
refrigerant, which absorbs heat from the water being cooled and is converted to vapor. In the
generator or compressor section, vapors of the refrigerant are compressed at high pressure. The
high pressure causes the vapor to release heat to the external surroundings in the condenser
section converting the refrigerant back to the liquid form. The liquefied refrigerant is next expanded
to a low-pressure mixture of liquid and vapor in the expander section. The low-pressure mixture is
then sent back to the evaporator for repeating the cycle again.
In the case of water and lithium bromide pair, the absorption of low-pressure refrigerant vapor into
the absorbent leads to the release of a large amount of heat.
The refrigerant-absorbent solution is first pumped into a high-pressure generator, which is heated
utilizing hot gases, hot water, steam or a gas burner. The addition of heat causes the refrigerant to
desorb from the refrigerant-absorbent solution and the refrigerant vaporizes. The vapors flow into
the condenser section, where the vaporized refrigerant rejects the heat to form a liquid at high-
pressure. The high-pressure liquid refrigerant is next passed into the evaporator through an
expansion valve by throttling. The cooling effect is produced as the liquid refrigerant absorbs heat in
the evaporator and part of the refrigerant vaporizes. The liquid part of the refrigerant is then passed
through a valve out of the generator and subsequent to bringing down the pressure, is mixed with
the refrigerant vapors released at low pressure from the evaporator. The cycle is then repeated all
over again. Absorbent chillers are utilized to generate cold water at 44ºF, which is circulated through
air handlers in the distribution system and utilized for air conditioning.
In case of ammonia and water pair, the process consists of four stages. In the evaporator,
anhydrous (water-free) liquid ammonia enters a hydrogen gas filled chamber. Due to the
apparent decrease in pressure, liquid ammonia starts boiling and absorbing heat from the
evaporator and its surroundings. Absorption of heat by ammonia brings about the cooling effect
of the chiller. Next the ammonia-hydrogen mixture is passed into an absorber where water is
utilized to absorb ammonia out of the hydrogen-ammonia mixture. The hydrogen gas is then
moved back to the evaporator. The ammonia-water mixture is moved into the generator, which
separates out ammonia by heating water-ammonia mixture. Ammonia vapors are next moved to
the heat sink or condenser, which removes excess heat from ammonia and cools the ammonia
back to room temperature. Ammonia once liquefied, is sent back to the evaporator and the
cooling cycle is restarted.
Absorption Chillers by Cooling Capacity

Absorption Chillers are divided into three categories on the basis of cooling capacity, large-scale
absorption chillers, mid-scale absorption chillers and small-scale absorption chillers. Currently, sales
of small scale absorption chillers for residential and small office applications are on the rise.
However, high initial expenditures, lack of sufficient operating cost savings to produce a reasonable
payback and expensive maintenance and installations are some of the major disadvantages
associated with small capacity absorption chillers.

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TABLE 6: Types of Absorption Chillers by Cooling Capacity (kW)
Type of Absorption Chiller Cooling Capacity (kW)

Large-scale Absorption Chillers Greater than 300kW
Mid-scale Absorption Chillers Between 50kW and 300Kw
Small-scale Absorption Chillers Lesser than 50kW
TABLE 7: Price Range of Absorption Chillers (in Dollars) by CHP Size
CHP System Size Additional Cost for Absorption Chiller

50-500 kW $390-530/kW
500-1000 kW $275-500/kW
1-5 MW $110-270/kW
5-20 MW $65-110/kW
>20 MW $45/kW
Source: ICF International for California Energy Commission

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THERMAL DRIVEN SYSTEMS: A DIRECT COMPETITOR
Adsorption (closed cycle system) and desiccant cooling (open cycle system) are the two major
thermally driven technologies that offer direct competition to absorption chillers.
Adsorption Chillers
A part of the closed cycle system, the adsorption technology (comprising of adsorption chillers) is
less renowned in comparison with absorption chillers. These chillers incorporate solid adsorbent
materials such as silica gel playing the role of a sorbent, and water as a refrigerant. The solid
material adsorbs the vapor of the refrigerant on its porous surface and later regains its adsorption
capacity using heat. These chillers include an adsorption and desorption cycle, as the adsorbent
being a solid cannot be pumped into the generator. The quasi-continuous cooling effect is produced
with the parallel operation of the two adsorption chambers.
Desiccant Cooling Systems

Desiccant cooling equipment is primarily an open cycle system that includes a refrigerant that
makes contact directly with the atmosphere. Due to this reason, water is the only possible
refrigerant that can be used. The desiccant system provides cooling in addition to air
dehumidification using a desiccant material, which can either be a solid or liquid. Subsequent to
providing the cooling effect, the refrigerant is expelled from the system and new substance is
replenished in an open-end loop. The systems that are currently available include rotating desiccant
wheels that use sorption materials namely lithium-chloride or silica gel.
Comparison of Absorption Cooling Technology with Other Thermally Driven

Technologies
Parameters Closed Cycle Open Cycle
Technology Absorption Chiller Adsorption Chiller Desiccant Cooling
Dehumidification of air,
Principle of
Production of Chilled Water Production of Chilled Water followed by evaporative
Operation
cooling
Type of Sorbent Liquid Solid Solid
 Water/Lithium Bromide  Water/Silica gel
Working Pairs  Water/Silica gel
 Ammonia/Water  Water/Lithium Chloride
Heat Source Steam, hot water or combustion Only hot water
Single Effect: 0.6-0.8
COP 0.5-0.7 0.5- >1
Double Effect: Up to 1.3
Driving Single Effect: Above 80°C
60-90°C 45-95 °C
temperatures Double Effect: Above 160°C
Cooling 20KW-350 KW (per
4.5 KW- 5MW 50KW- 600 KW
Capacity module)
Chilled Water
Above 48°F 40°F -55°F
Produced

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Parameters Closed Cycle Open Cycle

Technology Absorption Chiller Adsorption Chiller Desiccant Cooling
Life Expectancy 7-9 years > 20 years
Replacement Replacement of absorbent, boilers Not required
and heat exchangers required
Cost > €250 per KW (excluding cooling € 500 to 700 per KW (without
tower) cooling tower)
Advantages  Reliable technology  Simple construction of the  Humidity and
 No moving parts machine and easy operation temperature can be
 Low noise  No risk of crystallization easily regulated
 Low driving temperatures, therefore  Absence of internal solution  Have the ability to treat
can be combined with CHP plants pump, therefore resulting in latent loads individually
(single effect systems) low electricity consumption  Better performance in
 No requirement for complex  No risk of corrosion dry conditions
vacuum compartments in  High efficiency rates at low
water/ammonia chillers driving temperatures
 In water/Ammonia machines,  Low condensing temperatures
temperatures of chilled water less are possible compared to
than 0°C can be achieved. absorption chillers
 No moving parts
 Low maintenance
 Time required for achieving
cold-water temperatures
is 1 to 2 minutes.
Disadvantages  Risk of corrosion at high  Comparatively new  Ventilation systems
temperatures technology (as against need to be stable
 Risk of solution crystallization that absorption chillers)
may cause damage to the machine  Large volume and weight in
 Requires solution pump that is comparison with absorption
driven by electricity chillers
 High manufacturing costs involved  High Cost
as the system needs to facilitate  Lower levels of COP as
low pressure conditions compared to absorption
 In LiBr/Water chillers the refrigerant chillers
(water) constrains temperatures of
chilled water to over 0°C
 Involves complex chemical operation
 High maintenance and operation
costs
 Expertise required in the operation
and maintenance of the equipment

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END-USE APPLICATIONS AREAS
Absorption chillers are widely used in commercial, residential and industrial segments, as they can
be used for comfort cooling, process cooling and refrigeration purposes.
Commercial Applications
The largest end-user segment for chillers is the office sector followed by retail, hotel and leisure
segments. Absorption chillers are used in large commercial buildings such as shopping malls,
airports, hospitals, banks, supermarkets, office buildings, universities, hotels, condominiums,
apartment buildings, and the like, primarily for comfort cooling purposes.
Refrigeration Applications
Absorption chillers are used for refrigeration purposes in bakeries, butcheries, milk facilities, wine
houses, and fish storage units, among other food and beverage industry segments.
Industrial Applications
Absorption chillers are used in various industries for providing process cooling in addition to comfort
cooling. Some of the end-use industries that hold opportunity for usage of absorption chillers are as
follows:
Landfill Gas
The primary by-product in decomposition plants, waste treatment facilities and landfill sectors is
methane gas that is said to have an adverse impact on the environment by contributing to global
warming. But when such gas is used to power absorption chillers, it mitigates the risk of global
warming by providing a substitute to electrically driven cooling methods (electricity is produced by
combustion of coal).
Source of Heat: Heat from methane powered boilers and methane gas burners
Application: For facility cooling
Coal Bed Methane

Opportunity: The methane gas produced in this industry can be utilized to drive an absorption
chiller for providing cooling.
Application: For facility cooling purposes

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Incinerator
The incinerator industry specializes in destroying different types of waste material and emits large
amounts of waste heat. This waste heat when recovered is capable of providing cost-effective
cooling, when used in conjunction with absorption chillers.
Source of Heat: Heat recovered from hot exhaust
Application: For cooling facilities and production processes
Brewery
As the Brewery industry players seek to secure their brand image by minimizing their energy
consumption, absorption chillers stand a great chance for adoption in these industries as they
enhance energy efficiencies, consequently driving down operating costs.
Source of heat: Waste heat from kettles, cookers and cogeneration systems
Application: For cooling beer tanks, fermenters and wort
Petroleum and Chemical Industry

Traditionally, petrochemical industry employed mechanical chillers due to availability of cost-
effective feedstock and fuel. But with rise in fuel prices, absorption chillers have become a more
viable alternative to conventional chillers.
Source of heat: Waste heat from distillation and de-salting processes
Application: Provides chilled water that can be used in naphtha crackers and ethylene units.
Palm Oil Production

Absorption chillers find usage in the palm oil industry, where they are used to cool the facility for
extraction of the saturated oil fraction from unsaturated oil.
Source of Heat: Recovered heat from purification, sterilization and pre-heating feedstock plants.
Application: For cooling and separating oil
Printing
In the printing industry, absorption chillers can be not only used for air-conditioning but also to
provide chilled water for use in the press.
Source of heat: Hot air from press drying plants
Application: For providing cooling to the facility
District Energy
In district systems, energy is produced in close proximity to the end-users (such systems are
employed in universities, campuses and large cities) in order to minimize wastage related to
production and transmission of energy over the grid. Incorporation of absorption chiller in such
systems effectively uses waste heat generated in the facility.
Source of Heat: High and low pressure steam
Application: Providing chilled water for cooling purposes

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Pulp Mill
In the pulp industry, an absorption chillers can be used to support elemental chlorine-free (ECF)
bleaching process by providing chilled water that absorbs heat from the bleach solution and in turn
the solution retains the bleaching agent (chlorine dioxide).
Source of Heat: Heat from lignins and bark combustion
Application: Providing chilled water for process cooling
Biogas
As in the landfill gas industry, methane gas is derived as a by-product from the anaerobic digesters,
waste-treatment and decomposition facilities. The captured gas could be used to provide cooling by
employing absorption chillers.
Application: For facility cooling purposes
Combined Heating and Power (CHP)

A CHP plant, like the district energy system generates electricity and heat closer to the point of
use. Heat generated during the process of producing electricity is often used to meet building
heating requirements in winter. However, in summer when this heat remains unexploited, the
function of cooling can be added to the existing system by incorporating an absorption chiller that
utilizes waste heat.
Source of Heat: Waste heat from engine coolant and/or exhaust gas
Application: Meeting cooling requirements
Geothermal
Geothermal plants produces electricity utilizing steam generated from the geothermal reservoirs.
Rising popularity of such geothermal projects offers absorption chillers with the opportunity to be
integrated with these systems, as the steam released in the process can be used for operating the
generator turbine can be used to drive the chillers.
Source of Heat: Heat from geothermal reservoirs
Application: Providing comfort cooling
Freezing and Food Canning

Waste heat from the blanching and cooking processes can be used to operate absorption chillers to
provide chilled water for comfort cooling, food preservation and product processing applications.
Miscellaneous
Absorption chillers are also used in other industries including metallurgical, glass and plastic
among others.

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PRODUCT INTRODUCTIONS/INNOVATIONS
2012
Advanced Ergonomic Technologies Introduces SAB-DF Chillers

Advanced Ergonomic Technologies Ltd. (AET) introduced SAB-DF, the direct-gas-fired absorption
chillers for supplying hot and chilled water as per the building's requirements. The chillers utilize
an advanced flow system to cool water for offering a large temperature differential on the cooling-
water and chilled-water circuits. The chillers exhibit a touchscreen for displaying fault indication
and operational status, in addition to a microprocessor controller. The large temperature
differentials facilitates in saving costs and space owing to reduction in pipe sizes; and energy
usage by the heat-rejection fan and circulating pump. The newly introduced chillers are cost-
efficient for operation and installation.
The new SAB-DF chillers are offered with flow/return temperatures of 7/12°C and 7/15°C. AET
introduced 17 high-efficiency chillers with cooling capacities ranging from 420 kW-3520 kW; heating
in the range of 380 kW-3160 kW; and 1.35 COP. Furthermore, the standard-efficiency chillers
feature cooling capacities ranging from 420 kW-4400 kW; heating in the range of 380 kW-3950 kW;
and 1.2 COP.
Advanced Ergonomic Technologies Introduces SAB-HW Series Absorption Chillers

Advanced Ergonomic Technologies Ltd. introduced SAB-HW Series, a line of hot water driven
absorption chillers that utilizes solar generated or waste heat to generate cooling. The new eco-
friendly chillers generate cooling through three methods including waste heat from an industrial
process, solar thermal installation, as well as combined heat and power plant. The newly introduced
range is offered with cooling capacities in the range of 52kW-3516kW. The chillers exhibit a
continuous operating range of 100%-10% of rated capacity and the overall sound level is estimated
at 75dBA. The chillers are incorporated with an efficient corrosion inhibitor that provides protection
against internal corrosion developed from the lithium bromide solution, which is utilized to absorb
water vapor during the absorption cycle.
SAB-HW Series features a CE compliant factory-equipped microprocessor control panel, as well
as a touch screen display for fault indication and operational status. The chillers utilize water in
the form of refrigerant in place of ozone depleting HCFCs/CFCs. The chillers feature low
vibration and noise levels, enabling the installation of the units on the building's upper floors and
near to occupied spaces. The chillers facilitate in reducing energy costs, and are suitable for
commercial cooling applications, as well as majority of comfort manufacturing and cooling
applications. Furthermore, the range is offered exclusively by the company in the Middle East
and Europe.

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2011
AE Smith Designs and Constructs Double Effect Direct Gas Fired Absorption Chillers
AE Smith Construction (AE Smith), based Melbourne, Australia, designed and constructed the first
double effect direct gas fired absorption chillers. The company’s expertise in integrating designing,
installing and commissioning would enable efficient deployment of the solar cooled absorption
system, wherein roof mounted evacuated solar collectors would heat water and operate as a major
source of energy for the absorption chiller. Installation also features a large high efficiency electric
screw chiller. The designing, installing and commissioning of new chilled water distribution channel,
and central chiller plant would enable the linkage of several existing buildings into a single chilled
water channel. The new central plant would address the requirement of maximum carbon reduction,
energy efficiency and cooling demand. The new plant exhibits flexible pumping operation and
control; as well as efficient and accurate chiller sequencing.
New Energy Transfer Launches Shuangliang Eco Energy Systems Absorption Chillers
New Energy Transfer SA launched Shuangliang Eco Energy Systems absorption chillers for district
heating networks. The newly launched chillers offer low temperature of hot water at a level of 60ºC
returning to the network without affecting cooling capacity production efficiency.
2010
Jiangsu Shuangliang Launches Triple Effect Absorption Chiller

Jiangsu ShuangLiang Air-conditioning Equipment Co. LTD launched a new triple effect lithium
bromide, direct-fired absorption chiller. The system, which has a COP of 1.71, is the first of its kind
in China exceeding the country’s COP standards by 55%.
Sakura Designs Low Capacity Solar Absorption Chillers

Sakura Corporation Ltd., a Japanese company developed a novel mini solar absorption chiller in
Korea with capacities ranging 10 RT, 8 RT, 5 RT to 3 RT to suit various consumer requirements.

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RECENT INDUSTRY ACTIVITY
2013
Tecogen Inks Agreement with Brevoort East for Co-generation Project

Tecogen, a US-based company engaged in producing Combined Heat and Power (CHP) products,
inked an agreement with Brevoort East to offer turnkey Combined Cooling, Heating and Power
(CCHP) system that consists of an 80 ton absorption chiller and 100 kW cogeneration units. The
new co-generation project was aimed at sustainable and low-cost generation of electricity, air
conditioning, domestic hot water and air conditioning. The co-generation units would covert natural
gas to electricity in a high-efficiency process.
2012
Yantai Moon Group Acquires Controlling Stake in Dunham-Bush Group

Yantai Moon Group (Hong Kong) Limited, a unit of Yantai Moon Group, acquired controlling stake in
Dunham-Bush Group, its joint venture partner in China. The deal would integrate expertise of both
Yantai Moon Group and Dunham-Bush Group, and enable the companies to continue offering
innovative products and services to the customers.
Yantai Moon Group (Hong Kong) Limited manufactures HVAC products such as cold storage,
freezers and low temperature chillers.
Thermax Inks Agreement with Trane

Thermax Ltd. inked an exclusive agreement with Trane, Inc. As per the terms of the agreement,
Trane would be engaged in distributing, marketing and servicing Thermax standard steam-fired and
hot water absorption chillers through its sales offices in Western Europe, including Switzerland,
Austria, Germany, Italy, Belgium, the Netherlands, Ireland, France and Luxemburg. Trane would
also offer sales and services for Thermax chillers in the UK and Spain on a non-exclusive basis
according to the agreement. The deal would enable Trane to offer sustainable solutions, thereby
addressing an extensive array of applications and customers requirements.
Thermax Ltd., based at Pune in India, manages four manufacturing plants, 12 sales and service
offices, in addition to 19 offices across the globe.
FireChill Secures Supply Contract from Water from the Air

FireChill Ltd., a worldwide green cooling company, secured a five-year exclusive global supply
contract from Water from the Air Pty Limited (WfA), an Australia-based water-making company. The
A$15 million contract includes the installation of two ALT500 chillers at an Australian Government
Education Institution in Riverina, New South Wales. The chillers utilize large-scale condensers,
capable of producing up to 0.5 million liters of water per year, for extracting water from air.
Additionally, installation of chillers would offer electricity and reverse cycle air conditioning, powered

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by Capstone C65 Microturbine. The ultra low-cost system from FireChill, consumes waste heat from
the turbine to power the sorption chillers and produce cooling. The commercially suitable and eco-
friendly system would facilitate expansion of market for FireChill and WfA. FireChill’s unique
technology would be launched in Australia and is expected to deliver minimum A$3 million revenues
by the year 2015.
2011
LG Electronics Takes Over LS Mtron’s Air Conditioning Business

LG Electronics (LG) took over air conditioning business from LS Mtron Ltd. for a consideration
valued at US$134.4 million. The acquisition was aimed at improving LG's capabilities in the large-
size systems and chillers segment. LG also voiced intentions to fortify the company's international
business and investments in the air conditioning sector.
LS Mtron Air Conditioning Division is engaged in the development and manufacture of ventilation,
heating and air-conditioning products. The division provides GHP and plant engineering/nuclear
power plant products, as well as screw, absorption, and centrifugal chillers.
Thermatec™ Inks Agreement with Avangreen Services

Thermatec™ inked a distribution agreement with Avangreen Services S.L., based at Madrid in
Spain. As per the terms of the agreement, Avangreen Services would operate as a representative of
Thermatec™ in seven countries including Iran, Guinea, Spain, Morocco, Portugal, Angola and
Libya. The deal would enable Avangreen Services to focus on expansion of heaters and absorption
chillers business.
Thermatec™ Inks Agreement with Sichuan Hope Deepblue Air-conditioner Manufacturer

Thermatec™ inked an exclusive distributor agreement with Sichuan Hope Deepblue Air-conditioner
Manufacturer Corp., Ltd. (Sichuan), based in China. As per the deal, ThermatecTM would be
engaged in the distribution of heaters and absorption chillers in Europe. Subsequent to the deal,
ThermatecTM would penetrate Europe through strategic partners.
Johnsons Controls Inks Agreement with Shuangliang Eco-energy Systems

Johnsons Controls inked an agreement with Shuangliang Eco-energy Systems (Shuangliang)
for providing absorption chillers in Latin America and Middle East. The integration of the
complementary proficiencies of the companies would enable expansion of their absorption
chiller business.
Fischer AquaDesalt Undergoes Name Change to fischer eco solutions

fischer AquaDesalt, a wholly owned business unit of the fischer group underwent a name change to
fischer eco solutions GmbH in order to reflect its natural development and management. The new
company would succeed operations of the previous company and carry out all business operations

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of its predecessor. Some of the major products included as a part of the fischer eco solutions
portfolio include highly corrosion-resistant heat exchangers, heating and refrigeration systems,
seawater desalination units and equipment for beverage and process industry among others. The
company is also associated with specialty solutions such as absorption refrigeration units (ARU)
and multi-effect distillation systems (MED).
Climatewell and GSS Intellihomes Ink Distribution Agreement

Climatewell and GSS Intellihomes inked an agreement to distribute solar cooling systems in
Colombia, South America. GSS Intellihomes supplies systems and solutions that are targeted
towards providing energy efficiency, in HVAC and refrigeration applications primarily in commercial
and residential setups.
AE Smith Installs Novel Absorption Chiller at University of Melbourne

AE Smith Construction (AE Smith), based in Melbourne, Australia, designed and installed a first-of-
its-kind double effect direct-fired gas absorption chiller at the Southbank Campus of the University
of Melbourne.
The custom-made construction includes a novel plant for central chilling and a network for
distributing chilled water that strategically links several buildings across the campus. The new
installation, that has a total output of two mega watts, comprises of absorption chillers and an
electric screw chiller. The efficient sequencing of the chillers and flexible pumping systems combine
to offer carbon reduction and energy efficiency. Utilizing the company’s expertise, necessary
infrastructure has also been set up to facilitate installation of a solar driven absorption chiller.
Shuangliang and Johnsons Controls Enter Into Distribution Agreement

Shuangliang Ecoenergy Systems (Shuangliang), based in China, and Johnsons Controls (JCI),
entered into an agreement to distribute absorption chillers in the Latin American and Middle East
markets. The agreement enables the two companies to capitalize on their capabilities for enhancing
their absorption chiller businesses.
2010
Yazaki to Supply Absorption Chillers to Masdar

Yazaki Energy Systems Inc., located in the US, is the subsidiary of a Japanese manufacturing
company, Yazaki Corporation. The company through its distributor Nia Limited entered into an
agreement to supply a water fired absorption chillers for a project executed by the Masdar Institute
for Science & Technology, based in UAE, for a cash consideration of about Dh200, 000. With heat
input of 29 TR/100 kW, the chiller has a cooling capacity of 70 KW/20 TR and generates a COP of
0.7. The chiller that can be powered by geothermal or solar energy in addition to waste heat and
has the following dimensions: Height- 2,030, Width- 1060 and Length- 1300. The absorption chiller
also includes certain inhibitors that assist in minimizing service interruptions by limiting the
production of hydrogen gas.

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Panasonic Acquires Panasonic Electric Works and Sanyo

Panasonic Corp (Panasonic) acquired its subsidiaries Panasonic Electric Works and Sanyo Electric
Co. (Sanyo), making both wholly owned divisions of the company. The acquisition complements
Panasonic’s long-term strategic plans to enhance its growing energy businesses such as batteries,
solar cells and other energy based products. The acquisition also enhances Panasonic’s growth to
emerge as a globally competitive organization. Subsequent to the transaction, the brand Sanyo
Electric Co. (Sanyo) will be terminated by the year 2012, except for use in the distribution of certain
high demand products. Additionally, as part of the business reorganization process, Panasonic
plans to halt the manufacturing of less competitive products of Sanyo
Panasonic is Japanese multinational, manufacturing a range of products from medical equipment to
flat-screen TVs. Panasonic Electric Works manufactures lightning equipment and housing materials
and Sanyo is a global leading rechargeable batteries producer. The batteries are principally used for
cars and electronics. Panasonic previously acquired 51% and 50% stake in Panasonic Electric
Works and Sanyo respectively.
Rooty Hill Establishes Trigeneration Plant

Rooty Hill RSL, with an investment of $4.5 million established a trigeneration facility that would be
put into operation during peak times and blackouts. The trigeneration plant incorporates an
absorption chiller along with heat exchangers and a 1000-kilowatt gas fired generator. The plant
that simultaneously generates electricity, cooling and heating is expected to reduce carbon
emissions by 50%, while enhancing energy efficiency. Rooty Hill RSL is a club located in Australia
LS Mtron Bags Major Absorption Chiller Project

LS Mtron Limited, a Korean based company supplied absorption chillers to The Huirong
international project in Chengdu, China, which has an overall constructed area of 150,000 m2. The
supplied chillers with a total of 13 million kcal cooling capacity, including 2 chillers each having 5-
million kcal capacity, is the biggest project for the company.
Gas Companies and Chiller Manufacturers Join Forces to Develop Absorption Chiller
Heater
Osaka Gas Co. Ltd., Tokyo Gas Co. Ltd. and Toho Gas Ltd. joined forces with Hitachi Appliance
Inc., Sanyo Electric Co. Ltd., and Kawasaki Thermal Engineering Co. Ltd., and developed a solar-
based absorption chiller heater. The new system provides cooling using solar energy as the primary
source of heat and gas as an alternate source during periods of insufficient sunshine. The product
combined with solar energy collectors reduces carbon emissions up to 21% and lessens energy
consumption by about 24% as against gas powered air conditioning equipment that do not use solar
heat (information applicable for 4000 m2 of floor space).
While the three manufacturers take up the production activity, the gas companies will engage in the
distribution of the equipment to various end users. The companies Kawasaki Thermal Engineering
Co. Ltd, Sanyo Electric Co. Ltd. and Hitachi Appliance Inc. were incorporated in the years 1972,
1950 and 2006 respectively.

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Sopogy Provides Solar Collector System for Driving Absorption Chiller

Sopogy Inc. supplied a solar collector system to support an air conditioning unit installed in the
Masdar City. The proprietary SopoCool™ MicroCSP collector system provides heat energy required
to operate a 50 RT absorption chiller, which provides cooling to certain offices in the Masdar city.
Sopogy Inc. based in the US, is engaged in the development, production and installation of micro -
concentrated solar power technology solutions. The company through its MicroCSP™ solar
system technologies aims to provide cost effective solar energy solutions to utility, commercial
and industrial sectors. Sopogy also intends to offer solar driven air conditioning ranging from 10 to
1,000 tons, power solutions with 1 to 50MW capacity and also significant proportions of process
heat from industries.
Masdar, located in Abu Dhabi, advocates renewable energy technologies and promotes their
commercialization. The Mubadala Development Company, an investment unit of the Abu Dhabi
government provides the needed backing for the company in achieving its goals.
The Masdar city, a cleantech region with low-carbon emissions, is a special economic zone (SEZ) in
Abu Dhabi, which includes various offices, R&D labs and enterprises. The city aims to become a
hub for research, development and manufacturing of sustainable and renewable energy systems.
Thermax and Lambion Energy Solutions Ink Technology License Agreement

Thermax Limited signed a technology license agreement with Lambion Energy Solutions, under
which Thermax will gain license to use combustion systems to generate energy from biomass. The
systems which are licensed for 5 years will be incorporated in heaters and boilers that have heat
output range of 4 MW-30 MW. The agreement will provide Thermax the exclusive right to distribute
the advanced technology equipped heating systems in India as well as in the SARC countries.
Additionally, the agreement will further strengthen the company’s position in the green energy
market with the sophisticated and environmental friendly energy generation systems. Thermax will
also gain a stronghold in terms of competition from its US and European counterparts both in
domestic and international markets.
Themax Limited, based in India, is a leader in providing eco-friendly and energy efficient systems
and solutions such as water and waste management systems, captive power, cooling and heating
equipment, and chemicals and air pollution control systems.
Lambion Energy Solutions, a Germany based company, specializes in the construction and operation
of combustion plants that are powered by waste material, solid fuel and biomass substances.

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FOCUS ON SELECT GLOBAL PLAYERS
Broad Air Conditioning Co Ltd (China)

Broad Air Conditioning Co Ltd., a Beijing, China-based privately managed company, provides non-
mechanical air conditioning systems including direct fired absorption chillers, outdoor package units,
CHP systems, vacuum heating boilers, indirect fired absorption chillers and villa gas air
conditioners. All air conditioning products from the company, including heat recovery fresh air units,
indoor units and air purifiers incorporate edge-cutting technologies that can completely eradicate air
pollution. The company also has expertise in the production of lithium bromide-water absorption
chillers or heaters. Main product line under the absorption chillers market include, Indirect-Fired
Absorption Chiller (single-stage or two-stage), (IFA), Gas / Oil Direct-Fired Absorption Chiller/Heater
(DFA), Cooling, Heating and Power System combines (CHP) and others. Broad air conditioning has
also developed a non-electric air conditioning system that uses fuels for cooling and heating instead
of using electric chillers. The company also supplies non-electric air conditioning product in more
than 70 countries. Some of the product offerings from the company include BROAD Central Air
Conditioning, BROAD Central Air Conditioning Chiller, BROAD Central Air Conditioning Terminal,
BROAD FRESH AIR MACHINE, BROAD Motor Valve, BROAD Heat Meter, BROAD Pumpset,
BROAD X Vacuum Boiler, BROAD Air Purifier, BROAD Sustainable Building and others. All the
company’s products carry a CE mark and are ISO 14001 and ETL certified.
Incorporated in the year 1988, Broad Air Conditioning operates through 30 distributors located
globally, along with 20 sales and service units within China.
Carrier Corporation (US)

Carrier Corporation, a part of UTC Climate, Controls & Security Systems, which in turn is a unit of
United Technologies Corporation, is one of the world’s foremost manufacturers and suppliers of hi-
tech heating, refrigeration and air conditioning systems. Carrier Corp. caters to the demands of
clients in the foodservice, retail, residential, transport and commercial sectors. Carrier is the leading
provider of refrigeration, heating and air conditioning solutions in the world. The company offers a
host of Home Comfort, Building Solutions, Transport Refrigeration and Commercial Refrigeration
solutions. Under its Building Solutions, the company offers environmentally sustainable automation,
air conditioning, heating and energy services to meet the requirements of various applications. The
company sells its products directly to end-users through retail outlets, manufacturers’
representatives, dealers, wholesalers and distributors.
In the HVAC area, the company provides centrifugal, scroll, screw and reciprocating chillers, and a
wide range of single and double effect absorption chillers that find application in medical,
government, commercial and public buildings. The Evergreen chillers product line of the company
includes high performance water-cooled systems that are suitable for replacement as well as new
installations. Leading absorption chiller products of Carrier include the following –
 16LJ series – Absorption, Single-Effect, Hot Water (75 – 525 Nominal Tons)
 16TJ series -Single-Effect Steam-Fired Absorption Chiller (100 to 700 Nominal Tons)

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 16NK series –Absorption, Double-Effect, Steam-Fired (98 – 1,323 Nominal Tons)

 Other major absorption chiller products from the company are included in the Aqua Series Air-
Cooled Chillers, 30RAP, 30RB, 30XA, EVERGREEN® Condenserless Chillers, Water-Cooled
Chillers and components among others. The Evergreen® and Aqua Series air- and water-cooled
chillers are available in seismic-compliant packages. The company’s seismic compliant packages
are also available on WeatherMaker® 3 to 25 ton rooftop models
Headquartered at Connecticut, Carrier Corporation invented its first modern air conditioner in 1902.
Since 1994, the company has spearheaded the phase of ozone depleting refrigerants with the
introduction of energy efficient air conditioning, heating and refrigeration systems. Strong presence
in emerging and rapidly growing market such as China and India due to the surge in number of
construction projects and recovery of the transport refrigeration market are major factors driving
growth for Carrier Corp. the company’s manufacturing facilities at Huntington, Indiana and
Monterrey, Mexico have received LEED Gold certification in 2011. In 2011, Dalian Wanda Group
inked an annual purchasing agreement with Carrier China for Chillers and airside products.
Century Corporation (Korea)

Century Corporation (formerly known as Finetec Century Co. Ltd.) is a leading Korean company
engaged in offering advanced air conditioning and refrigeration solutions including high
efficiency absorption chillers. The company has about 40 years experience in these fields and
provides solutions to sectors such as nuclear power plants, industrial/shipping sectors, and
cooler/heater segments. Some of the main absorption chiller products of the company include
Water Chiller - Screw Chiller (SR) and Water Chiller - Absorption Chiller (AR). Other products
included in the company portfolio are air conditioning, Nuclear HVAC, Air Handling Unit and
Marine Type Air Conditioners.
Century’s AR Chiller is a Single-effect Absorption Chiller that features a small-sized, lightweight and
economical design. The product also features high level of vacuum technology and welding
technology that ensures a perfectly leakage proof design.
In 2009, Finetec Century Corporation underwent a name change to Century Corporation.
EAW Energieanlagenbau GmbH (Germany)

EAW Energieanlagenbau GmbH, is one of the leading manufacturers of solar cooling devices,
Small-scale combined heat and power for the fuel oil, natural gas, LPG or biogas, and complete
solutions in the field of combined heat and cold combination.
In 1995, EAW Energieanlagenbau GmbH developed and produced low power range combined heat
and power units. In 2003, the company developed and introduced its first small absorption chiller
with 15 kW. The company expanded its absorption chiller range with the introduction of 30 kW
absorption chiller in 2005. The year 2008, marks the development and production of the first marine
absorption chiller. In 2009, EAW Energieanlagenbau GmbH became the founding member of
Association for Sorptionskälte GREEN CHILLER. In November 2012, an European community

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trademark registration was filed for EAW by EAW Energieanlagenbau GmbH Oberes Tor 106,
Westenfeld DE 98631.
Hitachi Appliances Inc. (Japan)

Hitachi Appliances Inc. incorporated in the year 2006 in Japan, is a subsidiary of Hitachi Ltd. The
company is engaged in the development, production and sales of home appliances and
comprehensive air conditioning systems for home, commercial and industrial use. The company
operates through five business segments that include Air Conditioning, Electrical Home Appliances,
LED Lighting, Residential Solar Power Generation Systems and All Electric Housing businesses.
Hitachi Appliances manufactures chiller units for industrial use, absorption and centrifugal chillers
for district heating and cooling systems and air conditioners under its Air Conditioning Business.
The company produces and distributes environmentally sustainable, high capacity centrifugal
chillers, residential air conditioning equipment, absorption chillers/heaters, spot air conditioners,
packaged systems and low temperature control units to hospitals, buildings, hotels, district systems,
ice skating rinks, warehouses and food processing facilities, among others. Hitachi Appliances also
provides support services to the chemical research and biotechnology fields. Product line of Hitachi
in absorption and centrifugal chillers-heater market includes, Steam Double Effect –EX and V-
Series, Gas-Fired/Oil-Fired - EX(W)H, EX(W)S and V Series and Small Size Direct Fired –EXA
Series and EX Series. The company’s newly developed EX and EXA Series Absorption Chillers
saves energy and offers high efficiency rates in small- to medium-sized buildings. Some of the heat
recovery absorption products include, Low temperature hot water absorption chiller (single effect),
high temperature hot water absorption chiller, cogeneration equipment, non-freezing fluid absorption
chiller (brine chiller) and direct exhaust gas and hot water type among others. The company aims to
expand business across the Europe, South America and Asia. The company operates research
laboratories for the producing products that use cutting-edge technology. Hitachi Appliances Inc is
headquartered in Tokyo, Japan.
In April 2006, Hitachi Appliances Inc was formed as a result of the merger of Hitachi Air
Conditioning System Co., Ltd. and Hitachi Home & Life Solutions, Inc.
Johnson Controls (US)

Established in 1885, Johnson Controls is a leading global diversified company engaged in offering
technological products, solutions and services to optimize the energy efficiency of buildings,
interior systems for automobiles and lead-acid automotive and advanced batteries for electric and
hybrid vehicles. The company offers products to consumers located in over 150 countries. The
company’s product portfolio comprises of automotive seating, automotive interiors, Automotive
Electronics, power solutions and Building Efficiency. The company’s Building Efficiency business
is a leader engaged in designing, manufacturing, marketing and deploying integrated heating,
ventilating and air conditioning (HVAC) systems, controls, security equipment and technical
services. Johnson Controls offers absorption chillers under its Integrated HVAC Systems portfolio
as YORK® Chiller Products. Some of the major offerings under YORK® Chiller Products include
Air-Cooled Scrolls, Air-Cooled Screws, Water-Cooled Scrolls, Water-Cooled Screws, Water
Cooled Centrifugals and water-cooled absorption chillers. The company is headquartered at
Wisconsin, in the US.

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LG Air Conditioning (Shandong) Co., Ltd. (China)

LG Air Conditioning (Shandong) Co., Ltd., a wholly owned subsidiary of the LG Group, is engaged
in the production of central, commercial and home air conditioning equipment. The company’s
product portfolio comprises Direct-fired lithium bromide absorption chiller machine, Steam lithium
bromide absorption chiller, Hot water-lithium bromide absorption chiller, screw machine chillers, Ice
storage centrifugal chillers, Air-cooled screw chiller, centrifugal chillers, Air handling units, Fan coil
units, Air-cooled scroll chiller, heat pump products, multi-line and air-conditioning products. LG air
conditioning is the company’s production facility in China and also operates service center and parts
supply center. The company sells its products across the global markets.
Shuangliang Eco-Energy Systems Co., Ltd. (China)

Shuangliang Eco-Energy Systems Company Ltd.(Formerly known as Jiangsu Shuangliang Air
Conditioning Equipment Co. Ltd), a wholly owned subsidiary of Shuangliang Group, located in
China is a leading producer of a wide range of energy saving absorption chillers, particularly lithium
bromide units. The company provides eco-friendly solutions through its heat pumps, absorption
chillers, seawater desalination units and air-cooled condensers that utilize waste heat and also
lower the consumption of fresh water. Major absorption chiller range of the company includes direct-
fired lithium bromide absorption chiller, steam operated lithium bromide absorption chiller, flue gas
operated lithium bromide absorption chiller, lithium bromide absorption heat pump and hot water
operated lithium bromide absorption chillers. Other products of the company include High Efficiency
Heat Exchanger, Air Cooled Condenser, Sea Water Desalination System and Expandable
Polystyrene. The absorption chiller portfolio of the company comprises Steam Operated Lithium
Bromide Absorption Chiller, Hot Water Operated Lithium Bromide Absorption Chiller, Lithium
Bromide Absorption Heat Pump, Direct Fired Lithium Bromide Absorption Chiller and Flue Gas
Operated Lithium Bromide Absorption Chiller. All the products from the company are manufactured
using the DFM technology and undergo a rigorous quality management program. The company
clientele comprises Chashma Nuclear Power Plant Pakistan, Beijing Capital International Airport,
Shanghai Volkswagen Auto Co., Ltd. and Government Campus Plaza, Trinidad & Tobago among
others. The company’s manufacturing facility is spread across an area of over 480,000 square
meters. The company’s products are exported to the Middle East, North America, South America,
South East Asia, Europe and Australia.
Incorporated in 1982, Shuangliang Eco-Energy Systems is a wholly owned subsidiary of
Jiangsu Shuangliang Group Co., Ltd. and was formerly known as Jiangsu Shuangliang Air
Conditioning Equipment Co. Ltd. The company changed its name to the present one in the year
2010. In 2003, Shuangliang Eco-Energy Systems Company Limited was the only public listed
company in the Chinese Li-Br absorption chiller industry. The company is headquartered at
Jiangsu Province, China.
Robur Group (Italy)

Robur Group, produces and distributes eco-friendly and energy efficient natural gas powered
absorption chillers and chiller-heaters. The company specializes in the production of gas-fired
central air conditioners (chillers) with low electricity consumption for light industrial, commercial and

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residential applications. The company’s product line PRO GA Line of gas-fired absorption chillers
and chiller-heaters, including GA Line ACF Series HR version and GA Line ACF - RTCF Series.
Other products included in company’s portfolio are gas absorption heat pumps under the GAHP
LINE; Gas-fired floor standing boiler under AY LINE; and wall heaters.
Founded in 1956, the company has sales networks across Europe, America, Asia, Africa and
Oceana.
Thermax Inc (US)

Thermax Inc., a part of Thermax Group is a major company focusing on energy generation and
conservation, and preservation and environment. Thermax offers integrated services and products
in product categories such as captive power, chemicals, boilers & heaters, cooling & waste water.
The company’s absorption cooling solutions include a range of vapor absorption machines such as
steam driven, hot water driven, fuel driven, exhaust vapor, super large vapor, and ammonia vapor
absorption machines; heat pumps for heating, and solar-based cooling solutions. Some of the
applications from Thermax such as inlet air-cooling through innovative chiller systems are found
highly useful in enhancing overall productivity and capacity in various industries including
petrochemical and power among others. The company’s chillers can be easily integrated with
efficient energy systems including combined heating, cooling and power (CHPC) and cogeneration.
The company recently launched a range of Ammonia vapor absorption chillers (AVAM) and Lithium
bromide Vapor Absorption Machines (VAMs) that would effectively replace existing systems and
serve as cost effective alternative to electricity-driven compression chillers. The company is one of
the leading suppliers of VAM to China, the US, Russia, Saudi Arabia, the UK, Sri Lanka, the UAE,
Germany, Portugal, Spain, Hungary, Australia, Denmark, Thailand, Egypt, Philippines, Malaysia and
Indonesia. All products from the company are easy to operate, innovative, environment friendly and
energy-efficient.
Headquartered at Michigan, Thermax operates on an international level with offices in about 19
countries, 12 sales & service offices and 9 manufacturing facilities located in China and India.
Thermax caters to environment and energy-related industries across 75 countries including South
America, Asia-Pacific, Africa, USA, Middle East, Europe, and CIS countries. Some of the
company’s leading brands of hot water chillers include Cogenie, and Prochill, with capacities
ranging from 10-2000 TR.
Trane Inc. (US)

Trane Inc., based in the US and a subsidiary of Ingersoll Rand Company, is a global leader in
providing a broad range of high-quality and energy-efficient air cleaning and dehumidification
products, building control and HVAC systems including a wide range of absorption chillers in
capacities ranging from 10 tons to 3,950 tons. Trane is the largest manufacturer of large-scale
chillers for commercial air conditioning systems. The company is also engaged in designating
building systems using green building technology that operate with maximum energy efficiency.
Main product range of Trane includes absorption liquid chillers, compressor chillers, helical rotary
HVAC liquid chillers, centrifugal liquid cooled chillers, scroll air-cooled chiller, systems cooling
towers and others. The company also offers related support and maintenance services for its

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products. The company’s range of HVAC products comprises of Chilled Water Applied Systems, DX
Unitary Systems, EarthWise™ Design Approach, Systems Integration, Building Services and
Controls. Distributed under the brand names American Standard® and Trane®, the products are
used in various industrial, institutional, residential and commercial applications. All products from the
company are manufactured in compliance with energy efficiency and environment standards using
the latest technology that is capable of optimizing indoor environments.
Yazaki Energy Systems Inc (US)

Yazaki Energy Systems Inc. located in the US and a subsidiary of Yazaki Corporation based in
Japan, is a leading manufacturer, supplier and distributor of high performance, eco-friendly, non-
CFC based absorption cooling equipment and air conditioners. Three major products from the
include Arotrend™ Remote Monitoring System, water-fired chillers and gas-fired chiller-heaters.
The company offers products with a capacity of 30-200 RT to hotels, schools, industrial facilities,
offices, and hospitals. One of the most popular absorption products offered by Yazaki Energy
Systems is gas-fired, double-effect absorption chiller heaters, designed for commercial
applications, providing a cooling capacity of 30-100 tons of refrigeration. Some of main gas fired
double-effect chiller-heaters of the company are sold under the CH-K Series and CH-MG Series.
The product incorporates both cold and hot water application in the central air conditioning
system. The double-effect chiller-heaters in the CH-K Series with cooling capacities of 30 to 100
tons are designed for commercial applications such as central air conditioning. On the other hand,
Yazaki MG-Series gas-fired Double-Effect chiller-heaters offer cooling capacities in the range of
150 and 200 tons commercial applications. The company’s Water-Fired Single-Effect Chiller or
Chiller-heater have cooling capacities in the range of 10, 20 and 30 tons and can be used for
comfort air conditioning applications.
Yazaki’s Water fired Single Effect Chiller and Chiller - heaters are driven by hot water at 158°F to
203°F that generates chilled water for industrial cooling and air conditioning applications. Arotrend
Remote monitoring System from the company enables continuous monitoring of Chiller-heater
operations. Yazaki Energy Systems retails its products including remote monitoring systems across
Europe and Americas through its intricate network of sales representatives. Net global shipments of
absorption chiller-heaters from Yazaki exceed 1,000,000 RT. The company was established in 1951
by Sadami Yazaki.

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GLOBAL MARKET PERSPECTIVE
TABLE 8: World Recent Past, Current & Future Analysis for Absorption Chillers by
Geographic Region - US, Canada, Japan, Europe, Asia-Pacific (excluding Japan),
Latin America and Rest of World Markets Independently Analyzed with
Annual Sales Figures in US$ Thousand for Years 2010 through 2018
Region/Country 2010 2011 2012 2013 2014 2015 2016 2017 2018 % CAGR
US 22,005.11 22,332.99 22,764.02 23,105.48 23,572.21 24,194.52 24,946.97 25,850.05 26,716.03 2.45
Canada 2,380.77 2,403.63 2,434.16 2,469.70 2,514.90 2,567.71 2,632.16 2,693.75 2,750.86 1.82
Japan 135,644.57 128,496.10 131,695.65 135,501.65 139,932.55 143,976.60 147,705.59 150,851.72 153,793.33 1.58
Europe 41,824.73 42,663.53 43,383.49 43,731.13 44,185.42 44,995.22 46,058.21 47,361.42 48,645.73 1.91
Asia-Pacific 416,270.68 428,009.51 442,519.03 456,015.86 471,885.21 490,524.68 515,639.54 544,773.17 571,957.35 4.05
Latin America 4,746.52 4,783.54 4,833.77 4,911.11 4,997.55 5,097.00 5,221.37 5,339.37 5,435.48 1.71
Rest of World 93,298.72 94,315.68 95,796.44 97,539.94 99,773.60 102,517.37 105,582.64 109,066.87 112,502.48 2.37
Total 716,171.10 723,004.98 743,426.56 763,274.87 786,861.44 813,873.10 847,786.48 885,936.35 921,801.26 3.21
2013: GIA Estimates 2014-2018: GIA Projections

Error tolerance for data in this table is 10% (+/-).
Exchange rates used for standardizing data in this table are 1 US $ = 1.00 Canadian Dollars, 86.18 Japanese Yen, 0.76 Euro, 0.62
British Pound and 30.50 Russian Rubles.
Data is not adjusted for inflation. It is reported in nominal terms.
Data is reported at the Manufacturer’s Level.
Current data is standardized to the currency values as on January 01, 2013.
Countries analyzed under Europe include Austria, Belgium, Bulgaria, Czech Republic, Denmark, Finland, France, Germany, Greece,
Hungary, Ireland, Italy, The Netherlands, Norway, Poland, Portugal, Romania, Russia, Slovakia, Spain, Sweden, Switzerland, Turkey
and The UK.
Countries analyzed under Asia-Pacific include Australia, China, Hong Kong, India, Indonesia, Korea, Malaysia, New Zealand,
Philippines, Singapore, Taiwan and Thailand.
Countries analyzed under Latin America include Argentina, Brazil, Chile, Colombia, Ecuador, Mexico, Peru and Venezuela.
Rest of World includes Middle East (Iran, Iraq, Israel, Kuwait, Saudi Arabia, Syria and The UAE); and other African countries.
612000
510000
(in US$ Thousand)
408000 US
Japan
306000
Europe
204000 Asia-Pacific
102000
0
2010 2012 2014 2016 2018

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TABLE 9: World Historic Review for Absorption Chillers by Geographic Region - US,
Canada, Japan, Europe, Asia-Pacific (excluding Japan), Latin America and
Rest of World Markets Independently Analyzed with Annual Sales
Figures in US$ Thousand for Years 2004 through 2009
Region/Country 2004 2005 2006 2007 2008 2009 % CAGR
US 23,455.21 24,808.58 23,578.07 24,971.53 23,940.21 21,802.35 -1.45
Canada 2,537.50 2,567.70 2,589.27 2,570.37 2,481.44 2,371.76 -1.34
Japan 149,366.03 158,522.17 157,412.51 155,460.59 152,475.75 134,956.29 -2.01
Europe 37,931.38 43,474.82 48,677.62 52,771.81 48,112.27 41,259.76 1.70
Asia-Pacific 339,362.71 370,041.10 402,197.67 429,868.87 422,389.15 407,309.86 3.72
Latin America 4,687.91 4,883.86 5,043.56 5,180.24 5,013.44 4,726.67 0.16
Rest of World 89,417.96 91,376.21 93,898.19 96,142.36 93,738.80 92,585.81 0.70
Total 646,758.70 695,674.44 733,396.89 766,965.77 748,151.06 705,012.50 1.74

Historic data is reported as is and not standardized to base year (2012) currency values.
Countries analyzed under Europe include Austria, Belgium, Bulgaria, Czech Republic, Denmark, Finland, France, Germany, Greece,
Hungary, Ireland, Italy, The Netherlands, Norway, Poland, Portugal, Romania, Russia, Slovakia, Spain, Sweden, Switzerland, Turkey
and The UK.
468000
390000
(in US$ Thousand)
312000 US
Japan
234000
Europe
156000 Asia-Pacific
78000
0
2005 2007 2009

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TABLE 10: World 15-Year Perspective for Absorption Chillers by Geographic Region -
Percentage Breakdown of Dollar Sales for US, Canada, Japan, Europe, Asia-Pacific
(excluding Japan), Latin America and Rest of World Markets for Years 2004,
2012 and 2018
Region/Country 2004 2012 2018

US 3.63 3.06 2.90
Canada 0.40 0.33 0.30
Japan 23.09 17.71 16.68
Europe 5.86 5.84 5.28
Asia-Pacific 52.47 59.52 62.05
Latin America 0.72 0.65 0.59
Rest of World 13.83 12.89 12.20
Total 100.00 100.00 100.00
Countries analyzed under Europe include Austria, Belgium, Bulgaria,
Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary,
Ireland, Italy, The Netherlands, Norway, Poland, Portugal, Romania,
Russia, Slovakia, Spain, Sweden, Switzerland, Turkey and The UK.
Countries analyzed under Asia-Pacific include Australia, China, Hong Kong,
India, Indonesia, Korea, Malaysia, New Zealand, Philippines, Singapore,
Taiwan and Thailand.
Countries analyzed under Latin America include Argentina, Brazil, Chile,
Colombia, Ecuador, Mexico, Peru and Venezuela.
Rest of World includes Middle East (Iran, Iraq, Israel, Kuwait, Saudi
Arabia, Syria and The UAE); and other African countries.
2004 2012 2018

0.4 0.33 0.3
13.83 3.63 12.89 3.06 0.59 12.2 2.9
0.72 0.65
17.71 16.68
23.09
5.84 5.28
5.86
52.47
59.52 62.05
US Canada Japan Europe Asia-Pacific Latin America Rest of World

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MARKET
THE UNITED STATES
A. MARKET ANALYSIS
Outlook
The US market for Absorption Chillers is estimated at US$23.1 million for 2013. Growing at a
compounded annual rate of 2.45% over the analysis period 2010-2018, the market is likely to
exceed US$26.7 million by 2018.
Lithium Bromide Based Absorption Chillers Find Increased Demand

Currently, large Lithium Bromide (LiBr) chillers are supplied by all HVAC equipment producers in the
United States, including Carrier, York and Trane among others. On the other hand, a majority of the
small-scale LiBr absorption chiller units (less than 30 RT) are being offered by foreign suppliers.
LiBr absorption chillers provide a cost-effective cooling solution, especially in instances where
electric power is expensive, regions with favorable gas programs and limited electric supply for
using electric chillers. Absorption chiller is an effective cooling solution in areas offering abundant
supply of waste heat energy from various CHP processes and summer steam that can be used to
power the device. Nevertheless, large size, high costs and lower efficiency rates of absorption
chillers compared to electric chillers are likely to have a negative impact on the adoption. The future
potential for large scale absorption chillers is however dependent on energy costs and electric
deregulations. The United States represents only a very small share in the global absorption chiller
market and three major American players in the global absorption chiller scenario include York,
Carrier and Trane.
TABLE 11: US Chillers Market (2012) - Percentage Breakdown of Unit Sales by Chiller
Segments - Positive Displacement, Centrifugal Chillers and Absorption Chillers
Chiller Segments % Share 2.49

20.38
Positive Displacement* 77.13
Centrifugal Chillers 20.38 Positive Displacement
Centrifugal Chillers
Absorption Chillers
2.49 Absorption Chillers (>350 KW)
(>350 KW)
Total 100.00 77.13
* Positive Displacement chillers include reciprocating, screw and scroll chillers

www.StrategyR.com Page III-1
CH670530413AC
PRODUCT LAUNCHES
2013

2011
Trane Unveils Low-Tonnage Centrifugal Chiller in the US Market

Trane Inc, a market leader in the manufacture and supply of innovative indoor cooling systems
announced the introduction of a n efficient, low-tonnage chiller aimed at smaller cooling loads. The
new CenTraVac centrifugal chiller is available in the 120-350 ton capacity range and would be
ideally suited for use in school, university and government buildings. The low pressure, semi-
hermetic and multi-stage chiller design enables features including, economical cost, minimal
environmental pollution and high degree of cooling efficiency.
McQuay Showcases Daikin McQuay Magnitude™, Centrifugal Chiller

US based McQuay International, a subsidiary of Daikin Industries Ltd, and one of the world’s largest
HVAC solutions provider, showcased its new centrifugal chiller, Daikin McQuay Magnitude™. The
700-ton chiller unveiled at the Las Vegas AHR Show is a value addition to the company’s already
existing line of popular low energy chillers, Magnitude. The new oil-free, magnetic design chiller is
aimed at commercial setups such as data centers, manufacturing units, universities and hospitals.
The Magnitude chiller is capable of high degree of full and part-load performance and efficiency
levels. The 700 ton chiller offers excellent full load efficiency at 0.532kW/ton, despite part-load IPLV
being as low as 0.306kW/ton.
STRATEGIC CORPORATE DEVELOPMENTS
2013


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2011
Thermatec™ Inks Agreement with Avangreen Services

ThermatecTM inked a distribution agreement with Avangreen Services S.L., based at Madrid in
Spain. As per the terms of the agreement, Avangreen Services would operate as a representative of
ThermatecTM in seven countries including Iran, Guinea, Spain, Morocco, Portugal, Angola and Libya.
The deal would enable Avangreen Services to focus on expansion of heaters and absorption
chillers business.
Thermatec™ Inks Agreement with Sichuan Hope Deepblue Air-conditioner Manufacturer

ThermatecTM inked an exclusive distributor agreement with Sichuan Hope Deepblue Air-conditioner
Manufacturer Corp., Ltd. (Sichuan), based in China. As per the deal, ThermatecTM would be
engaged in the distribution of heaters and absorption chillers in Europe. Subsequent to the deal,
ThermatecTM would penetrate Europe through strategic partners.
2010
Sopogy Provides Solar Collector System for Driving Absorption Chiller

Sopogy Inc. supplied a solar collector system to support an air conditioning unit installed in the
Masdar City. The proprietary SopoCool™ MicroCSP collector system provides heat energy required
to operate a 50 RT absorption chiller, which provides cooling to certain offices in the Masdar city.
Sopogy Inc. based in the US, is engaged in the development, production and installation of mi cro-
concentrated solar power technology solutions. The company through its MicroCSP™ solar
system technologies aims to provide cost effective solar energy solutions to utility, commercial
and industrial sectors. Sopogy also intends to offer solar driven air conditioning ranging from 10 to
1,000 tons, power solutions with 1 to 50MW capacity and also significant proportions of process
heat from industries.
Masdar, located in Abu Dhabi, advocates renewable energy technologies and promotes their
commercialization. The Mubadala Development Company, an investment unit of the Abu Dhabi
government provides the needed backing for the company in achieving its goals.
The Masdar city, a cleantech region with low-carbon emissions, is a special economic zone
(SEZ) in Abu Dhabi, which includes various offices, R&D labs and enterprises. The city aims to
become a hub for research, development and manufacturing of sustainable and renewable
energy systems.
KEY PLAYERS
Carrier Corporation
Carrier Corporation, a part of UTC Climate, Controls & Security Systems, which in turn is a unit of
United Technologies Corporation, is one of the world’s foremost manufacturers and suppliers of hi-

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tech heating, refrigeration and air conditioning systems. Carrier Corp. caters to the demands of
clients in the foodservice, retail, residential, transport and commercial sectors. Carrier is the leading
provider of refrigeration, heating and air conditioning solutions in the world. The company offers a
host of Home Comfort, Building Solutions, Transport Refrigeration and Commercial Refrigeration
solutions. Under its Building Solutions, the company offers environmentally sustainable automation,
air conditioning, heating and energy services to meet the requirements of various applications. The
company sells its products directly to end-users through retail outlets, manufacturers’
representatives, dealers, wholesalers and distributors.
In the HVAC area, the company provides centrifugal, scroll, screw and reciprocating chillers, and a
wide range of single and double effect absorption chillers that find application in medical,
government, commercial and public buildings. The Evergreen chillers product line of the company
includes high performance water-cooled systems that are suitable for replacement as well as new
installations. Leading absorption chiller products of Carrier include the following –
 16TJ series -Single-Effect Steam-Fired Absorption Chiller (100 to 700 Nominal Tons)
 16NK series –Absorption, Double-Effect, Steam-Fired (98 – 1,323 Nominal Tons)
 Other major absorption chiller products from the company are included in the Aqua Series Air-
Cooled Chillers, 30RAP, 30RB, 30XA, EVERGREEN® Condenserless Chillers, Water-Cooled
Chillers and components among others. The Evergreen® and Aqua Series air- and water-cooled
chillers are available in seismic-compliant packages. The company’s seismic compliant packages
are also available on WeatherMaker® 3 to 25 ton rooftop models
Headquartered at Connecticut, Carrier Corporation invented its first modern air conditioner in 1902.
Since 1994, the company has spearheaded the phase of ozone depleting refrigerants with the
introduction of energy efficient air conditioning, heating and refrigeration systems. Strong presence
in emerging and rapidly growing market such as China and India due to the surge in number of
construction projects and recovery of the transport refrigeration market are major factors driving
growth for Carrier Corp. the company’s manufacturing facilities at Huntington, Indiana and
Monterrey, Mexico have received LEED Gold certification in 2011. In 2011, Dalian Wanda Group
inked an annual purchasing agreement with Carrier China for Chillers and airside products.
Cooling Technology Inc

Cooling Technologies, Inc., is a US based R&D firm, engaged in the development of advanced
absorption cooling technologies. The company is engaged in developing high performance, high
efficiency thermal management solutions for process cooling applications. Product line of the
company utilizes advanced absorption technologies for providing thermally activated temperature
control. Products of the company include, Cooltec5™, which offers comfort cooling in commercial
and residential constructions and process cooling in industrial and commercial applications. The
product is a natural gas, air cooled or propane gas fired chiller for outdoor installation. Coolpak™
series of chiller arrays provide comfort cooling for institutional, commercial and residential buildings
and for process cooling in industrial and commercial applications. These chillers are mounted on rail

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sets for slab or post-and-rail installation. Products based on its proprietary technology are
manufactured and distributed across the globe by its partner FireChill. Cooling Technologies, Inc.
with headquarters in Charlotte, North Carolina in the US was incorporated in the year 1986.
Johnson Controls
Established in 1885, Johnson Controls is a leading global diversified company engaged in offering
technological products, solutions and services to optimize the energy efficiency of buildings,
interior systems for automobiles and lead-acid automotive and advanced batteries for electric and
hybrid vehicles. The company offers products to consumers located in over 150 countries. The
company’s product portfolio comprises of automotive seating, automotive interiors, Automotive
Electronics, power solutions and Building Efficiency. The company’s Building Efficiency business
is a leader engaged in designing, manufacturing, marketing and deploying integrated heating,
ventilating and air conditioning (HVAC) systems, controls, security equipment and technical
services. Johnson Controls offers absorption chillers under its Integrated HVAC Systems portfolio
as YORK® Chiller Products. Some of the major offerings under YORK® Chiller Products include
Air-Cooled Scrolls, Air-Cooled Screws, Water-Cooled Scrolls, Water-Cooled Screws, Water
Cooled Centrifugals and water-cooled absorption chillers. The company is headquartered at
Wisconsin, in the US.
Thermax Inc
Thermax Inc., a part of Thermax Group is a major company focusing on energy generation and
conservation, and preservation and environment. Thermax offers integrated services and products
in product categories such as captive power, chemicals, boilers & heaters, cooling & waste water.
The company’s absorption cooling solutions include a range of vapor absorption machines such as
steam driven, hot water driven, fuel driven, exhaust vapor, super large vapor, and ammonia vapor
absorption machines; heat pumps for heating, and solar-based cooling solutions. Some of the
applications from Thermax such as inlet air-cooling through innovative chiller systems are found
highly useful in enhancing overall productivity and capacity in various industries including
petrochemical and power among others. The company’s chillers can be easily integrated with
efficient energy systems including combined heating, cooling and power (CHPC) and cogeneration.
The company recently launched a range of Ammonia vapor absorption chillers (AVAM) and Lithium
bromide Vapor Absorption Machines (VAMs) that would effectively replace existing systems and
serve as cost effective alternative to electricity-driven compression chillers. The company is one of
the leading suppliers of VAM to China, the US, Russia, Saudi Arabia, the UK, Sri Lanka, the UAE,
Germany, Portugal, Spain, Hungary, Australia, Denmark, Thailand, Egypt, Philippines, Malaysia and
Indonesia. All products from the company are easy to operate, innovative, environment friendly and
energy-efficient.
Headquartered at Michigan, Thermax operates on an international level with offices in about 19
countries, 12 sales & service offices and 9 manufacturing facilities located in China and India.
Thermax caters to environment and energy-related industries across 75 countries including South
America, Asia-Pacific, Africa, USA, Middle East, Europe, and CIS countries. Some of the
company’s leading brands of hot water chillers include Cogenie, and Prochill, with capacities
ranging from 10-2000 TR.

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Trane Inc.
Trane Inc., based in the US and a subsidiary of Ingersoll Rand Company, is a global leader in
providing a broad range of high-quality and energy-efficient air cleaning and dehumidification
products, building control and HVAC systems including a wide range of absorption chillers in
capacities ranging from 10 tons to 3,950 tons. Trane is the largest manufacturer of large-scale
chillers for commercial air conditioning systems. The company is also engaged in designating
building systems using green building technology that operate with maximum energy efficiency.
Main product range of Trane includes absorption liquid chillers, compressor chillers, helical rotary
HVAC liquid chillers, centrifugal liquid cooled chillers, scroll air-cooled chiller, systems cooling
towers and others. The company also offers related support and maintenance services for its
products. The company’s range of HVAC products comprises of Chilled Water Applied Systems, DX
Unitary Systems, EarthWise™ Design Approach, Systems Integration, Building Services and
Controls. Distributed under the brand names American Standard® and Trane®, the products are
used in various industrial, institutional, residential and commercial applications. All products from the
company are manufactured in compliance with energy efficiency and environment standards using
the latest technology that is capable of optimizing indoor environments.
Yazaki Energy Systems Inc

Yazaki Energy Systems Inc. located in the US and a subsidiary of Yazaki Corporation based in
Japan, is a leading manufacturer, supplier and distributor of high performance, eco-friendly, non-
CFC based absorption cooling equipment and air conditioners. Three major products from the
include Arotrend™ Remote Monitoring System, water-fired chillers and gas-fired chiller-heaters.
The company offers products with a capacity of 30-200 RT to hotels, schools, industrial facilities,
offices, and hospitals. One of the most popular absorption products offered by Yazaki Energy
Systems is gas-fired, double-effect absorption chiller heaters, designed for commercial
applications, providing a cooling capacity of 30-100 tons of refrigeration. Some of main gas fired
double-effect chiller-heaters of the company are sold under the CH-K Series and CH-MG Series.
The product incorporates both cold and hot water application in the central air conditioning
system. The double-effect chiller-heaters in the CH-K Series with cooling capacities of 30 to 100
tons are designed for commercial applications such as central air conditioning. On the other hand,
Yazaki MG-Series gas-fired Double-Effect chiller-heaters offer cooling capacities in the range of
150 and 200 tons commercial applications. The company’s Water-Fired Single-Effect Chiller or
Chiller-heater have cooling capacities in the range of 10, 20 and 30 tons and can be used for
comfort air conditioning applications.
Yazaki’s Water fired Single Effect Chiller and Chiller - heaters are driven by hot water at 158°F to
203°F that generates chilled water for industrial cooling and air conditioning applications. Arotrend
Remote monitoring System from the company enables continuous monitoring of Chiller-heater
operations. Yazaki Energy Systems retails its products including remote monitoring systems across
Europe and Americas through its intricate network of sales representatives. Net global shipments of
absorption chiller-heaters from Yazaki exceed 1,000,000 RT. The company was established in 1951
by Sadami Yazaki.

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B. MARKET ANALYTICS
TABLE 12: US Recent Past, Current & Future Analysis for Absorption Chillers Analyzed
with Annual Sales Figures in US$ Thousand for Years 2010 through 2018
Year 2010 2011 2012 2013 2014 2015 2016 2017 2018 % CAGR
Sales 22,005.11 22,332.99 22,764.02 23,105.48 23,572.21 24,194.52 24,946.97 25,850.05 26,716.03 2.45

27200
26250
(in US$ Thousand)
25300
24350 Sales
23400
22450
21500
2010 2012 2014 2016 2018

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TABLE 13: US Historic Review for Absorption Chillers Analyzed with Annual Sales
Year 2004 2005 2006 2007 2008 2009 % CAGR

Sales 23,455.21 24,808.58 23,578.07 24,971.53 23,940.21 21,802.35 -1.45
25340
24700
(in US$ Thousand)
24060
23420 Sales
22780
22140
21500
2005 2007 2009

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CANADA
A. MARKET ANALYSIS
Outlook
The Canadian market for Absorption Chillers is estimated at US$2.46 million for 2013. Growing at a
B. MARKET ANALYTICS
TABLE 14: Canadian Recent Past, Current & Future Analysis for Absorption Chillers
Analyzed with Annual Sales Figures in US$ Thousand for Years 2010 through 2018
Year 2010 2011 2012 2013 2014 2015 2016 2017 2018 % CAGR
Sales 2,380.77 2,403.63 2,434.16 2,469.70 2,514.90 2,567.71 2,632.16 2,693.75 2,750.86 1.82

Exchange rate used for standardizing data in this table is 1 US $ = 1.00 Canadian Dollars.
2794
2720
(in US$ Thousand)
2646
2572 Sales
2498
2424
2350
2010 2012 2014 2016 2018

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TABLE 15: Canadian Historic Review for Absorption Chillers Analyzed with Annual
Sales Figures in US$ Thousand for Years 2004 through 2009
Year 2004 2005 2006 2007 2008 2009 % CAGR

Sales 2,537.50 2,567.70 2,589.27 2,570.37 2,481.44 2,371.76 -1.34
2590
2550
(in US$ Thousand)
2510
2470 Sales
2430
2390
2350
2005 2007 2009

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JAPAN
A. MARKET ANALYSIS
Outlook
The Japanese market for Absorption Chillers is estimated at US$135.5 million for 2013. Growing at
a compounded annual rate of 1.58% over the analysis period 2010-2018, the market is likely to
Overview of the Chillers Market

Japan is a pioneer in the absorption chiller technology, and one of the leading countries globally that
is engaged in the production of absorption chillers particularly steam-based chillers. Availability of
steam from the large number of District Heating and Cooling systems (DHC) has primarily
supported usage of these steam-driven absorption chillers. The country employs a large number of
DHC systems and more than 80% of waste heat energy released by these systems has been
efficiently converted into usable energy, primarily generated to meet the air conditioning and
refrigeration requirements. Thus, emphasizing on the nation’s commitment towards effective
utilization of available energy resources. This would also help reduce the country’s dependence on
imports to meet domestic energy demands.
However, the chiller market in this region is considered to have reached maturity with total chiller
sales stagnating between 11,000 to 14,000 units per annum, during the 1996-2006 period. More
significantly, no significant technology developments in this area have been noted for the past
decade or so, with other Asian countries such as China, Korea and India taking the lead.
TABLE 16: Japanese Chiller Market (2012) - Percentage Breakdown of Unit Sales by
Chiller Segments - Positive Displacement, Centrifugal Chillers and
Absorption Chillers
5.03
Positive Displacement
82.56
Chillers*
Positive Displacement Chillers
Centrifugal Chillers 5.03 Centrifugal Chillers
Absorption Chillers Absorption Chillers (>350 KW)
12.41
(>350 KW)
Total 100.00 82.56
Japanese Absorption Chillers Market in the Aftermath of 2011 Earthquake

Japanese earthquake caused an erosion of about 5% of the market’s revenue in the year 2011. The
massive destruction of infrastructure in commercial, industrial and energy industries, and the
disruption of natural gas supplies impacted the market. Absorption chillers are typically used in

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energy generation plants wherein they are used to tap into the waste heat generated from power
plants to displace electric air conditioning load. The loss of power infrastructure in early 2011 due to
earthquake and Tsunami therefore crimped demand during rest of 2011. Absorption chillers are
widely used in Japan, given the fact that the country is a massive importer of fuel used to generate
electricity and thus government regulations have always encouraged technologies and product
solutions designed to save and reduce energy consumption.
Several technology giants have established data centers in Tokyo and with several more planned
establishments underway, to meet the spiraling cloud computing and IT needs, the earthquake did
have an impact on demand for absorption chillers used in data centers. Data centers represent a
lucrative end-use industry for absorption chillers, given their energy-intensive characteristics. The
heat generated by servers makes it ideal and cost effective to install and run absorption chillers to
meet required cooling needs. With more than 170,000 buildings, both commercial and residential,
completely and partially destroyed in the twin earthquake and tsunami, demand for absorption
chillers used in commercial buildings for comfort cooling was also impacted. Large scale destruction
of factories, and disruptions in the supply chain impacted production of air-conditioning &
refrigeration systems, including absorption chillers.
However, as Japan rebuilds its destroyed infrastructure and cities, opportunities for absorption
chillers is expected to rebound with renewed vigor. Demand will especially benefit from the fact that
the current scenario actually favors air conditioning solutions that do not compete for electric energy
from energy generation systems. Also, the post quake legislative riders that mandate reductions in
power use will additionally fuel demand for absorption chillers. Although Japan’s failing GDP growth,
rising crude oil prices, high unemployment rates, and financial constraints, and widening deficit
issues in neighboring developed economies will challenge the rate of growth, recovery is
nevertheless seen as inevitable. Given that the recovery of the Japanese economy hinges critically
on the country’s energy supply (as the country’s manufacturing industry is electricity-intensive),
coupled with the enforcement of rolling blackouts by utilities, we project a sturdy rebound in market
growth by over 2% in the upcoming years.
PRODUCT LAUNCH
2010
Sakura Designs Low Capacity Solar Absorption Chillers

Sakura Corporation Ltd., a Japanese company developed a novel mini solar absorption chiller in
Korea with capacities ranging 10 RT, 8 RT, 5 RT to 3 RT to suit various consumer requirements.
2010
Panasonic Acquires Panasonic Electric Works and Sanyo

Panasonic Corp (Panasonic) acquired its subsidiaries Panasonic Electric Works and Sanyo Electric
Co. (Sanyo), making both wholly owned divisions of the company. The acquisition complements

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Panasonic’s long-term strategic plans to enhance its growing energy businesses such as batteries,
solar cells and other energy based products. The acquisition also enhances Panasonic’s growth to
emerge as a globally competitive organization. Subsequent to the transaction, the brand Sanyo
Electric Co. (Sanyo) will be terminated by the year 2012, except for use in the distribution of certain
high demand products. Additionally, as part of the business reorganization process, Panasonic
plans to halt the manufacturing of less competitive products of Sanyo
Panasonic is Japanese multinational, manufacturing a range of products from medical equipment to
flat-screen TVs. Panasonic Electric Works manufactures lightning equipment and housing materials
and Sanyo is a global leading rechargeable batteries producer. The batteries are principally used for
cars and electronics. Panasonic previously acquired 51% and 50% stake in Panasonic Electric
Works and Sanyo respectively.
Gas Companies and Chiller Manufacturers Join Forces to Develop Absorption Chiller
Heater
Osaka Gas Co. Ltd., Tokyo Gas Co. Ltd. and Toho Gas Ltd. joined forces with Hitachi Appliance
Inc., Sanyo Electric Co. Ltd., and Kawasaki Thermal Engineering Co. Ltd., and developed a solar-
based absorption chiller heater. The new system provides cooling using solar energy as the primary
source of heat and gas as an alternate source during periods of insufficient sunshine. The product
combined with solar energy collectors reduces carbon emissions up to 21% and lessens energy
consumption by about 24% as against gas powered air conditioning equipment that do not use solar
heat (information applicable for 4000 m2 of floor space).
While the three manufacturers take up the production activity, the gas companies will engage in the
distribution of the equipment to various end users. The companies Kawasaki Thermal Engineering
Co. Ltd, Sanyo Electric Co. Ltd. and Hitachi Appliance Inc. were incorporated in the years 1972,
1950 and 2006 respectively.
KEY PLAYERS
EBARA CORPORATION
EBARA CORPORATION, established in 1912, is one of the largest global producers of industrial
machinery such as pumps and compressors. The company operates through three business
divisions, Fluid Machinery & Systems Company, Environmental Engineering Company and
Precision Machinery Company. The company operates its chiller business under Fluid Machinery &
Systems Company. The company’s product portfolio comprises of pumps, compressors, chillers,
semiconductor manufacturing equipment and waste treatment facilities. A majority of the company
chillers are sold to the building equipment industry. The company manufactures chillers mainly for
domestic consumption. However, some chiller units are also sold in the global markets. The
company operates manufacturing units and service and support networks across China, India,
Japan, Taiwan, Singapore, teh US, Canada, Saudi Arabia, Bahrain, the UK, Swtizerland, Brazil,
Mexico and Guatemala.
Net sales of the company were valued at ¥412 billion in as of March 2012.

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Hitachi Appliances Inc.

Hitachi Appliances Inc. incorporated in the year 2006 in Japan, is a subsidiary of Hitachi Ltd. The
company is engaged in the development, production and sales of home appliances and
comprehensive air conditioning systems for home, commercial and industrial use. The company
operates through five business segments that include Air Conditioning, Electrical Home Appliances,
LED Lighting, Residential Solar Power Generation Systems and All Electric Housing businesses.
Hitachi Appliances manufactures chiller units for industrial use, absorption and centrifugal chillers
for district heating and cooling systems and air conditioners under its Air Conditioning Business.
The company produces and distributes environmentally sustainable, high capacity centrifugal
chillers, residential air conditioning equipment, absorption chillers/heaters, spot air conditioners,
packaged systems and low temperature control units to hospitals, buildings, hotels, district systems,
ice skating rinks, warehouses and food processing facilities, among others. Hitachi Appliances also
provides support services to the chemical research and biotechnology fields. Product line of Hitachi
in absorption and centrifugal chillers-heater market includes, Steam Double Effect –EX and V-
Series, Gas-Fired/Oil-Fired - EX(W)H, EX(W)S and V Series and Small Size Direct Fired –EXA
Series and EX Series. The company’s newly developed EX and EXA Series Absorption Chillers
saves energy and offers high efficiency rates in small- to medium-sized buildings. Some of the heat
recovery absorption products include, Low temperature hot water absorption chiller (single effect),
high temperature hot water absorption chiller, cogeneration equipment, non-freezing fluid absorption
chiller (brine chiller) and direct exhaust gas and hot water type among others. The company aims to
expand business across the Europe, South America and Asia. The company operates research
laboratories for the producing products that use cutting-edge technology. Hitachi Appliances Inc is
headquartered in Tokyo, Japan.
In April 2006, Hitachi Appliances Inc was formed as a result of the merger of Hitachi Air
Conditioning System Co., Ltd. and Hitachi Home & Life Solutions, Inc.
Kawasaki Thermal Engineering Co., Ltd.

Kawasaki Thermal Engineering Co., Ltd, a member of the Kawasaki Heavy Industries (KHI), is a
pioneer and specialized manufacturer of Absorption Chillers for use in industrial and light
commercial applications for supplying hot/cold water. The company is engaged in the
developments, production, sales, repair and maintenance of multi-purpose boilers and air
conditioning equipment. The company operates in the refrigeration and heating equipments
sectors. Kawasaki Thermal Engineering uses its absorption chiller technology for the production
of convenient and environmentally friendly air-conditioning systems that do not use CFC, HFC
and HCFC. The company also manufactures a range of cooling/heating products/equipments for
industrial and air conditioning applications that find application in hotels, schools, buildings,
hospitals, maintenance services, the construction works of energy-saving renovation and the
sale of components and drugs. . Key products of the company include Triple-effect Absorption
Chiller / Heater, Ifrit line of once-through boilers, Double Effect Direct Fired Chiller, Heat
Recovery Steam Generator (HRSG), Double Effect Steam Absorption Chiller, Fluidized Bed
Boiler, Industrial Steam Turbine, Green Gas Engine, among others. The company was
established in 1959 and is headquartered in Tokyo, Japan. As of March 2012, the company
operates through 28 affiliated companies and 97 subsidiaries. In the year 2012, the company
reported sales worth US$170.49 million.

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B. MARKET ANALYTICS
TABLE 17: Japanese Recent Past, Current & Future Analysis for Absorption Chillers
Year 2010 2011 2012 2013 2014 2015 2016 2017 2018 % CAGR
Sales 135,644.57 128,496.10 131,695.65 135,501.65 139,932.55 143,976.60 147,705.59 150,851.72 153,793.33 1.58

Exchange rate used for standardizing data in this table is 1 US $ = 86.18 Japanese Yen.
155800
151500
(in US$ Thousand)
147200
142900 Sales
138600
134300
130000
2010 2012 2014 2016 2018

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TABLE 18: Japanese Historic Review for Absorption Chillers Analyzed with Annual
Year 2004 2005 2006 2007 2008 2009 % CAGR

Sales 149,366.03 158,522.17 157,412.51 155,460.59 152,475.75 134,956.29 -2.01
160000
155500
(in US$ Thousand)
151000
146500 Sales
142000
137500
133000
2005 2007 2009

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EUROPE
A. MARKET ANALYSIS
Outlook
The European market for Absorption Chillers is estimated at US$43.73 million for 2013. Growing at
Overview of the Chillers Market in Europe

The market value of the chiller industry in the seven major regions of Europe (Germany, Italy,
France, United Kingdom, Russia, Spain and Greece) declined during 2008-2009. In 2010, this value
further declined primarily owing to the harsh consequences of recession that severely impacted the
overall air conditioning industry in Europe. With greater emphasis placed on systems that offer
energy and performance efficiencies along with reduced toxic emissions, manufacturers are
consistently focusing efforts on developing equipment that satisfy these requirements.
The Absorption chillers segment has witnessed low adoption rates in Europe and despite the
number of initiatives taken by the energy industry and government; the sector has not made much
progress. The absorption chiller market in Europe comprises of a large number of small unit
absorption chillers and a relatively smaller number of large absorption chillers. Large-scale
absorption chillers constitute a greater part of the newly installed capacity and use waste heat
generated from a CHP systems. Smaller absorption chiller units are used when procurement of
electric supply for vapor compression chillers is extremely difficult and expensive.
Growing Focus on Environmental Protection Drives Demand for Solar Powered

Absorption Chillers
Growing focus on environmental protection is driving significant focus on absorption chillers in the
European region, particularly solar powered absorption chillers for use in cooling systems. With fast
dwindling fossil fuel resources, the demand for alternative energy powered industrial equipment,
including absorption chillers are growing in prominence. Solar power based cooling systems have
found tremendous acceptance in Europe with its installed base in the region accounting for 87% in
the global installed base. Spain, Germany, Italy and Austria have significant contributors to adoption
of solar powered cooling systems in the region.

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Some Significant Market Statistics
TABLE 19: Installed Base of Solar Cooling Systems in the World and European
Markets: Breakdown of Number of Units for the Years 2004, 2007, 2009 & 2011
Region 2004 2007 2009 2011

Europe 48 202 415 2,932
Global 60 250 468 3,361
3720
3100
2480
(in Units)
Europe
1860
Global
1240
620
0
2004 2007 2009 2011
TABLE 20: EU Solar Cooling Market (2012); Percentage Breakdown of Installations

in Units by Country/Region
Country % Share 2.32

Spain 46.06 3.45 3.61
Germany 17.64 6.42 Spain
Italy 12.10 8.4 Germany
46.06 Italy
Austria 8.40
Austria
France 6.42 France
Portugal 3.45 12.1
Portugal
Greece 2.32 Greece
Other EU Countries 3.61 Other EU Countries
Total 100.00 17.64

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TABLE 21: Proportion of Sales of Absorption Chillers (in Total kW) in the EU
for the Year 2012 by Rating
Proportion
Rating Proportion of Sales
of Sales
<17.5 kW 0.07 <17.5
17.6-50
17.6-50 kW 0.03 51-100
51-100 kW 0.18 101-200
101-200 kW 0.03 201-350
351-500
201-350 kW 0.04
501-700
351-500 kW 0.13 701-900
501-700 kW 0.06 >901
701-900 kW 0.1 0 0.07 0.14 0.21 0.28 0.35 0.42
>901 kW 0.4 (in kW)
TABLE 22: European Chiller Market (2011): Regional Breakdown of Prices

(in Euros) by Capacity (in kW)
Capacity <100kW 100-350 kW >350 kW

France 172 125 80
Germany 200 125 85
Greece 195 95 80
Italy 120 95 75
Spain 175 115 50
UK 180 125 75
France
Germany
Greece
<100kW
Italy 100-350 kW
Spain >350 kW
UK
30 60 90 120 150 180 210

(in Euros)

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B. MARKET ANALYTICS
TABLE 23: European Recent Past, Current & Future Analysis for Absorption Chillers by
Geographic Region - France, Germany, Italy, UK, Spain, Russia and Rest of Europe
Independently Analyzed with Annual Sales Figures in US$ Thousand
for Years 2010 through 2018
Region/Country 2010 2011 2012 2013 2014 2015 2016 2017 2018 % CAGR
France 6,509.52 6,614.97 6,706.92 6,778.01 6,883.75 7,024.18 7,203.30 7,418.68 7,608.60 1.97
Germany 10,253.86 10,440.48 10,608.57 10,741.18 10,927.00 11,141.17 11,446.44 11,802.42 12,126.99 2.12
Italy 9,538.96 9,684.91 9,785.63 9,732.79 9,652.01 9,706.06 9,788.56 9,963.78 10,180.99 0.82
UK 5,876.45 6,003.97 6,122.25 6,227.55 6,355.21 6,533.79 6,740.91 6,987.63 7,222.41 2.61
Spain 4,104.45 4,218.55 4,307.14 4,271.82 4,221.84 4,237.46 4,263.31 4,311.49 4,369.70 0.79
Russia 2,580.90 2,662.20 2,741.00 2,804.32 2,890.13 2,996.49 3,141.82 3,285.09 3,428.32 3.61
Rest of Europe 2,960.59 3,038.45 3,111.98 3,175.46 3,255.48 3,356.07 3,473.87 3,592.33 3,708.72 2.86
Total 41,824.73 42,663.53 43,383.49 43,731.13 44,185.42 44,995.22 46,058.21 47,361.42 48,645.73 1.91

Exchange rates used for standardizing data in this table are 1 US $ = 0.76 Euro, 0.62 British Pound and 30.50 Russian Rubles.
Countries analyzed under Rest of Europe include Austria, Belgium, Bulgaria, Czech Republic, Denmark, Finland, Greece, Hungary,
Ireland, The Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Sweden, Switzerland, and Turkey.
12580
11350
(in US$ Thousand)
10120 France
Germany
8890
Italy
7660 UK
6430
5200
2010 2012 2014 2016 2018

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TABLE 24: European Historic Review for Absorption Chillers by Geographic Region -
France, Germany, Italy, UK, Spain, Russia and Rest of Europe Markets Independently
Region/Country 2004 2005 2006 2007 2008 2009 % CAGR
France 5,745.30 6,552.52 7,271.99 7,739.58 7,186.20 6,448.90 2.34
Germany 10,289.74 11,852.75 13,307.08 14,265.19 12,648.94 10,129.27 -0.31
Italy 7,346.73 8,553.06 9,676.93 10,716.23 10,185.78 9,436.11 5.13
UK 5,498.89 6,242.89 6,956.45 7,524.10 6,782.22 5,780.49 1.00
Spain 4,309.43 4,941.62 5,569.70 6,073.76 5,300.57 4,031.08 -1.33
Russia 2,134.08 2,415.56 2,688.28 2,967.06 2,773.31 2,525.10 3.42
Rest of Europe 2,607.21 2,916.42 3,207.19 3,485.89 3,235.25 2,908.81 2.21
Total 37,931.38 43,474.82 48,677.62 52,771.81 48,112.27 41,259.76 1.70

Countries analyzed under Rest of Europe include Austria, Belgium, Bulgaria, Czech Republic, Denmark, Finland, Greece,
Hungary, Ireland, The Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Sweden, Switzerland, and Turkey.
15000
13250
(in US$ Thousand)
11500 France
Germany
9750
Italy
8000 UK
6250
4500
2005 2007 2009

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TABLE 25: European 15-Year Perspective for Absorption Chillers by Geographic

Region - Percentage Breakdown of Dollar Sales for France, Germany, Italy, UK,
Spain, Russia and Rest of Europe Markets for Years 2004, 2012 & 2018
Region/Country 2004 2012 2018

France 15.15 15.46 15.64
Germany 27.12 24.45 24.93
Italy 19.37 22.56 20.93
UK 14.50 14.11 14.85
Spain 11.36 9.93 8.98
Russia 5.63 6.32 7.05
Rest of Europe 6.87 7.17 7.62
Total 100.00 100.00 100.00
Countries analyzed under Rest of Europe include Austria, Belgium,
Bulgaria, Czech Republic, Denmark, Finland, Greece, Hungary, Ireland,
The Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Sweden,
Switzerland, and Turkey.
2004 2012 2018
6.87 15.15 7.17 15.46 7.62 15.64

5.63 6.32 7.05
11.36 9.93 8.98
14.85
14.5 14.11
24.45 24.93
27.12
19.37 22.56 20.93
France Germany Italy UK Spain Russia Rest of Europe

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France
A. MARKET ANALYSIS
Outlook
The French market for Absorption Chillers is estimated at US$6.78 million for 2013. Growing at a
Competition
Yazaki with a share of over 14% is the largest player in the French solar cooling market. Other
major players include Broad, Thermax, LG and Ebara among others.
TABLE 26: Leading Players in the French Solar Cooling Market (2012): Percentage
Breakdown by Number of Installations for Yazaki and Others*
Player % Share 14.11
Yazaki 14.11
Yazaki
Others
Others* 85.90
Total 100.00 85.9
(*) Includes Broad, Thermax, LG and Ebara among others

CH670530413AC
B. MARKET ANALYTICS
TABLE 27: French Recent Past, Current & Future Analysis for Absorption Chillers
Year 2010 2011 2012 2013 2014 2015 2016 2017 2018 % CAGR
Sales 6,509.52 6,614.97 6,706.92 6,778.01 6,883.75 7,024.18 7,203.30 7,418.68 7,608.60 1.97

Exchange rate used for standardizing data in this table is 1 US $ = 0.76 Euro.
7720
7500
(in US$ Thousand)
7280
7060 Sales
6840
6620
6400
2010 2012 2014 2016 2018

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TABLE 28: French Historic Review for Absorption Chillers Analyzed with Annual
Year 2004 2005 2006 2007 2008 2009 % CAGR

Sales 5,745.30 6,552.52 7,271.99 7,739.58 7,186.20 6,448.90 2.34
7860
7600
(in US$ Thousand)
7340
7080 Sales
6820
6560
6300
2005 2007 2009

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Germany
A. MARKET ANALYSIS
Outlook
The German market for Absorption Chillers is estimated at US$10.74 million for 2013. Growing at a
TABLE 29: German Solar Driven Chillers Market (2012): Percentage Breakdown of
Market Share by Type
Type % Share 2.81

13.44
Absorption Chillers 69.58
14.17 Absorption Chillers
Adsorption Chillers 14.17
Adsorption Chillers
DEC Systems 13.44 DEC Systems
LDAC Systems
LDAC Systems 2.81
69.58
Total 100.00
KEY PLAYERS
EAW Energieanlagenbau GmbH

EAW Energieanlagenbau GmbH, is one of the leading manufacturers of solar cooling devices,
Small-scale combined heat and power for the fuel oil, natural gas, LPG or biogas, and complete
solutions in the field of combined heat and cold combination.
In 1995, EAW Energieanlagenbau GmbH developed and produced low power range combined heat
and power units. In 2003, the company developed and introduced its first small absorption chiller
with 15 kW. The company expanded its absorption chiller range with the introduction of 30 kW
absorption chiller in 2005. The year 2008, marks the development and production of the first marine
absorption chiller. In 2009, EAW Energieanlagenbau GmbH became the founding member of
Association for Sorptionskälte GREEN CHILLER. In November 2012, an European community
trademark registration was filed for EAW by EAW Energieanlagenbau GmbH Oberes Tor 106,
Westenfeld DE 98631.
The Fischer Group

The Fischer Group, established in 1969, is one of the major global suppliers of tubes and
components made of stainless steel and specialty alloys. The company operates through five
business segments, fischer Edelstahlrohre, fischer Rohrtechnik, fischer Hydroforming, fischer

CH670530413AC
Maschinentechnik and fischer eco solutions. The company offers absorption chiller units under
fischer eco solutions. The company’s fischer eco solutions business unit is engaged in the
production of Core competence corrosion resistance, Heat exchangers, Seawater desalination,
Absorption refrigeration machines and Trigeneration among others. As of July 2012, the company
operates across 8 countries across the world through 20 international subsidiaries.
SolarNext AG
SolarNext AG, established in 2006, is a wholly owned subsidiary of Hightex Group. The company is
mainly engaged in the development of solar/ thermal cooling & heating systems. The company
operates in two business areas Intelligent Envelopes and Solar Cooling & Heating. The company’s
products include chillii® Cooling Kits, chillii® Adsorption Kits, chillii® Absorption Kits – LiBr, chillii®
Absorption Kits - NH3 and chillii® System Controlle among others. The company’s thermal cooling
systems find application across Public institutions, Shopping malls, Hospitals, Administration
buildings, Banks, Hotels, Office buildings, Residential homes and other sectors.
B. MARKET ANALYTICS
TABLE 30: Germany Recent Past, Current & Future Analysis for Absorption Chillers
Year 2010 2011 2012 2013 2014 2015 2016 2017 2018 % CAGR
Sales 10,253.86 10,440.48 10,608.57 10,741.18 10,927.00 11,141.17 11,446.44 11,802.42 12,126.99 2.12

12330
11950
(in US$ Thousand)
11570
11190 Sales
10810
10430
10050
2010 2012 2014 2016 2018

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TABLE 31: Germany Historic Review for Absorption Chillers Analyzed with Annual
Year 2004 2005 2006 2007 2008 2009 % CAGR

Sales 10,289.74 11,852.75 13,307.08 14,265.19 12,648.94 10,129.27 -0.31
14780
13950
(in US$ Thousand)
13120
12290 Sales
11460
10630
9800
2005 2007 2009

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Italy
A. MARKET ANALYSIS
Outlook
The Italian market for Absorption Chillers is estimated at US$9.73 million for 2013. Growing at a
SELECT KEY PLAYERS
Climaveneta SpA
Climaveneta SpA, a subsidiary of De' Longhi Professional S.A, is one of the leading manufacturing
firms in Italy. The company designs, produces and distributes climate control systems such as heat
pumps and chiller systems with capacities ranging from 1kW to 3000kW for process and comfort
cooling purposes. Climaventa is one of the largest Italian producers of cooling/heating equipment
for use in industrial, residential and commercial air conditioning systems. Other product offerings
from the company include close control units, free-cooling chillers, close control inverter units,
telecom units, commercial hydraulic units, including medium and large air and water cooled chillers,
and reversible heating and cooling units; units for simultaneous heating and cooling; commercial
roof-top units; heat pumps for water loop systems; air handling units; condensing units and
condenserless chillers. The company’s products find applications in the international and national
retail operations, airports, residential and office buildings, industrial process, sport structures,
schools/universities, multiplex cinemas, theatres, hotels and resorts, museums,
telecommunications, data centers, healthcare/hospitals, fairs, military, naval and institutions. For
quality assurance requirements, the company employs the UNI ENI ISO 9001 and UNI ENI ISO
9001 - Vision 2000 systems. The company supplies its products in France, China, Poland, Spain,
Germany and other international markets through its extensive sales and distribution network. The
company was established in 1971.
Robur Group
Robur Group, produces and distributes eco-friendly and energy efficient natural gas powered
absorption chillers and chiller-heaters. The company specializes in the production of gas-fired
central air conditioners (chillers) with low electricity consumption for light industrial, commercial and
residential applications. The company’s product line PRO GA Line of gas-fired absorption chillers
and chiller-heaters, including GA Line ACF Series HR version and GA Line ACF - RTCF Series.
Other products included in company’s portfolio are gas absorption heat pumps under the GAHP
LINE; Gas-fired floor standing boiler under AY LINE; and wall heaters.
Founded in 1956, the company has sales networks across Europe, America, Asia, Africa and
Oceana.

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B. MARKET ANALYTICS
TABLE 32: Italian Recent Past, Current & Future Analysis for Absorption Chillers
Year 2010 2011 2012 2013 2014 2015 2016 2017 2018 % CAGR
Sales 9,538.96 9,684.91 9,785.63 9,732.79 9,652.01 9,706.06 9,788.56 9,963.78 10,180.99 0.82

10260
10130
(in US$ Thousand)
10000
9870 Sales
9740
9610
9480
2010 2012 2014 2016 2018

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TABLE 33: Italian Historic Review for Absorption Chillers Analyzed with Annual Sales
Year 2004 2005 2006 2007 2008 2009 % CAGR

Sales 7,346.73 8,553.06 9,676.93 10,716.23 10,185.78 9,436.11 5.13
10920
10500
(in US$ Thousand)
10080
9660 Sales
9240
8820
8400
2005 2007 2009

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The United Kingdom
A. MARKET ANALYSIS
Outlook
The UK market for Absorption Chillers is estimated at US$6.22 million for 2013. Growing at a
PRODUCT LAUNCHES
2012
Advanced Ergonomic Technologies Introduces SAB-DF Chillers

Advanced Ergonomic Technologies Ltd. (AET) introduced SAB-DF, the direct-gas-fired absorption
chillers for supplying hot and chilled water as per the building's requirements. The chillers utilize
an advanced flow system to cool water for offering a large temperature differential on the cooling -
water and chilled-water circuits. The chillers exhibit a touchscreen for displaying fault indication
and operational status, in addition to a microprocessor controller. The large temperature
differentials facilitates in saving costs and space owing to reduction in pipe sizes; and energy
usage by the heat-rejection fan and circulating pump. The newly introduced chillers are cost-
efficient for operation and installation.
The new SAB-DF chillers are offered with flow/return temperatures of 7/12°C and 7/15°C. AET
introduced 17 high-efficiency chillers with cooling capacities ranging from 420 kW-3520 kW; heating
in the range of 380 kW-3160 kW; and 1.35 COP. Furthermore, the standard-efficiency chillers
feature cooling capacities ranging from 420 kW-4400 kW; heating in the range of 380 kW-3950 kW;
and 1.2 COP.
Advanced Ergonomic Technologies Introduces SAB-HW Series Absorption Chillers

Advanced Ergonomic Technologies Ltd. introduced SAB-HW Series, a line of hot water driven
absorption chillers that utilizes solar generated or waste heat to generate cooling. The new eco-
friendly chillers generate cooling through three methods including waste heat from an industrial
process, solar thermal installation, as well as combined heat and power plant. The newly introduced
range is offered with cooling capacities in the range of 52kW-3516kW. The chillers exhibit a
continuous operating range of 100%-10% of rated capacity and the overall sound level is estimated
at 75dBA. The chillers are incorporated with an efficient corrosion inhibitor that provides protection
against internal corrosion developed from the lithium bromide solution, which is utilized to absorb
water vapor during the absorption cycle.
SAB-HW Series features a CE compliant factory-equipped microprocessor control panel, as well as
a touch screen display for fault indication and operational status. The chillers utilize water in the

CH670530413AC
form of refrigerant in place of ozone depleting HCFCs/CFCs. The chillers feature low vibration and
noise levels, enabling the installation of the units on the building's upper floors and near to occupied
spaces. The chillers facilitate in reducing energy costs, and are suitable for commercial cooling
applications, as well as majority of comfort manufacturing and cooling applications. Furthermore, the
range is offered exclusively by the company in the Middle East and Europe.
STRATEGIC CORPORATE DEVELOPMENT
2012
FireChill Secures Supply Contract from Water from the Air

FireChill Ltd., a worldwide green cooling company, secured a five-year exclusive global supply
contract from Water from the Air Pty Limited (WfA), an Australia-based water-making company. The
A$15 million contract includes the installation of two ALT500 chillers at an Australian Government
Education Institution in Riverina, New South Wales. The chillers utilize large-scale condensers,
capable of producing up to 0.5 million liters of water per year, for extracting water from air.
Additionally, installation of chillers would offer electricity and reverse cycle air conditioning, powered
by Capstone C65 Microturbine. The ultra low-cost system from FireChill, consumes waste heat from
the turbine to power the sorption chillers and produce cooling. The commercially suitable and eco-
friendly system would facilitate expansion of market for FireChill and WfA. FireChill’s unique
technology would be launched in Australia and is expected to deliver minimum A$3 million revenues
by the year 2015.

CH670530413AC
B. MARKET ANALYTICS
TABLE 34: UK Recent Past, Current & Future Analysis for Absorption Chillers Analyzed
with Annual Sales Figures in US$ Thousand for Years 2010 through 2018
Year 2010 2011 2012 2013 2014 2015 2016 2017 2018 % CAGR
Sales 5,876.45 6,003.97 6,122.25 6,227.55 6,355.21 6,533.79 6,740.91 6,987.63 7,222.41 2.61

Exchange rate used for standardizing data in this table is 1 US $ = 0.62 British Pound.
7370
7100
(in US$ Thousand)
6830
6560 Sales
6290
6020
5750
2010 2012 2014 2016 2018

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TABLE 35: UK Historic Review for Absorption Chillers Analyzed with Annual Sales
Year 2004 2005 2006 2007 2008 2009 % CAGR

Sales 5,498.89 6,242.89 6,956.45 7,524.10 6,782.22 5,780.49 1.00
7700
7350
(in US$ Thousand)
7000
6650 Sales
6300
5950
5600
2005 2007 2009

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Spain
A. MARKET ANALYSIS
Outlook
The Spanish market for Absorption Chillers is estimated at US$4.27 million for 2013. Growing at a
B. MARKET ANALYTICS
TABLE 36: Spanish Recent Past, Current & Future Analysis for Absorption Chillers
Year 2010 2011 2012 2013 2014 2015 2016 2017 2018 % CAGR
Sales 4,104.45 4,218.55 4,307.14 4,271.82 4,221.84 4,237.46 4,263.31 4,311.49 4,369.70 0.79

4398
4345
(in US$ Thousand)
4292
4239 Sales
4186
4133
4080
2010 2012 2014 2016 2018

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TABLE 37: Spanish Historic Review for Absorption Chillers Analyzed with Annual
Year 2004 2005 2006 2007 2008 2009 % CAGR

Sales 4,309.43 4,941.62 5,569.70 6,073.76 5,300.57 4,031.08 -1.33
6200
5800
(in US$ Thousand)
5400
5000 Sales
4600
4200
3800
2005 2007 2009

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Russia
MARKET ANALYSIS
The Russian market for Absorption Chillers is estimated at US$2.8 million in 2013. Growing at a
compounded annual rate of 3.6% over the analysis period 2010-2018, the market is likely to exceed
US$3.42 million by 2018.
TABLE 38: Russian Recent Past, Current & Future Analysis for Absorption Chillers
Year 2010 2011 2012 2013 2014 2015 2016 2017 2018 % CAGR
Sales 2,580.90 2,662.20 2,741.00 2,804.32 2,890.13 2,996.49 3,141.82 3,285.09 3,428.32 3.61

Exchange rate used for standardizing data in this table is 1 US $ = 30.50 Russian Rubles.
3520
3350
(in US$ Thousand)
3180
3010 Sales
2840
2670
2500
2010 2012 2014 2016 2018

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TABLE 39: Russian Historic Review for Absorption Chillers Analyzed with Annual
Year 2004 2005 2006 2007 2008 2009 % CAGR

Sales 2,134.08 2,415.56 2,688.28 2,967.06 2,773.31 2,525.10 3.42
3010
2900
(in US$ Thousand)
2790
2680 Sales
2570
2460
2350
2005 2007 2009

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Rest of Europe
A. MARKET ANALYSIS
Outlook
The Rest of Europe market for Absorption Chillers is estimated at US$3.17 million for 2013.
Growing at a compounded annual rate of 2.86% over the analysis period 2010-2018, the market is
likely to exceed US$3.7 million by 2018.
PRODUCT LAUNCH
2011
New Energy Transfer Launches Shuangliang Eco Energy Systems Absorption Chillers
New Energy Transfer SA launched Shuangliang Eco Energy Systems absorption chillers for district
heating networks. The newly launched chillers offer low temperature of hot water at a level of 60ºC
returning to the network without affecting cooling capacity production efficiency.
B. MARKET ANALYTICS
TABLE 40: Rest of European Recent Past, Current & Future Analysis for Absorption
Chillers Analyzed with Annual Sales Figures in US$ Thousand
Year 2010 2011 2012 2013 2014 2015 2016 2017 2018 % CAGR
Sales 2,960.59 3,038.45 3,111.98 3,175.46 3,255.48 3,356.07 3,473.87 3,592.33 3,708.72 2.86
Countries analyzed under Rest of Europe include Austria, Belgium, Bulgaria, Czech Republic, Denmark, Finland, Greece, Hungary,
Ireland, The Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Sweden, Switzerland, and Turkey.
3800
3650
(in US$ Thousand)
3500
3350 Sales
3200
3050
2900
2010 2012 2014 2016 2018

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TABLE 41: Rest of European Historic Review for Absorption Chillers Analyzed with
Year 2004 2005 2006 2007 2008 2009 % CAGR

Sales 2,607.21 2,916.42 3,207.19 3,485.89 3,235.25 2,908.81 2.21
Countries analyzed under Rest of Europe include Austria, Belgium, Bulgaria, Czech Republic, Denmark, Finland, Greece,
Hungary, Ireland, The Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Sweden, Switzerland, and Turkey.
3540
3425
(in US$ Thousand)
3310
3195 Sales
3080
2965
2850
2005 2007 2009

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ASIA-PACIFIC
A. MARKET ANALYSIS
Outlook
The Asia-Pacific market for Absorption Chillers is estimated at US$456 million for 2013. Growing at
Brief Overview of Select Markets
China
The Chinese market for absorption chillers continues to find significant growth opportunities for
absorption chillers, thanks to strong industrialization and commercial construction activity in the
region. The market for absorption chillers continues to benefit from inadequate electric supply as a
result of increasing electricity consumption in the region. The Chinese government also promoted
the concept of absorption chillers as a means of resolving power supply issues. Absorption chillers
also gained attention due to the nation conforming to the Montreal Protocol to protect ozone layer.
Demand for simple, reliable and durable chiller machines resulted in the wide-scale replacement of
electric chillers with absorption chillers, principally direct-fired chillers. Consequently, China
witnessed installation of several thousand absorption chillers, with the number increasing
consistently every year. In the recent years, China has transformed into one of the leading markets
for absorption chillers globally.
In the last couple of years, demand for absorption chillers has been slowing down a little bit, given
that the nation has been following the footsteps of Western counterparts by giving more prominence
to performance benefits than environment or energy conservation. Given the price sensitivity of the
Chinese market, absorption chillers are slowly losing out to other cheaper alternatives. Market share
for absorption chillers in China declined in excess to 1.85% in 2011 compared to the previous year.
This decline in the absorption chiller market can also be attributed to its lack of acceptance in the
civil and commercial sectors. Considerable competition in the market led to the price reduction of
absorption chillers.

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TABLE 42: Chillers Market in China (2011 & 2012): Percentage Breakdown of Market
Share in Value Terms by Type - Screw Chillers, Centrifugal Chillers,
Absorption Chillers and Scroll/Reciprocating Chillers
Type % Share (2011) % Share (2012)

Screw Chillers 39.20 40.50
Centrifugal Chillers 26.73 25.43
Absorption Chillers 18.21 17.56
Scroll/Reciprocating Chillers 15.86 16.51
Total 100.00 100.00
2011 2012
15.86 16.51
39.2
40.5
18.21 Screw Chillers 17.56
Absorption Chillers
Scroll/Reciprocating Chillers
26.73 25.43
India
Overview of the Chillers Market

The chiller market in India is gaining momentum with rapid developments taking place in the
infrastructure sector, primarily new construction activities such as airports, commercial centers, food
stores and hotels, as well as renovations and expansion of existing structures. In line with this trend,
the market witnessed demand for large capacity absorption chillers, and currently both domestic
and international manufacturers are striving to meet burgeoning requirements.
Industrial Sector Drives Demand for Absorption Chillers

Recession had a widespread impact on almost all segments, globally. However, amidst strong
domestic demand for absorption chillers, India endured the economic slowdown and thus
impacting optimistic growth prospects to the least. Prior to the global economic crunch, all
developments in the country were mainly focused on infrastructure. Post the global economic
crunch, the spotlight shifted to the industrial sector. The economic slowdown helped to shift
balance from infrastructure to various industrial segments. Companies began to invest heavily in
the power and steel businesses. A large number of global automobile giants such as Skoda,

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Daimler, Tata Motors, Volkswagen and Fiat that require large ventilation and air conditioning
systems have set up manufacturing facilities in the country. Increase in demand for sustainable
cooling and refrigeration solutions due to electricity supply shortages gave way to innovative
technologies such as absorption chillers. Simultaneously, use of absorption chillers in the industrial
sectors is also catching pace and over 80% of this demand is emanating from refineries, chemical
and pharmaceutical industries. Boom in healthcare, airport renovation, information technology (IT),
hospitality, metro rail projects and cold chain sectors is also likely to benefit the Indian absorption
chillers market. Emergence of new five star hotel projects, explosive growth in the hospital and
pharma sectors, and development of newer humidity-control equipments to prevent rotting of
vegetables and other food products, and easy transportation in the domestic food industry are
factors driving growth of Indian absorption chillers market. Recovery of the residential sector, real
estate developments emphasizing on the need for green buildings and in addition to several LEED-
certified projects mushrooming across the country have opened up new avenues for the domestic
absorption chillers market. Adoption of LEED-certified construction standards and rising awareness
among consumers towards saving energy, for instance use of absorption chillers that are free from
CFCs and other harmful gases, for cooling and refrigeration purposes is anticipated to reduce
consumption of non-renewable energy.
Competition
TABLE 43: Leading Players in the Indian Absorption Chillers Market (2011):
Percentage Breakdown of Market Share for Thermax and Voltas
16.7
Player % Share
Thermax 83.30 Thermax

Voltas
Voltas 16.70
Total 100.00
83.3
Korea
The Korean market is traditionally one of the largest markets for absorption chillers after China and
Japan in the world. In 2006, the governmental energy usage diversification initiatives towards
alternative solutions propelled sales of oil or gas absorption chillers.
However, in 2008, demand for absorption chiller market declined due to lower efficiency rates and
the upward trend in gas prices. In order to overcome such challenges suitable R&D programs were
initiated, directed at the improvement of equipment performance and efficiency. Also, governmental
policies such as: financial aid for chiller purchase, related tax exemptions and reductions,
compulsory installations in new buildings and distribution of gas at low rates, among other
measures, were introduced for promotion of chillers.

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TABLE 44: Korean Chiller Market (2012) - Percentage Breakdown of Unit Sales by
Chiller Segments - Positive Displacement, Centrifugal Chillers and Absorption Chillers

Positive Displacement
Centrifugal Chillers 14.63
Absorption Chillers Absorption Chillers (>350 KW)
35.22
(>350 KW) 50.15
Total 100.00 14.63
* Positive Displacement chillers include reciprocating, screw and scroll chillers)
Australia
Demand for chillers in Australia to a large extent is dependent on growth of construction sector. The
Australian market registered a surge in demand for large chillers following a boom in the
construction industry that continued to grow through 2007. Screw, scroll, centrifugal and
reciprocating chillers accounted for a lion’s share, whereas absorption chillers garner a very small
share in the Australian chillers market. Of the various types of chillers available, air-cooling systems
enjoy the highest demand in Australia due to the dry climatic conditions.
The Minimum Energy Performance Standard (MEPS) was introduced in Australia in the year 2008,
as ‘energy efficiency’ was increasingly becoming a prime factor influencing purchase decisions in
regard to chillers. Consequently, manufacturers are undertaking initiatives aimed at developing and
producing highly efficiency chillers.
What Led to the Popularity of Absorption Chillers in Australia?

Changing climatic conditions and deficit in electrical supply along with a host of others factors have
emphasized on the significance of absorption chillers as a major component of the air conditioning
market in Australia. A large number of institutions and buildings with limited electricity supply are
also replacing outdated equipment with centrifugal chillers. These chillers can be fired using steam,
hot water, gas and oil that are capable of operating with chilled water temperatures as low as zero
degrees Celsius.
Taiwan
In 2009, the Taiwanese chiller market contracted by 30%, as compared to the market in 2008 due to
the adverse effects of recession. Sales stood at 8,000 units, with scroll chillers contributing to about
80% and screw chillers accounting for the remaining 20% of the total volume sales. As the economy
witnessed signs of recovery in 2010, demand for chillers increased by 20% in the first half of the
year, compared with the corresponding period in 2009.

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The absorption chiller market in Taiwan has been witnessing low demand with only nominal unit
sales per annum. Despite government efforts to promote the use of these chillers to reduce burden
on electricity grids, the demand for absorption chillers continues to remain weak.
Thailand
The market for energy production in Thailand is witnessing a new trend as private players are
venturing into the scenario and setting up low capacity power plants. A favorable regulatory
scenario that does not mandate preparation of Environmental Impact Assessment (EIA) has made
establishment of electricity generation plants below the 10 MW capacity range feasible. This in turn
is opening up opportunities for cogeneration units as they can utilize recovered waste heat from gas
turbines to produce cooling. In the near term therefore, with the widespread usage of absorption
chillers in these facilities, the demand for absorption chillers is expected to gain momentum.
Pakistan
Inconsistent electricity supply, frequent outages and high prices are factors hindering the effective
functioning of mechanical chillers, thereby discouraging their use in the country. However, over the
last few years, availability of natural gas at relatively cheaper rates is promoting use of gas-fired
absorption chillers and ultimately driving demand in the market.
PRODUCT LAUNCHES
2011
AE Smith Designs and Constructs Double Effect Direct Gas Fired Absorption
AE Smith Construction (AE Smith), based Melbourne, Australia, designed and constructed the first
double effect direct gas fired absorption chillers. The company’s expertise in integrating designing,
installing and commissioning would enable efficient deployment of the solar cooled absorption
system, wherein roof mounted evacuated solar collectors would heat water and operate as a major
source of energy for the absorption chiller. Installation also features a large high efficiency electric
screw chiller. The designing, installing and commissioning of new chilled water distribution channel,
and central chiller plant would enable the linkage of several existing buildings into a single chilled
water channel. The new central plant would address the requirement of maximum carbon reduction,
energy efficiency and cooling demand. The new plant exhibits flexible pumping operation and
control; as well as efficient and accurate chiller sequencing.
2010
Jiangsu Shuangliang Launches Triple Effect Absorption Chiller

Jiangsu ShuangLiang Air-conditioning Equipment Co. LTD launched a new triple effect lithium
bromide, direct-fired absorption chiller. The system, which has a COP of 1.71, is the first of its kind
in China exceeding the country’s COP standards by 55%.

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2012
Yantai Moon Group Acquires Controlling Stake in Dunham-Bush Group

Yantai Moon Group (Hong Kong) Limited, a unit of Yantai Moon Group, acquired controlling stake in
Dunham-Bush Group, its joint venture partner in China. The deal would integrate expertise of both
Yantai Moon Group and Dunham-Bush Group, and enable the companies to continue offering
innovative products and services to the customers.
Yantai Moon Group (Hong Kong) Limited manufactures HVAC products such as cold storage,
freezers and low temperature chillers.
Thermax Inks Agreement with Trane

Thermax Ltd. inked an exclusive agreement with Trane, Inc. As per the terms of the agreement,
Trane would be engaged in distributing, marketing and servicing Thermax standard steam-fired and
hot water absorption chillers through its sales offices in Western Europe, including Switzerland,
Austria, Germany, Italy, Belgium, the Netherlands, Ireland, France and Luxemburg. Trane would
also offer sales and services for Thermax chillers in the UK and Spain on a non-exclusive basis
according to the agreement. The deal would enable Trane to offer sustainable solutions, thereby
addressing an extensive array of applications and customers requirements.
Thermax Ltd., based at Pune in India, manages four manufacturing plants, 12 sales and service
offices, in addition to 19 offices across the globe.
2011
LG Electronics Takes Over LS Mtron’s Air Conditioning Business

LG Electronics (LG) took over air conditioning business from LS Mtron Ltd. for a consideration
valued at US$134.4 million. The acquisition was aimed at improving LG's capabilities in the large-
size systems and chillers segment. LG also voiced intentions to fortify the company's international
business and investments in the air conditioning sector.
LS Mtron Air Conditioning Division is engaged in the development and manufacture of ventilation,
heating and air-conditioning products. The division provides GHP and plant engineering/nuclear
power plant products, as well as screw, absorption, and centrifugal chillers.
Johnsons Controls Inks Agreement with Shuangliang Eco-energy Systems

Johnsons Controls inked an agreement with Shuangliang Eco-energy Systems (Shuangliang)
for providing absorption chillers in Latin America and Middle East. The integration of the
complementary proficiencies of the companies would enable expansion of their absorption
chiller business.

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AE Smith Installs Novel Absorption Chiller at University of Melbourne

AE Smith Construction (AE Smith), based in Melbourne, Australia, designed and installed a first-of-
its-kind double effect direct-fired gas absorption chiller at the Southbank Campus of the University
of Melbourne.
The custom-made construction includes a novel plant for central chilling and a network for
distributing chilled water that strategically links several buildings across the campus. The new
installation, that has a total output of two mega watts, comprises of absorption chillers and an
electric screw chiller. The efficient sequencing of the chillers and flexible pumping systems combine
to offer carbon reduction and energy efficiency. Utilizing the company’s expertise, necessary
infrastructure has also been set up to facilitate installation of a solar driven absorption chiller.
Shuangliang and Johnsons Controls Enter Into Distribution Agreement

Shuangliang Ecoenergy Systems (Shuangliang), based in China, and Johnsons Controls (JCI),
entered into an agreement to distribute absorption chillers in the Latin American and Middle East
markets. The agreement enables the two companies to capitalize on their capabilities for enhancing
their absorption chiller businesses.
2010
Rooty Hill Establishes Trigeneration Plant

Rooty Hill RSL, with an investment of $4.5 million established a trigeneration facility that would be
put into operation during peak times and blackouts. The trigeneration plant incorporates an
absorption chiller along with heat exchangers and a 1000-kilowatt gas fired generator. The plant
that simultaneously generates electricity, cooling and heating is expected to reduce carbon
emissions by 50%, while enhancing energy efficiency. Rooty Hill RSL is a club located in Australia
LS Mtron Bags Major Absorption Chiller Project

LS Mtron Limited, a Korean based company supplied absorption chillers to The Huirong
international project in Chengdu, China, which has an overall constructed area of 150,000 m2. The
supplied chillers with a total of 13 million kcal cooling capacity, including 2 chillers each having 5-
million kcal capacity, is the biggest project for the company.
Thermax and Lambion Energy Solutions Ink Technology License Agreement

Thermax Limited signed a technology license agreement with Lambion Energy Solutions, under
which Thermax will gain license to use combustion systems to generate energy from biomass. The
systems which are licensed for 5 years, will be incorporated in heaters and boilers that have heat
output range of 4 MW-30 MW. The agreement will provide Thermax the exclusive right to distribute
the advanced technology equipped heating systems in India as well as in the SARC countries.
Additionally, the agreement will further strengthen the company’s position in the green energy
market with the sophisticated and environmental friendly energy generation systems. Thermax will
also gain a stronghold in terms of competition from its US and European counterparts both in
domestic and international markets.

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Themax Limited, based in India, is a leader in providing eco-friendly and energy efficient systems
and solutions such as water and waste management systems, captive power, cooling and heating
equipment, and chemicals and air pollution control systems.
Lambion Energy Solutions, a Germany based company, specializes in the construction and
operation of combustion plants that are powered by waste material, solid fuel and biomass
substances.
SELECT KEY PLAYERS
Broad Air Conditioning Co Ltd (China)

Broad Air Conditioning Co Ltd., a Beijing, China-based privately managed company, provides non-
mechanical air conditioning systems including direct fired absorption chillers, outdoor package units,
CHP systems, vacuum heating boilers, indirect fired absorption chillers and villa gas air
conditioners. All air conditioning products from the company, including heat recovery fresh air units,
indoor units and air purifiers incorporate edge-cutting technologies that can completely eradicate air
pollution. The company also has expertise in the production of lithium bromide-water absorption
chillers or heaters. Main product line under the absorption chillers market include, Indirect-Fired
Absorption Chiller (single-stage or two-stage), (IFA), Gas / Oil Direct-Fired Absorption Chiller/Heater
(DFA), Cooling, Heating and Power System combines (CHP) and others. Broad air conditioning has
also developed a non-electric air conditioning system that uses fuels for cooling and heating instead
of using electric chillers. The company also supplies non-electric air conditioning product in more
than 70 countries. Some of the product offerings from the company include BROAD Central Air
Conditioning, BROAD Central Air Conditioning Chiller, BROAD Central Air Conditioning Terminal,
BROAD FRESH AIR MACHINE, BROAD Motor Valve, BROAD Heat Meter, BROAD Pumpset,
BROAD X Vacuum Boiler, BROAD Air Purifier, BROAD Sustainable Building and others. All the
company’s products carry a CE mark and are ISO 14001 and ETL certified.
Incorporated in the year 1988, Broad Air Conditioning operates through 30 distributors located
globally, along with 20 sales and service units within China.
Century Corporation (Korea)

Century Corporation (formerly known as Finetec Century Co. Ltd.) is a leading Korean company
engaged in offering advanced air conditioning and refrigeration solutions including high
efficiency absorption chillers. The company has about 40 years experience in these fields and
provides solutions to sectors such as nuclear power plants, industrial/s hipping sectors, and
cooler/heater segments. Some of the main absorption chiller products of the company include
Water Chiller - Screw Chiller (SR) and Water Chiller - Absorption Chiller (AR). Other products
included in the company portfolio are air conditioning, Nuclear HVAC, Air Handling Unit and
Marine Type Air Conditioners.
Century’s AR Chiller is a Single-effect Absorption Chiller that features a small-sized, lightweight and
economical design. The product also features high level of vacuum technology and welding
technology that ensures a perfectly leakage proof design.
In 2009, Finetec Century Corporation underwent a name change to Century Corporation.

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Ebara (Thailand) Limited (Thailand)

Ebara (Thailand) Limited, a part of the EBARA Corporation, established in the year 1993 in
Thailand, is a subsidiary of Ebara Corporation and is engaged in sale and engineering of Ebara
products & technologies. The company offers a variety of chillers including screw chillers,
absorption chillers, heaters, and centrifugal chillers. Ebara Corporation also manufactures pumps,
refrigeration equipment, fans blowers, turbines, and compressors.
LG Air Conditioning (Shandong) Co., Ltd. (China)

LG Air Conditioning (Shandong) Co., Ltd., a wholly owned subsidiary of the LG Group, is engaged
in the production of central, commercial and home air conditioning equipment. The company’s
product portfolio comprises Direct-fired lithium bromide absorption chiller machine, Steam lithium
bromide absorption chiller, Hot water-lithium bromide absorption chiller, screw machine chillers, Ice
storage centrifugal chillers, Air-cooled screw chiller, centrifugal chillers, Air handling units, Fan coil
units, Air-cooled scroll chiller, heat pump products, multi-line and air-conditioning products. LG air
conditioning is the company’s production facility in China and also operates service center and parts
supply center. The company sells its products across the global markets.
Shuangliang Eco-Energy Systems Co., Ltd. (China)

Shuangliang Eco-Energy Systems Company Ltd.(Formerly known as Jiangsu Shuangliang Air
Conditioning Equipment Co. Ltd), a wholly owned subsidiary of Shuangliang Group, located in
China is a leading producer of a wide range of energy saving absorption chillers, particularly lithium
bromide units. The company provides eco-friendly solutions through its heat pumps, absorption
chillers, seawater desalination units and air-cooled condensers that utilize waste heat and also
lower the consumption of fresh water. Major absorption chiller range of the company includes direct-
fired lithium bromide absorption chiller, steam operated lithium bromide absorption chiller, flue gas
operated lithium bromide absorption chiller, lithium bromide absorption heat pump and hot water
operated lithium bromide absorption chillers. Other products of the company include High Efficiency
Heat Exchanger, Air Cooled Condenser, Sea Water Desalination System and Expandable
Polystyrene. The absorption chiller portfolio of the company comprises Steam Operated Lithium
Bromide Absorption Chiller, Hot Water Operated Lithium Bromide Absorption Chiller, Lithium
Bromide Absorption Heat Pump, Direct Fired Lithium Bromide Absorption Chiller and Flue Gas
Operated Lithium Bromide Absorption Chiller. All the products from the company are manufactured
using the DFM technology and undergo a rigorous quality management program. The company
clientele comprises Chashma Nuclear Power Plant Pakistan, Beijing Capital International Airport,
Shanghai Volkswagen Auto Co., Ltd. and Government Campus Plaza, Trinidad & Tobago among
others. The company’s manufacturing facility is spread across an area of over 480,000 square
meters. The company’s products are exported to the Middle East, North America, South America,
South East Asia, Europe and Australia.
Incorporated in 1982, Shuangliang Eco-Energy Systems is a wholly owned subsidiary of Jiangsu
Shuangliang Group Co., Ltd. and was formerly known as Jiangsu Shuangliang Air Conditioning
Equipment Co. Ltd. The company changed its name to the present one in the year 2010. In 2003,
Shuangliang Eco-Energy Systems Company Limited was the only public listed company in the
Chinese Li-Br absorption chiller industry. The company is headquartered at Jiangsu Province, China.

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World Energy Co., Ltd (Korea)

World Energy Co., Ltd, established in 2004, is a company engaged in the development,
production and sales of absorption machines including Double-Effect Exhaust Gas Driven
Absorption Machine, Single-Effect Hot Water Driven Absorption Machine, Absorption Heat Pump
and -Effect Double-Lift Hot Water Driven Absorption Machine. The company offers high quality,
high capacity and high efficiency heat pumps and absorption chillers. The company has
collaborated with Korean Association of Air Conditioning, Refrigerating and Sanitary Engineers
(KARSE) and Korea District Heating Corporation (KDHC) for technological developments and
introduction of new certification programs.
In September 2006, the company began exports of Hot Water Driven Absorption chiller (130RT) to
Los Alamitos in U.S.A. Three sets of 1000RT Hot Water Driven Absorption chiller from the company
were supplied to Ethylene Glycol Chemical Company in 2007.
B. MARKET ANALYTICS
TABLE 45: Asia-Pacific Recent Past, Current & Future Analysis for Absorption Chillers
Year 2010 2011 2012 2013 2014 2015 2016 2017 2018 % CAGR
Sales 416,270.68 428,009.51 442,519.03 456,015.86 471,885.21 490,524.68 515,639.54 544,773.17 571,957.35 4.05

This data is NOT independently adjusted or weight-averaged for each country's exchange rate fluctuations in this period. It is derived
from primary and secondary data feeds. Error tolerances (ETOL) from such fluctuations can be higher than the normal 5% (+/-).
586000
555000
(in US$ Thousand)
524000
493000 Sales
462000
431000
400000
2010 2012 2014 2016 2018

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TABLE 46: Asia-Pacific Historic Review for Absorption Chillers Analyzed with Annual
Year 2004 2005 2006 2007 2008 2009 % CAGR

Sales 339,362.71 370,041.10 402,197.67 429,868.87 422,389.15 407,309.86 3.72
437000
425000
(in US$ Thousand)
413000
401000 Sales
389000
377000
365000
2005 2007 2009

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LATIN AMERICA
A. MARKET ANALYSIS
Outlook
The Latin American market for Absorption Chillers is estimated at US$4.9 million for 2013. Growing
at a compounded annual rate of 1.71% over the analysis period 2010-2018, the market is likely to
Latin American Chillers Market-Snapshots
 The chillers market in Latin America is still in its nascent stages of development
 Mexico and Brazil represent the two primary markets for chillers in the region
 Large capacity chillers are being used in large commercial buildings such as hotels, government
structures, offices and stores, among others
 Absorption chillers garner less than one percent of the total market for chillers in Latin America
 Screw and Scroll Chillers (Positive Displacement Chillers) accounts for a lion’s share in the
volume chiller sales
TABLE 47: Latin American Chiller Market (2012) - Percentage Breakdown of Unit
Sales by Chiller Segments - Positive Displacement, Centrifugal Chillers and
Absorption Chillers
0.83
Centrifugal Chillers 7.32 Positive Displacement

Absorption Chillers
0.83 Absorption Chillers (>350 KW)
(> 350 KW)
Total 100.0
91.85
2011
ClimateWell and GSS Intellihomes Ink Distribution Agreement

ClimateWell and GSS Intellihomes inked an agreement to distribute solar cooling systems in
Colombia, South America. GSS Intellihomes supplies systems and solutions that are targeted

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towards providing energy efficiency, in HVAC and refrigeration applications primarily in commercial
and residential setups.
B. MARKET ANALYTICS
TABLE 48: Latin American Recent Past, Current & Future Analysis for Absorption
Year 2010 2011 2012 2013 2014 2015 2016 2017 2018 % CAGR
Sales 4,746.52 4,783.54 4,833.77 4,911.11 4,997.55 5,097.00 5,221.37 5,339.37 5,435.48 1.71

5520
5380
(in US$ Thousand)
5240
5100 Sales
4960
4820
4680
2010 2012 2014 2016 2018

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TABLE 49: Latin American Historic Review for Absorption Chillers Analyzed with
Year 2004 2005 2006 2007 2008 2009 % CAGR

Sales 4,687.91 4,883.86 5,043.56 5,180.24 5,013.44 4,726.67 0.16
5220
5130
(in US$ Thousand)
5040
4950 Sales
4860
4770
4680
2005 2007 2009

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REST OF WORLD
A. MARKET ANALYSIS
Outlook
The Rest of World market for Absorption Chillers is estimated at US$97.54 million for 2013. Growing
at a compounded annual rate of 2.37% over the analysis period 2010-2018, the market is likely to
Middle East: A Land of Opportunities

The chiller market has a huge presence in the Middle East region particularly in UAE and Saudi
Arabia, due to the long summers with intense temperatures and ever-growing construction
projects. As the mercury soars to temperatures over 50°C in the Arab land, effective air
conditioning solutions have become essential to maintain optimum comfort levels. Today, Middle
East is one of the largest markets for air conditioners and is continuously witnessing growth in
demand, mainly due to perennial hot climatic conditions, declining prices of air conditioners due to
new technology advancements, a growing population base and establishment of new businesses.
Cooling solutions amount to nearly 2/3rds of the building’s operational energy use in the region.
Increase in demand for air conditioning solutions would be associated with growing consumption of
electricity. This unprecedented rise in demand for electricity is putting pressure on electricity
supplies. In the future, given the rising demand for electricity primarily due to air conditioning
systems based on conventional vapor compression technology, Saudi Arabia is projected to
consume more oil than it exports.
On the other hand, however, growing demand for alternative air conditioning methods such as
absorption chillers that use renewable sources of energy was seen in the Middle East. Government
regulations and growing awareness among citizens are especially driving adoption of absorption
chillers in the region. Absorption Chillers that use water, as a natural refrigerant, is one of the most
sought-after cooling products. The five-storey PCS headquarters in Dubai spread across an area of
120,000-sq-ft features solar thermal air conditioning system that uses a solar thermal absorption
chiller from LG Korea. Similarly, in the UAE, the city of Masdar would be regarded as the new zero
carbon city and would majorly rely on solar air conditioning. The US$4 billion construction program
for the 2022 World Cup is also anticipated to include advanced absorption cooling solutions and air-
handling systems. Rising unit energy costs, growing demand for high efficiency and low-cost cooling
solutions and increasing concern towards the environment is driving growth in the absorption
chillers market.
However, the absorption chiller market remains a small segment of the chillers market in the Middle
East, with only a minor contribution to the overall chiller volumes. One of the major reasons for the
constrained demand scenario is high costs associated with these chillers. Availability of electricity at
inexpensive rates also limits market growth prospects.

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Iran
With the abundant supply of gas at inexpensive prices and a well-established gas infrastructure,
Iran is one of the most prominent markets for absorption chillers especially gas-driven chillers.
Absorption chillers are primarily used in apartment buildings and condominiums, with a small
number used in production plants.
B. MARKET ANALYTICS
TABLE 50: Rest of World Recent Past, Current & Future Analysis for Absorption
Year 2010 2011 2012 2013 2014 2015 2016 2017 2018 % CAGR
Sales 93,298.72 94,315.68 95,796.44 97,539.94 99,773.60 102,517.37 105,582.64 109,066.87 112,502.48 2.37

115000
111000
(in US$ Thousand)
107000
103000 Sales
99000
95000
91000
2010 2012 2014 2016 2018

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TABLE 51: Rest of World Historic Review for Absorption Chillers Analyzed with
Year 2004 2005 2006 2007 2008 2009 % CAGR

Sales 89,417.96 91,376.21 93,898.19 96,142.36 93,738.80 92,585.81 0.70
96600
95650
(in US$ Thousand)
94700
93750 Sales
92800
91850
90900
2005 2007 2009

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COMPETITION
AAF INTERNATIONAL
9920 Corporate Campus Drive Suite 2200, Louisville, Kentucky 40223-6169, USA
Phone: 1-888-223-2003
SOURCES: www.aafintl.com and other secondary online sources
Employees: 2,800 (E)
Key Executive: Peter Kurto, Chief Operating Officer
BUSINESS PROFILE
AAF International (American Air Filter Co. Inc., dba AAF International), a subsidiary of Daikin
Industries Ltd., provides clean air products and systems as well as the most comprehensive clean
air solutions available in the world. The company’s products include High Efficiency Filters,
Extended Surface Non Supported Pocket Filters, Panel Filters, Media Pads and Rolls, Extended
Surface Supported Pocket Filters, Frames and Latches, Replacement Panel and Pleated Filters,
Cartridge Collectors, Bag Collectors, Wet Dust Collectors, Mist Collectors, Filters, Intake Air
Systems, Acoustics and Silencers, Inlet Cooling, Cooling Coils, ASC Intake System, Forced Air
Cooler, Lateral Exhaust Hood System, Spark Arrestors, and Water Cooled Ductwork. The
company’s offerings range from simple roughing filters, to air pollution control, to gas containment
removal, to the highest efficiency filters used in the most stringent clean environments. AAF
International, in conjunction with its sister company McQuay, markets a full range of refrigeration
systems including Mechanical and Absorption Chillers. The company’s operations are spread
across more 24 countries. The company’s products are available under AAF® and
AmericanAirFilter® brand names. The company is accredited with ISO 14001 certification.
In 2013, AAF International introduced the innovative MEGApleat™ M8 premium pleated filter. The
MEGApleat M8 filter’s patent-pending design is the ideal choice for sustainable building design and
operation, standing up to the most challenging environments and applications. MEGApleat M8 filters
promote maximum dust holding capacity (DHC) and could last up to 6 months or longer in most
operating environments. The patent-pending design of the MEGApleat M8 filter includes a heavy-
duty, galvanized expanded metal support grid combined with high-strength wet beverage board.

www.StrategyR.com Page IV-1
CH670540413AC
ADVANCED ERGONOMIC TECHNOLOGIES LTD.

The Center 201-203 London Road, East Grinstead, West Sussex RH19 1HA, UK
Phone: 44 (0)1342 310400, Fax: 44 (0)1342 310401
SOURCES: http://www.flexiblespace.com/ and other secondary online sources
BUSINESS PROFILE
Advanced Ergonomic Technologies Ltd., (AET) is a manufacturer of the Flexible Space System
worldwide. The flexible space system is manufactured to enable energy savings in production
through recyclable materials and non-polluting processes. The Flexible Space System incorporates
modular underfloor power, data, communication distribution uplighting & task lighting, demountable
re-useable partitioning and modular central plant to provide a compre-hensive solution to the needs.
The component parts of the flexible space system are Flexible Space Underfloor Air Conditioning
System, Movinord Demountable Partitioning and Nesite Raised Access Flooring. Movinord Fully
Demountable & Relocatable Partitioning is a Spanish made strong steel framed system, which is
powder coated for maximum durability and could be configured very easily. Nesite Raised Access
Flooring specializes in high class floor finishes and could manufacture panels finished with any
wood, stone or aggregate and are tested to Medium Grade standards.

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AE SMITH CONSTRUCTION
4 McLennan St, Mackay QLD 4740, Australia
Phone: +61 7 4952 5442
SOURCES: www.aesmith.com.au and other secondary online sources
Employees: 600 (E)
Key Executives
Albert Edward Smith, Founder
Andrew Permezel, Chief Executive Officer
BUSINESS PROFILE
AE Smith Construction (AE Smith) is the largest privately owned mechanical services contractor in
Australia. The company plays a major role in shaping Australia and New Zealand’s building
industry. The company is a BRW top 500 private company, delivering commercial and industrial
solutions around Australia for air conditioning & mechanical services, environmental controls &
building technologies and sustainability & energy efficiency services. The company is primarily
engaged in the design, construction and installation of all types of mechanical services including
heating, ventilation and air conditioning (HVAC), refrigeration, plumbing, process piping and control
systems. The company also designs, constructs and installs computer based control systems
(DDC), industrial ventilation, dust control and exhaust systems, hydraulic systems, medical gas,
laboratory and clean room systems, sheet metal and steel fabrication, ferrous and non-ferrous
piping, and pressure vessels. Building Technologies is an independent division of AE Smith. The
company offers a range of building management solutions such as Environmental Management
Systems (lighting, air conditioning), Energy Efficiency Management Systems, Security, Access
Control Systems, CCTV and Remote Monitoring. The company’s services include Energy Efficiency
Audit, Custom, Total & Lifetime System Protection, Fine Tuning & Commissioning, Proactive
Preventative Maintenance, 24 hour Emergency Breakdown Repair & Replacement, Retro-fitting &
Retro-commissioning and Equipment Replacement Finance Program. The company operates its
mechanical services with 12offices around the country. The company developed country’s most
innovative green Star Buildings.
AE Smith was established in 1898.

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BROAD AIR CONDITIONING CO., LTD.

Suite 2002-2009, 20/F Cyber Tower Building A,
2 Zhongguancun South Avenue Beijing, 100086, China
Phone: 86 731 8408 6688, Fax: 86 731 8461 0087
SOURCES: WWW.BROAD.COM and other secondary online sources
BUSINESS PROFILE
Broad Air Conditioning Co. Ltd., (BROAD) provides the Complete Set of Central Air Conditioning
Equipment (Including hot water, to automate a building). BROAD offers After Sales Service,
Trusteeship Service, EMC, and Engineering Design Consulting. BROAD consistently dedicates
itself to environmental protection, energy conservation and providing the highest quality service.
The company’s product line includes BROAD Central Air Conditioning Chiller, BROAD Central Air
Conditioning Terminal, BROAD Motor Valve, BROAD Heat Meter, BROAD Pumpset and BROAD
Air Purifier. BROAD Energy Efficiency Co., a division of the company focuses on Energy Efficient
Building research as well as providing the complete set of Energy Efficient Insulation, Air
Conditioning and Ventilation System Plan Design, Construction, Acceptance and other services.
The company is an enterprise based on the vision of unique technologies and the tenet of
preserving life. BROAD Air Conditioning Equipment Co. Ltd. supplies non-electric central air
conditioning powered by natural gas and waste heat, provides packaged water distribution system
as well. BROAD Air Quality Technology Co. Ltd. supplies central air conditioning terminal products
with electrostatic cleaners, provides heat recovery fresh air units, air purifiers and phone air quality
detectors. BROAD Energy Service Co. Ltd. provides energy management contract service, district
cooling-heating-power system (CHP) investment, building and operation. BROAD Sustainable
Building Technology Co. Ltd. provides factory-made sustainable buildings with Level 9 earthquake
resistant, with 6 times material less, 5 times energy efficient, and 20 times air purification.
BROAD Energy Management Contract (EMC) provides customers with an air conditioning energy
consumption audit, energy efficiency diagnosis, consultant selection, equipment operation, system
maintenance, terminal cleaning, water quality management and other intensive style services.
The company was established in 1988.

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CARRIER CORPORATION
One Carrier Place, Farmington, Connecticut 06034-4015, USA
Phone: 860-674-3000, 800.227.7437, Fax: 860-674-3139
SOURCES: www.carrier.com and other secondary online sources
BUSINESS PROFILE
Carrier Corp. (Carrier), a part of UTC Climate, Controls & Security, is the world’s largest
manufacturer and marketer of heating, ventilation and air conditioning (HVAC) equipment and
refrigeration systems for residential, commercial, industrial and transportation needs. Carrier is the
world leader in high-technology heating, air-conditioning and refrigeration solutions. The company’s
product line includes Gas Furnaces (58 MVP, MXA, MCA, and MSA), Air Conditioners (38 TXA,
TRA, TDA, BRB, and AC1C), Heat Pumps (38 YRA, 38 YDA, 38 BYB, and HC1C), thermostats,
comfort zone and weather maker, home comfort, HVAC building and industrial systems,
refrigeration and food service equipment, transport refrigeration and passenger comfort. The
company offers the industry’s most complete range of products from container and rail refrigeration
to truck and trailer temperature control systems. Carrier’s HVAC products find applications in homes
and buildings ranging from hospitals to museums. The company provides sustainable solutions,
integrating energy-efficient products, building controls, and energy services for residential,
commercial, retail, transport and foodservice customers. Carrier offers a wide range of solutions to
preserve freshness, ensure safety and enhance the appearance of food and beverage retail. Carrier
also offers a comprehensive selection of turnkey solutions, cabinet accessories, remote monitoring
services and maintenance agreements that could help reduce operating costs while preserving the
safety and appearance of food supplies.
Carrier, through Carrier Transicold, manufactures truck/trailer and container refrigeration equipment
and provides transport air-conditioning systems for bus, rail, and marine customers. Carrier's
refrigeration and food service equipment plays a vital role in the protection and preservation of global
food supply. The company’s food service equipment covers a vast array of applications from innovative
cooking and heating solutions to frozen dessert dispensers. Carrier utilizes an innovative tri-rotor screw
compressor that attains industry-leading efficiencies. The company’s AvantAC Electric is the world's
first rooftop air conditioning system that delivers passenger comfort in city buses and coaches
independent of vehicle engine speed. The company’s 3V Packaged Control is a fully integrated system
that provides precise comfort control for different zones in a building. Carrier's SmartAir System
extends the capabilities of refrigerated transportation for fresh perishables. ComfortChoice(SM) is the
first Internet thermostat offered by Carrier in conjunction with Silicon Energy, enabling utilities to realize
peak demand savings without compromising homeowners' comfort and controls. Carrier also develops
ComfortHeat, an energy-efficient, two-stage heating and variable-speed technology with a patented,
intelligent control that continuously adjusts the system to precisely match heat delivery to changing
conditions in the home, allowing for maximum time in the low-heat mode. Carrier offers high-efficiency
residential air conditioners and heat pumps using Puron (R410A). The company operates subsidiaries
namely Carrier Commercial Refrigeration, Inc., and Carrier (Thailand) Ltd. Carrier also provides
aftermarket services and components for its products. The company operates around 60
manufacturing facilities and dealers in over 170 countries. The company’s major competitors include
Trane, Inc., Johnson Controls, Inc., and Lennox International, Inc.

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UTC Climate, Controls & Security, a unit of United Technologies Corp., provides high technology
products and services to the building systems and aerospace industries worldwide through its
industry-leading businesses including Carrier, Hamilton Sundstrand, Otis, Pratt & Whitney, Sikorsky,
UTC Fire & Security and UTC Power.
Year 2013 (1st Quarter) in Review…
Product Launches
Carrier Introduces the Latest Version of its Hourly Analysis Program (HAP) Software…
Carrier introduced the latest version of its Hourly Analysis Program (HAP) software, incorporating
new calculators and simulation models. Among the enhancements is the ability to model new
plant configurations using air-to-water and water-to-water heat pump chillers as well as service
water heating (SHW) systems, and the automatic calculation of ventilation airflows per ASHRAE
Standard 62.1-2010 and minimum equipment efficiencies per ASHRAE Standard 90.1-2010. In
addition to energy performance, HAP v4.7 assists with calculating code-compliant outdoor
ventilation airflow rates, a key task when designing HVAC systems. In addition, features are
available to automatically set DX equipment efficiency based on ASHRAE Standard 90.1-2010
minimum efficiency levels, which is an important timesavings when working toward Leadership in
Energy and Environmental Design (LEED®) Energy and Atmosphere Credit 1 analysis or
ASHRAE Standard 189.1 analysis.
Carrier Unveils Capacity RECOVERY Capability on Carrier® Evergreen® 19XR, 19XRV and
23XRV Water-Cooled Chillers…
Carrier unveiled Capacity RECOVERY capability on Carrier® Evergreen® 19XR, 19XRV and
23XRV water-cooled chillers to ensure full cooling capability to mission critical facilities. With
Carrier® Capacity RECOVERY central plant water-cooled chillers, units could quickly regain full
cooling capacity after an unexpected power loss within some of the shortest times in the industry.
Carrier Evergreen chillers lead the industry for energy efficiency with Integrated Part Load Values
(IPLV) as low as 0.299 kW/Ton, which exceeds the American Society of Heating, Refrigerating and
Air-conditioning Engineers (ASHRAE) 90.1 efficiency standards by up to 44 percent.
Carrier Introduces Carrier® Chillers…

Carrier introduced Carrier® Chillers, a new mobile application to assist sales engineers and
customers to quickly and easily select a Carrier commercial chiller. In just three steps, users could
obtain key technical data and product features for Carrier air-cooled, water-cooled or remote air-
cooled chillers. The Carrier Chiller app enables sales engineers and customers to input the chiller
type, capacity and compression, and then displays the Carrier products that meet the specifications.
Current units included in the Carrier® Chiller mobile app include the AquaSnap® 30MPA, 30MPW,
30RAP, 30RB; AquaForce® 30XA, 30XW; Evergreen® 30HXA, 30HXC; and Gemini Select® 09DP
and 09AZ units. Carrier apps are free and available for download at Carrier.com for the iPad®
tablet, and iPhone® and Android™ smart phones.

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Product Developments
Carrier Expands its Geothermal Water Source Heat Pumps…

Carrier expanded its Geothermal Water Source Heat Pumps to include a 100 percent -dedicated
outdoor air application from 6- to 35-tons. Carrier® 62R water source heat pumps would be
available in gas or electric heat from 1,000 to 11,000 cfm with fully integrated controls. The
robust design includes G90 steel, double wall construction and factory applied harsh
environment protection coating to combat atmospheric conditions. Units also feature Air
Conditioning, Heating, And Refrigeration Institute (AHRI) listed Enthalpy wheel, hot gas reheat,
and digital compressors.
Carrier Expands Variable Refrigerant Flow Offering with Heat Recovery…

Carrier expanded its Variable Refrigerant Flow (VRF) offerings to now include heat recovery models
under the name Toshiba Carrier SHRM-i. The new generation of VRF units delivers innovative
technology that optimizes and balances each component in the system to enhance reliability and
efficiency. Toshiba Carrier SHRM-i VRF systems boast multiple inverter-driven compressors that
are compatible with Puron® refrigerant (R-410A). Toshiba Carrier SHRM-i three-pipe heat recovery
VRF systems are ideal for applications that require simultaneous heating and cooling, maximizing
efficiency by transferring energy from one indoor zone to another through refrigerant piping.
Year 2012 in Review…
Product Launches
Carrier Introduces Carrier® Rooftops…

Carrier introduced Carrier® Rooftops, a new mobile app developed to assist customers with the
selection of light commercial rooftop equipment. The app is the first of its kind in the commercial
heating, ventilation and air-conditioning (HVAC) industry. Carrier created the Carrier Rooftops app
to enable customers to perform on-the-spot selection of rooftop units for replacement or new
construction and estimate the potential energy savings that could be realized with Carrier® Weather
Series rooftop units. Users could input an existing Carrier unit model number or the desired unit
specifications and obtain the optimal Carrier model to meet the requirements.
Carrier Releases eDesign Suite Software Tools for Buildings…

Carrier released eDesign Suite software tools to help building designers rapidly compare annual
energy costs for HVAC designs. Supporting the design of high performance buildings that
consume less energy, Carrier created the eDesign Suite to help engineers in the early design
phase of a project, when rapid evaluation of design alternatives is critical. The Building System
Optimizer, a major offering under the eDesign Suite, uses a streamlined user interface and
automatic model generation to allow a full model of the building and its HVAC systems to be
configured in just minutes. Carrier’s Building System Optimizer asks high-level questions about a
building, including size, shape and use (office, retail, school) and then applies built-in logic to
automatically generate a detailed model.

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Acquisition
Carrier Acquires T.A.C. Controls & Automation, Inc…

Automated Logic Corporation (ALC), a part of Carrier, acquired T.A.C. Controls & Automation, Inc.
(TAC), an independent ALC controls contractor with offices in Concord, Ontario, Canada. TAC
designs, installs and services building control systems for a wide range of market segments,
including education, healthcare, laboratories, data centers, government, and commercial offices
throughout the Greater Toronto area. ALC designs, manufactures and delivers innovative
automation solutions primarily for heating, ventilating, air conditioning, lighting and energy
management of buildings.
Joint Venture
Carrier and Watsco, Inc. to Form Distribution Joint Venture for the Northeast…
Carrier signed a letter of intent with Watsco, Inc. (Watsco) to form a joint venture to distribute
Carrier, Bryant, Payne and Totaline HVAC products in parts of the northeast region of the US.
Under the agreement, Watsco would contribute its northeastern locations, and Carrier would
contribute its company-operated HVAC distribution business in the region to the new joint venture.
Watsco would own 60 percent of the joint venture and Carrier 40 percent.
Watsco is the largest distributor of air-conditioning, heating and refrigeration products (HVACR) in
the U.S.
Divestiture
Carrier To Sell its North America Bus Air-Conditioning Business…

Carrier entered into an agreement to sell its bus air-conditioning business in the US and Canada to
Mobile Climate Control, a leading global provider of climate control solutions to the commercial
vehicle industry. Carrier’s North America bus air-conditioning business, headquartered in York,
Pennsylvania, serves transit, inter-city, and school bus customers in the US and Canada with a full
line of rooftop, rear-mount and split system bus air-conditioning systems. After the transaction
closes, production would transition to Mobile Climate Control from Carrier’s manufacturing facility in
Athens, Georgia. The transaction is a continuation of Carrier’s strategy to increase focus on its core
growth platforms.
PRODUCT PORTFOLIO
Home Comfort
Air Cleaners & Humidifiers
Air Cleaners
Infinity Air Purifier; Performance Electronic Air Cleaner; Performance EZ Flex Cabinet Air Filter

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Humidifiers
Performance Fan Humidifier; Performance Bypass Humidifier
Ventilators
Performance Energy Recovery Ventilator; Performance Heat Recovery Ventilator
Others
UV Lamps
Thermostats
Infinity Control; Edge Programmable Thermostat; Edge Non-Programmable Thermostat;
Performance Thermidistat; Performance Hybrid Heat Thermostat; Performance Premium
Programmable Thermostat; Comfort Programmable Thermostat; Comfort Non-Programmable
Thermostat
Air Conditioners & Heat Pumps
Central Air Conditioners

Infinity Series Central Air Conditioner; Performance Series Central Air Conditioner; Performance
Compact Central Air Conditioner; Comfort Series Central Air Conditioner; BASE Models
Heat Pumps
Infinity Series Heat Pump; Performance Series Heat Pump; Performance Compact Heat Pump;
Comfort Series Heat Pump
Others
Geothermal Heat Pumps
Furnaces
Gas Furnaces
Infinity ICS Gas Furnace; Infinity 96 Gas Furnace; Infinity 80 Gas Furnace; Performance 93 Gas
Furnace; Performance 80 Gas Furnace; Comfort 92 Gas Furnace; Comfort 80 Gas Furnace
Oil Furnaces
Performance Variable Speed 80 Oil Furnace; Performance 80 Oil Furnace; Comfort 80 Oil Furnace
Evaporator Coils & Fan Coils
Fan Coils
Infinity Fan Coil; Performance Series Fan Coil; Comfort Deluxe Fan Coil

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Evaporator Coils
Performance Multi-Poise A Evaporator Coil; Performance Upflow/Downflow A Evaporator Coil;
Performance Cased Vertical N Evaporator Coil; Performance Cased Horizontal N Evaporato r
Coil; Performance Slab Evaporator Coil - Horizontal; Performance N Evaporator Coil -
Manufactured Housing
Highwall
Performance HP; Performance AC; Comfort HP; Comfort AC
Under-ceiling
Performance HP; Performance AC
In-ceiling
Performance HP; Performance AC
Packaged Products
Packaged Hybrid Heating

Infinity Packaged Hybrid Heating; Performance Packaged Hybrid Heating; Comfort Packaged
Hybrid Heating
Packaged Gas Furnace & Air Conditioners

Infinity Packaged Gas Furnace and Air Conditioner; Performance Packaged Gas Furnace and Air
Conditioner; Comfort Packaged Gas Furnace and Air Conditioner
Packaged Heat Pumps

Infinity Packaged Heat Pump; Performance Packaged Heat Pump; Comfort Packaged Heat Pump;
Manufactured Packaged Heat Pump
Packaged Air Conditioners

Infinity Packaged Air Conditioner; Performance Packaged Air Conditioner; Comfort Packaged Air
Conditioner; Manufactured Packaged Air Conditioner
Room By Room Solutions
Packaged Terminal Air Conditioners

Performance Packaged Terminal Air Conditioner; Comfort Packaged Terminal Air Conditioner;
Comfort Solid Side ThruWall PTAC System
Others
Room Air Conditioners

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Boilers
Performance 90 Boiler; Performance 86 Boiler; Performance 84 Boiler; Comfort 80 Boiler
Home Generators
7-13kW Generator; 16kW Generator; 25kW Generator; 30-45kW Generator
HVAC Building & Industrial Systems
Outdoor Systems
Rooftop Units; Small Packaged Products; Residential Air Conditioners; Residential Heat Pumps
Rooftop Units Accessories

Cobra Energy Recovery System; Energy Recycler Energy Recovery System; Humid-MiZer Adaptive
Dehumidification System
Split-Systems
Condensing Units Systems; Condenser Systems; Duct-Free Split-Systems; Water Source Heat
Pumps
Indoor Systems
Self-Contained Systems; Water Source Heat Pumps; Packaged Terminal Air Conditioners;
Furnaces; Boilers; Room Air Conditioners
Passenger Comfort
Marine Systems
Marine Compressors; Chillers; Air Handlers; Fan Coils; Condensing Units; Self-Contained Units;
Condensers; Room Air Conditioners; Enviro-Shield™ Coil Protection
Transport Refrigeration
Container Systems
PrimeLINE; ThinLINE; EliteLINE; StreamLINE; ThinLINE DT; Undermount Generator; Clip-On
Generator; DataLINE Software
Refrigeration and Food Service Equipment

Carrier's refrigeration and food service equipment play a vital role in the protection and preservation
of its global food supply. Serving the beverage, food service and food retail industries, Carrier’s
refrigeration solutions are built on next-generation technologies and a diligent focus on safeguarding
food and beverages for consumption. The company’s food service equipment covers a vast array of
applications – from innovative cooking and heating solutions to frozen dessert dispensers.

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CENTURY CORPORATION
1094 Hwagok-6 dong, Gangseo-gu Seoul-SI 157-927, Korea
Phone: 82-2-26009500, Fax: 82-2-2600-9519
SOURCES: www.century.co.kr and other secondary online sources
BUSINESS PROFILE
Century Corp., is a leader in providing refrigeration and air- conditioning equipment. The company’s
products include wall mount A/C, floor mounted air conditioner, water –cooled a/c, large air
conditioner, subtype air conditioner, AR chillers, absorption chillers, centrifugal water chillers, air
handling unit, fan coil unit, cooling tower, marine type air conditioner, marine type air conditioner,
nuclear HVAC, air cleaning unit, air handling unit, centrifugal water chiller, and cooling coils.

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CLIMATEWELL AB
Instrumentvägen 20, SE - 126 53 Hägersten, Sweden
Phone: +46 8 794 03 70, Fax: +46 8 744 30 70
SOURCES: www.climatewell.com and other secondary online sources
Key Executive
Göran Bolin, Founder, Chief Technology Officer and Executive Vice President
Ray Olsson, Founder
Per Olofsson, Chief Executive Officer
Helena Haglund, Chief Financial Officer
Karl Bohman, Director (Sales & Business Development)
BUSINESS PROFILE
Climatewell AB (Climatewell) is a market leading manufacturers of heating and cooling products
with components for increased energy efficiency. ClimateWell delivers energy-efficient components
that are customized and integrated into an OEM manufacturer’s products the “design-in”
components. ClimateWell provides a range of components such as HeatBoost, Verdacc and
CoolStore. ClimateWell components are based on a proprietary sorption technology. HeatBoost is
used to increase the efficiency of a water heater or a boiler and consists of Reactor, Condenser and
Evaporator packaged in a vacuum shell. Verdacc is ClimateWell’s component package for Air
Conditioning of vehicles such as Trucks, Buses and Construction equipment. The verdacc consists
of two Reactors for continuous operation, Condenser and Evaporator packaged in a vacuum shell.
CoolStore is a ClimateWell’s component used to add Air Conditioning and energy storage to
products such as Solar Thermal Collectors and Co-generation Engines.
Climatewell was founded in 2001.
Product Launch
ClimateWell Launches Solar Development Kit…
ClimateWell launched its Solar Development Kit, to partner with companies that integrate
ClimateWell’s components into thermal collectors for heating, cooling and storage. The Solar
Development Kit is a package that includes A test and demonstration platform, Test collectors and
sample CoolStore tubes, Technical support and a road-to-market.
Partnership
ClimateWell Partners with European Companies…

ClimateWell entered into partnership with leading European companies (Acciona, Vaillant, Eurac
and Fraunhofer) and research institutes to improve the applicability of solar energy in retrofit

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projects for existing buildings. The project, called iNSPiRe, is lead by Eurac. ClimateWell’s role is to
supply technology and components for integration of solar energy for heating and cooling in the
retrofit kits developed in the project.
CLIMAVENETA SpA
Via Sarson 57/c, 36061 Bassano del Grappa (VI), Italy
Phone: +39 0424 509 500, Fax: +39 0424 509 509
SOURCES: www.climaveneta.com and other secondary online sources
BUSINESS PROFILE
Climaveneta SpA (Climaveneta) is a leader in air conditioning market. The company’s offerings
include i-Accurate series for close-control line, i-NRG unit for Prana dedicated heat pump range, i-
FOCS, dedicated heat pumps Prana, Hydronic - Chiller, Hydronic - Reversible, Integra, Hydronic
Terminals, HPAC - high precision air conditioning, control systems, and other. Climaveneta also
offers a range of data center solutions that include ACCURATE AX 07÷90, ACCURATE AW 07÷90,
ACCURATE AD 20÷90, ACCURATE AT 20÷90, and ACCURATE i-AX 18÷90. In addition,
Climaveneta’s offerings also include reversible heat pumps, total heat recovery, air source;
reversible heat pumps, air source; heat pumps, air source; reversible heat pumps, water source;
reversible heat pumps, total heat recovery, water source; reversible heat pumps, geothermal
source; and reversible heat pumps, water source. The company provides Hydronic Systems,
INTEGRA multiuse units for 4-pipe systems, TECS Chillers with magnetic levitation compressors,
Air to air systems, and WLHP Systems. The company also provides air solutions, water solutions
and geothermal solutions. Climaveneta’s data center solutions are available in various versions,
including LT - low outdoor temperature version with condensing fan speed regulation; MOD -
version with condensing fan speed regulation; STD - base version and base function with fans
speed condensing control of EC fan for i-BRE condensers; MOD_A - version with condensing fan
speed regulation; and MOD_B - version with condensing pressostatic regulation. The company’s i-
NRG is the new generation heat pump for all year round operation in any operating mode: single
cycle (air conditioning, heating, domestic hot water) as well as combined cycle in total heat recovery
(domestic hot water together with cooling).
In 2012, Climaveneta and Conserve-IT signed a cooperation agreement to jointly further develop
Control Systems for Chillier Plant Rooms combining their specific expertise.
Climaveneta was established in 1971.

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COOLING TECHNOLOGIES, INC.

333 14th Street, Toledo, Ohio 43624, USA
Phone: 419.536.9006, Fax: 419.724.9007
SOURCES: www.coolingtechnologies.com and other secondary online sources
BUSINESS PROFILE
Cooling Technologies Inc., (Cooling Technologies) is a US-based research and development
company, specializes in the advancement of absorption cooling technologies. The company’s
product line includesCooltec5™ and Coolpak™. Products based on the company’s technology are
manufactured and distributed globally. Cooling Technologies markets a thermally activated
product line utilizing advanced absorption technologies to provide temperature controlled
environments for the residential and light commercial markets. The Cooling Technologies product
line utilizes advanced absorption technologies to provide thermally activated temperature control.
The company owns a patented co-firing process which enables the product to accommodate
multiple thermal sources.
Cooling Technologies was founded in 1996.
PRODUCT PORTFOLIO
Cooltec5™
The company’s Cooltec5™ is designed to provide comfort cooling in residential and commercial
buildings, as well as process cooling for commercial and industrial applications. The product is
featured with Highest GAX efficiency, Proprietary heat exchangers, Multi-speed condenser fan for
variable loads, Spark ignition, and Unique Lo-NOx power burner.
Coolpak™
The company’s Coolpak™ series of chiller-arrays are designed to provide comfort cooling for large
residential, institutional and commercial buildings, as well as process cooling for commercial and
industrial applications. The units are self-contained, air-cooled, and natural or propane gas-fired
chillers designed for outdoor installation. The chillers are mounted on rail sets for slab or post-and-
rail installation, with single point connections for gas, electric, chilled water and control wiring.

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DUNHAM-BUSH HOLDING BHD.

Lot 5755-6, Kidamai Industrial Park, Bukit Angkat, 43000 Kajang, Selangor Darul Ehsan, Malaysia
Phone: 603-8924 9000, Fax: 603-8739 5020
SOURCES: www.dunham-bush.com and other secondary online sources
Key Executives
Max Ghiassian, President and Chief Executive Officer
Baoshuang Yu, Managing Director (Malaysia)
Tan Sri Abdul Majid Khan, Director
BUSINESS PROFILE
Dunham-Bush Holding BHD. (Dunham-Bush), is involved in providing heating, ventilating, air-
conditioning and refrigeration (HVAC/R). Dunham-Bush distributes, manufactures, and sales a
complete range of air-conditioning & refrigeration equipment and associated products. The
company’s product line includes water cooled chillers, air cooled chillers, heat pump chillers, water
cooled package units, air cooled package units, air side equipments, precision environmental
control systems, heating terminal products and some other specialty products. The company also
offers air-cooled and liquid-cooled chillers. The company introduced flooding technology for its
commercial flooded condenser tubes.
Product Launch
Dunham-Bush Launches New Products to Meet Green Demand…

Dunham-Bush launched six products to complement the growing global demand for environmentally
friendly building, highly energy efficient and using environmentally friendly refrigerant.
PRODUCT PORTFOLIO
Water Cooled Chillers

DCLC Series (Centrifugal Chillers), WCFX-E Series (Screw Chillers), WCS Series (Scroll
Chillers)
Air Cooled Chillers

ACDX Series (Screw Chillers), AFVX-B Series (Screw Chillers), AFVX-E Series (Screw Chillers),
ACS Series (Scroll Chillers), ACDS Series (Scroll Chillers)

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Heat Pump Chillers

ACDX-HP Series (Air to Water Heat Pumps), ACS-HP Series (Air to Water Heat Pumps), WCFXHP-
E Series (Water to Water Heat Pumps), WCS-HP Series (Water to Water Heat Pumps)
Water Cooled Packaged Units

WCPS-FB Series (Free Blow), WCPS-CH Series (Ceiling Hung), WCPS-B Series (Floor Stand Ducted)
Air Cooled Packaged Units

ACPSB-P Series (Roof-Top Units), ACCS / HEB / VEB Series (Split Systems), ACPS-C Series
(Self-Contained Units)
Air Side Equipments

CR-HB / HBP Series, CR-CB / CBP Series, Multi-zone Series, CC Series, RT Series, CS3 Series
Precision Environmental Control Systems

DB AIRE II Series
Heating Terminal Products

Dunham-Bush Heating Division provides a large range of top grade heating products that include
Door Curtains, Fan Convectors, Fan Coil Units, LST Radiators, Perimeter Heating, Radiant Heating,
Unit Heaters, and Heat Exchangers.
Specialty Products
ICE CEL, Ice Rink Chiller, NETVISOR

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EAW ENERGIEANLAGENBAU GmbH

Westenfeld, Upper Gate 106, 98630 Römhild, Germany
Phone: 84132 036 948, Fax: 84152 036948
SOURCES: www.eaw-energieanlagenbau.de and other secondary online sources
BUSINESS PROFILE
Eaw Energieanlagenbau GmbH, a subsidiary of WEGRA Anlagenbau, manufactures optimized
absorption refrigeration systems in the power range 50-200 kW. The company is a manufacturer of
Small-scale combined heat and power for the fuel oil, natural gas, LPG or biogas. The company’s
offerings include absorption chiller, climate cooling and refrigeration, patented exhaust gas heat
exchanger with helical system, isolation-mounted module base frame, soundproof cabin with
insulated exhaust fan, and rear panel. The company’s products find application in various sectors
such as Hospitals, Nursing homes, Nurseries, Breweries, Dairies, Animal production systems,
municipal facilities, Commercial and industrial establishments, Hotels and pensions, Pubs, Office
block, and Butchers.

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EBARA THAILAND, LTD.

3rd Floor ACME Building 125 Petchburi Road
Tungphayathai, Rajthevee, Bangkok 10400, Thailand
Phone: 0-2612-0322-30, Fax: 0-2612-0331
SOURCES: www.ebara.co.th and other secondary online sources
BUSINESS PROFILE
Ebara Thailand Ltd., (Ebara Thailand) is the worldwide provider of environment engineering and
energy systems. The company’s product line includes Ebara Pump, Ebara Chiller, and Ebara
Cooling Tower. All Ebara products are supplied with interchangeability record with retrieval system
which is easy to check the part name, stock unit and place. The company’s Horizontal Multi Stage
Pumps finds applications in industrial washing equipment, pressure boosting, industrial plants,
water distribution and treatment, heating and conditioning, cooling and chiller, irrigation, and rain
water collection.
Ebara Thailand was established in 1993.
PRODUCT PORTFOLIO
Ebara Pump
Standard Pump / Industrial Pump
Standard Pumps
The company offers Stainless Steel Volute Pump, Stainless Steel Multi State Pump, Cast Iron
Volute Pump, Direct Coupled Volute Pump, Self Priming Pump, Horizontal Multi State Pump,
Horizontal Split Case Pump, Submersible Bore Hole Pump, Submersible Pump / Dewatering Pump,
Submersible Wastewater/Sewage Pump, and Hydro Booster System
Industrial Pump
The company’s Horizontal Pumps include Process Horizontal Axial Pump and Process Horizontal
Radial Pump, and Ebara Thailand also offers Process Vertical Single Pump, Process Vertical
Double Pump, Process Vertical Submersible Pump, and Submersible Pumps, Custom Pumps
Ebara Chillers
Absorption Chillers, Absorption Chillers & Heaters, Centrifugal Chillers, and Screw Chillers
Ebara Cooling Towers

The company offers Cross Flow Type SDC-U, Cross Flow Type SNC-U, Cross Flow Type SCC,
Cross Flow Type SBC, and Cross Flow Type MXC

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FEDDERS LLOYD CORPORATION LTD.

159, Okhla Phase -3, New Delhi – 110020, India
Phone: 91-11-40627200, Fax: 91-11-41609909
SOURCES: www.fedderslloyd.com and other secondary online sources
BUSINESS PROFILE
Fedders Lloyd Corporation Ltd., (FLCL) a part of Lloyd Group, is a pioneer in the air-conditioning
industry in India with wide presence in all types of air conditioning needs including air handling units,
fan coil units, heat transfer coils, air distribution products, and others. The company is involved in
manufacturing window air conditioners, split/ducatable air conditioners, package air conditioners,
chillers, transport air conditioners, heat exchangers, and others. The company’s operations are
structured around three business segments namely, HVAC&R, Steel Structures & Engineering, and
Power Transmission & Distribution. FLCL in the HVAC&R segment provides customized air
conditioning solutions to large commercial and corporate clients, public sector organizations,
defense, mining and railways, and also caters to the Air Conditioning Industry and provides the
complete turnkey solutions to the air conditioning for buildings, industries, multiplexes and other
business establishments. The company’s Steel Structures & Engineering segment provides its
specialized services in design, manufacturing, erection and supply of scaffolding and form work
items. FLCL in the Power Transmission & Distribution segment provides turnkey solutions of
engineering, procurement & construction (EPC) for power transmission and distribution projects.
FLCL operates eight divisions, namely Air Systems Division, Transport AC Division, Scaffolding and
Form Work Division, Structural Steel Division, Pre-Engineered Building Division, Domestic Power
Projects Division, International Projects Division, Railways, and Defence and Telecom AC Division.
FLCL’s Air Systems division caters to air conditioning industry and provides the most extensive
range of products such as air handling units, fan coil units, heat transfer coils, air distribution
products, smoke & fire dampers, average pressure drop of ATU components, floor mounted vertical
units, ceiling suspending unit, double skin ceiling suspended units, ventilation units, and heat
recovery units. The company’s Scaffolding & Form Work division caters to construction and
Infrastructure in domestic and overseas markets. The company owns and operates two state-of-the-
art manufacturing plants in India located at Noida, Uttar Pradesh; and Kalaamb, Himachal Pradesh.
FLCL, through its subsidiary Fedders Lloyd Trading, based in Ras Al Khaimah Free Trade Zone,
UAE carries out the imports, exports, trading in electrical goods, consumer durable, air conditioners,
A.C. components, steel fabrication items, and others. The company’s principal customers include
Indian Railways, Defence, MTNL, BSNL, and others. The company’s principal clients include Power
Grid, NTPC, NHPC, State Utilities, Central Utilities, CTU, STU, and Private players involved in
power generations and need to allocate the power through EPC contractor.
FLCL was established in 1957.

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FINETEC CENTURY CORPORATION

329-3 Boche-ri, Miyang-myeon, Anseong-si, Gyeonggi-do 456 843, Korea
Phone: (081) 02-2185-7000, Fax: (081) 02-2185-7007
SOURCES: www.finetec.co.kr/english/M0/M0_S3.asp and other secondary online sources
Key Executive: Hong-Kun Kim, Chief Executive Officer
BUSINESS PROFILE
Finetec Century Corp., (Finetec) leader of Air Conditioning Equipment industry through introducing
high technology and consistent research & development. The company’s product line includes Air
Conditioner, Chillers, Air Handling Unit, Marine Type Air Conditioner, Polyurethane System,
Cryogenic Insulation Materials, Fire Fighting System, Fine Panel System, Seamless Gas Cylinder,
and Refrigerants. In addition, the company’s products and services include Product/Service
Computer Room & Laboratory Air Conditioner, Crane Cab Cooler, Warm Air Furnace, Reciprocating
Water Chiller, Centrifugal Water Chiller, Screw Water Chiller, Absorption Water Chiller, Fan Coil
Unit, Heat pump Chiller, Screw Compressor, Electric lon-Deposition Painting System, Spot Cooler,
and Electric Motor. The company offers High Purity Gas Cylinders.
PRODUCT PORTFOLIO
Air Conditioner
Wall mount A/C, Floor mounted Air Conditioner, Water-cooled A/C, Large Air Conditioner, and
Subtype Air Conditioner
Chillers
AR Chiller, Absorption Chiller, and Centrifugal Water Chiller
Air Handling Unit

Fan coil unit and cooling tower
Marine Type Air Conditioner

Nuclear HVAC, Air Cleaning Unit, Air Handling Unit, and Cooling Coils
High Pressure Cylinders
Industrial gas cylinders

The Industrial gas cylinders are for the storage and transportation of general industrial gases such
as O2, CO2, N2, and Argon
Fire fighting gas cylinders

Containing gases such as CO2, N2, Halon, and INERGEN for onshore/offshore firefighting systems.

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CNG/NGV Cylinders
CNG/NGV Cylinders are Lightweight steel automotive compressed natural gas cylinder. Finetec
produces complete CNG cylinders for cars, passenger vehicles and buses as well as stationary
ground storage and mobile refueling systems.
FIRECHILL LTD.
Foundry Street, Leeds, LS11 5QP, UK
Phone: +44 (0) 113 394 4576, Fax: +44 (0)113 394 4501
SOURCES: www.firechill.com and other secondary online sources
Key Executives
Simon Clothier, Chief Executive Officer
Nick Williams, Chief Financial Officer
Ron Soka, Chief Technology Officer
Vince Middleton, Director (Manufacturing)
Ian Watson, Director (Project)
BUSINESS PROFILE
FireChill Ltd., (FireChill) is the global green cooling company. FireChill manufactures a range of
multi-fuel, energy-efficient chillers, suitable for cooling systems in residential, commercial and
industrial applications. FireChill is a leading the way in heat recovery from exhaust gases. The
company’s product line includes Heat Pumps, AC500 – chiller, ALT500 – chiller, MultiPack systems,
and PowerChill systems. The company’s PowerChill system is a pre-engineered, factory-tested
packaged solution providing uninterrupted cooling, heating and power. FireChill technology converts
a range of heat sources, including waste heat, into chilled water. The company’s AC500 chiller is
designed to provide comfort cooling in residential and commercial buildings as well as process
cooling for commercial and industrial applications. FireChill’s entry level cooling device is the
AC500, an industry-leading, efficient, robust unit ideally suited for the standalone, gas-fired
provision of chilled water to supply air-conditioning systems. FireChill’s products efficiently convert a
heat source into a stream of chilled water suitable for a range of high-end residential, commercial
and industrial cooling systems. FireChill’s cold water output could easily directed by a
thermostatically controlled valve to a zone demanding cooling. FireChill uses a closed loop
ammonia refrigerant system to recover the energy from a high temperature source (either directly
from a natural gas burner or from the waste exhaust heat from microturbines or other sources) to
produce the chilled water. FireChill, through its dynamic, interactive Apps Lab™, would
progressively build and publicize a range of apps for an ever-broadening family of FireChill
products. The company is accredited with ISO 9001:2008 and ISO 14001:2004 certifications.
In 2012, FireChill secured its first commercial sales leading to a five-year exclusive global supply
contract worth $15M AUD with Australian water-making company Water from the Air Pty Limited
(WfA) www.multigen.com.au.

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FISCHER ECO SOLUTIONS GmbH

Im Gewerbegebiet 7, 77855 Achern-Fautenbach, Germany
Phone: +49 (0)7841-6803-892, Fax: +49 (0)7841-6803-885
SOURCES: www.fischer-group.com and other secondary online sources
BUSINESS PROFILE
Fischer Eco Solutions GmbH (Fischer Eco) a subsidiary of Fischer Group, involves in the production
and marketing of components for steam condensation, water desalination and treatment. The
company finds application in Core competence corrosion resistance, Heat exchangers, Absorption
refrigeration machines and Trigeneration. The company supplies tubes of any length from less than
one metre to 30 meters. Fischer Eco’s heat exchanger tubes and modules could be used both as
replacement parts or customised new developments. Heat Exchangers are featured with High
surface quality, Sprayer and enclosure, Pre-fabricated tube bundles and heat transfer through thin
tube material. Fischer Eco’s MED desalination system is designed for low-maintenance operations
& low system temperatures and could be coupled with CHP’s or solar heat supply systems. The
Fischer Eco’s ARU’s is featured with a modular structure similar to seawater desalination systems,
covering a cooling capacity spectrum from 15 Kilowatt to 5 Megawatt.
GLORIOUS REFRIGERATION EQUIPMENTS CO., LTD.

Room 1736 Lidong Business Building, 112th, Jiefangoad, Jinan, Shandong Province, China
Phone: +86-531-8655 5251, Fax: + 86 531 86555252
SOURCES: www.glorious-solar-ac.com and other secondary online sources
BUSINESS PROFILE
Glorious Refrigeration Equipments Co. Ltd., is one of the powerful air conditioning and refrigeration
equipments companies in China. The company’s products include Wall Mounted Split Air
Conditioner, Window Type Air Conditioner, Floor Standing Type Air Conditioner, Portable Type Air
Conditioner, Packaged Terminal Air Conditioner, Central Air Conditioner, Top Discharge
Condensing Unit, Ducted Split Unit, Rooftop Air Conditioner, Fan Coils, Air Cooled Water Chiller
and Heat Pump, Water Cooled Water Chiller and Heat Pump, Industrial and Precission Air
Conditioner, Water Cooled Water Chiller, Wall Mount Cabinet Air Conditioner, Swimming Pool Heat
Pump, water to water heat pump, Air to water heat pump, Solar Absorption Chiller, Solar Hybrid Air
Conditioner, CaCl Adsorption Chiller, Ammonia Absorption Chiller, Steam Fired Type Absorption
Chiller, Direct Fired Type Absorption Chiller, Cacl Adsorption Chiller, and Refrigerators. The
company’s products are exported to more than 50 countries.

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HITACHI APPLIANCES, INC.

Hitachi Atago Building, 15-12, Nishi Shimbashi 2-chome, Minato-ku, Tokyo 105-8410, Japan
Phone: 81-335022111
SOURCES: www.hitachi-ap.com and other secondary online sources
Key Executives
Haruki Yamamoto, President and Director
Tomomichi Kaneko, Executive Managing Director
Shinichi Iizuka, Executive Managing Director
Mitsugu Aoyama, Executive Managing Director
Masatoshi Kato, Executive Managing Director
Ippei Yamasaki, Director
BUSINESS PROFILE
Hitachi Appliances Inc., (Hitachi) is involved in the development, manufacture and sales of home
appliances and comprehensive air conditioning systems. Hitachi delivers electrical home appliances
such as refrigerators and washing machines, also comprehensive air conditioning systems for
home, commercial and industrial use. The company also focuses on new environment fields such
as LED lighting, residential solar power generation systems and all-electric housing products, which
are rapidly becoming widespread. Hitachi’s product line includes Chillers, Compressors and Electric
home appliances. The company developed a new multi-split air-conditioning system called "SET-
FREE FSXN", which supports heat recovery operation is designed for buildings that saves energy,
construction time, and installation space. Hitachi’s H-LINK transmission system for connection
between outdoor and indoor units provides an extended system configuration and improved
functions without sacrificing workability and the flexibility. CS-NET is the company’s computer
control network system for the SET-FREE FS series, SET-FREE FSNM and UTOPIA ranges. The
flexibility of the SET-FREE system allows the internal data to be easily accessed and controlled by
the user, with features including temperature, mode and fan speed setting and groupings. The
company’s CSC-5S, central station system newly developed for the screw chiller provides individual
control, quantity control and monitoring. Hitachi's screw chiller could be connected to BMS (Building
management system) with LONWORKS. The company’s absorption chillers exploits waste heat as
heat source for various energy saving systems. Hitachi's Cosmopia Series of Environmental Testing
Units Respond to the Needs of users with Outstanding Functions and Reliability.
Hitachi was established in 2006.
PRODUCT/SERVICE PORTFOLIO
Comprehensive Air Conditionings
Chiller
Absorption& Centrifugal Chiller, Centrifugal Chiller, Absorption Chiller-Heater, Heat Recovery Type,
Absorption Products and District Cooling System

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Compressor
Scroll Compressor, Reciprocating Compressor, Rotary Compressor, Screw Compressor
Electrical Home Appliances

Microwaves, Food waste disposer, Rice cooker, Vacuum Cleaners, Lamp, house Equipment Pump,
Air Conditioning, Range Hood Fans, Dehumidifies and Air Purifiers
ICL INDIA
A-21/24, Naraina Industrial Area Ph. II, New Delhi - 110 028, India
Phone: 91-11-25701967, Fax: 91-11-25893126
SOURCES: www.icl-tech.com and other secondary online sources
BUSINESS PROFILE
ICL India is focused on producing high-tech equipment for heat-transfer applications. The
company’s products include Broad - Absorption Chillers, Vericor - Gas Turbines, Air Handling Units
& Fan Coil Units, Air Cooled Fluid Coolers, Oil Coolers, Air Cooling Units, Bitzer Compressor Packs,
J & E Hall Compressors, Liquid Over Feed Systems, and Insulated Panel Buildings. The company
operates through Four Divisions namely Heat-transfer Systems & Projects, Refrigeration Projects,
Broad Absorption Chillers, and Power-generation & Cooling systems.

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INTERNATIONAL COIL LTD.

7th Floor, Building 9-B, DLF Cyber City, Gurgaon - 122 002, Haryana, India
Phone: + (91)-(124)-4956000, Fax: + (91)-(124)-4956022
SOURCES: www.iclcoilindia.com and other secondary online sources
Employees: 500 (E)
BUSINESS PROFILE
International Coil Ltd. (ICL) is the prominent manufacturers, suppliers and exporters of Industrial
Chillers, Flow Fans, Feed Systems, Panel Buildings and Hall Compressors. The products are
demanded by food processing, engineering, cement plant, ceramic and sugar industries. In addition,
the company’s product line also includes J & E Hall Compressors, Bitzer Compressor Packs. ICL’s
product range is fabricated using high quality raw material like aluminum, copper tubes and stainless
steel tubes to ensure its lesser consumption of electricity, easy installation, noise free and longer
service life. The Various machines that are installed at the company’s unit include Lathe machine, Drill
machine, Steel cutter machine, Power presses machine and Bending machine. The company offers
an exclusive range of Liquid Overfeed Systems, which could force excess liquid, either mechanically
or by gas pressure. ICL’s Ammonia Air Cooling Units : ICL American-technology Ammonia Air Cooling
Units are particularly designed for Cold Storage Industry storing Potatoes, Apples, Fruits and
Vegetables in India. ICL’s products are exported to UK, Zambia, Bangladesh and Germany. The
company also offers various air cooling units and power plants such as Ammonia Air Cooling Units,
Air Handling Units & Turbines, Vericor Turbines, Diesel Set, Gas Genset, Biomass Power Plants,
Biomass Energy Plants and Power Generation Plants. The company’s client list includes Rolls Royce
Power, Cummins India Ltd, Wartsila India Ltd., DLF Ltd., Vedanta, and Man Diesels.
ICL was established in 1984.

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JIANGSU HUINENG NEW ENERGY TECHNOLOGY CO., LTD.

Mingzhu Road, Binhai Industry Park, Qidong, Nantong, Jiangsu, China
Phone: 0086-15963600707
SOURCES: www.tynkt.com/en/product.asp and other secondary online sources
BUSINESS PROFILE
Jiangsu Huineng New Energy Technology Co. Ltd., is a high-tech enterprise specializing in
designing, producing, and marketing central air conditioning, especially solar air conditioning. The
company’s products include RXZ58 small type hot water absorption chiller; RXZ35 small type hot
water absorption chiller; TX23 integrated hot-water chiller; RXZ115 small type hot water absorption
chiller; TX35 integrated hot-water chiller; vacuum boiler; TX23 integrated hot-water chiller; solar
energy air conditioning system; gas fired chiller heater; evaporative condensed chiller; hot water
absorption chiller; small type hot water absorption chiller; and rxz58 small type hot water absorption
chiller. The company’s offerings include solar central air conditioning, small-size fuel fired & hot
water operated lithium bromide absorption chiller, as well as integrated unit which is the perfect
combination of absorption chiller, cooling water tower and pumps.
JIANGSU SHUANGLIANG AIR-CONDITIONING EQUIPMENT CO., LTD.

Ligang Town, Jiangyin, Wuxi, Jiangsu 214444, China
Phone: 0510-6638824, 86-13812114618, 86-510-86632095, Fax: 86-510-86634678
SOURCES: Company related secondary online sources
BUSINESS PROFILE
Jiangsu Shuangliang Air-Conditioning Equipment Co. Ltd., (JSA) is the largest production base for
the chiller in Asia Pacific Area. JSA is an enterprise designated for production of central air
condition system by the original Ministry of Machinery Industry. The company provides air
conditioning equipment including chiller, fan coil and cooling tower and its chiller are sold in world
market. The company’s offerings include Hot Water Operated Chiller, Screw Chiller, Libr Solution,
Cooling Tower, Fan Coil Unit, Flue gas operated absorption chiller, Flue Gas Operated Absorption
Chiller, Direct Fired Lithium Bromide Absorption Chiller, Steam Absorption Chiller, Flue Gas
Operated Chiller, FRP Cooling Tower, Hot water Operated Absorption Chiller, Lithium Bromide
Solution, Fiber Glass Cooling Tower, and Hot-water operated LiBr Absorption Chiller. The company
is accredited with ISO 9001 certification.

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JOHNSON CONTROLS, INC.

5757 North Green Bay Avenue, P.O. Box 591, Milwaukee, Wisconsin 53201, USA
Phone: 1-414-524-1200
SOURCES: www.johnsoncontrols.com and other secondary online sources
2012 Sales: US$ 31,563 million (Nine Months Ended, June)

2011 Sales: US$ 40,833 million
2010 Sales: US$ 34,305 million
(Fiscal Year Ends in September)
Employees: 162,000 (2011)
Key Executives
Stephen A. Roell, Chairman, President and Chief Executive Officer
Alex Molinaroli, President (Power Solutions)
Beda Bolzenius, President and Vice President (Automotive Experience)
Dave Myers, President (Building Efficiency)
R. Bruce McDonald, Chief Financial Officer and Executive Vice President
Brian Kesseler, Chief Operating Officer (Power Solutions Business)
Colin Boyd, Chief Information Officer and Vice President (Information Technology)
Bill Jackson, Executive Vice President (Operations and Innovation)
William C. Jackson, Executive Vice President (Operations and Innovation)
Susan F. Davis, Executive Vice President (Human Resources)
Kim Metcalf-Kupres, Vice President (Global Strategy and Marketing - Power Solutions)
MaryAnn Wright, Vice President (Global Technology and Innovation - Power Solutions)
Susan M. Kreh, Vice President
Jeffrey G. Augustin, Vice President (Finance and Building Efficiency)
Charles A. Harvey, Vice President (Diversity and Public Affairs)
Jacqueline F. Strayer, Vice President (Corporate Communication)
Frank A. Voltolina, Vice President
Mark P. Vergnano, Director
BUSINESS PROFILE
Johnson Controls Inc., (JCI) is a global leader in automotive experience, building efficiency and
power solutions. The company is a global leading designer, manufacturer and supplier of high
quality automotive systems and facility management and controls for commercial buildings and
HVAC systems. JCI is the world's largest manufacturer of complete seats, with manufacturing plants
on five continents. The company is also the world's leading manufacturer of automotive batteries for
both the aftersales and original-equipment markets with its Power Solutions business. The company
manufactures car batteries and interior parts for passenger and hybrid electric vehicles, as well as
energy-efficient HVAC systems for commercial buildings. The company offers various interior
components such as consoles and instrument panels. The company’s product line includes car

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seats, interior systems, batteries, and environmental control systems for commercial buildings. JCI’s
car interior products include seating, instrument panels, and a slew of electronics. The company
also provides control systems that monitor, automate and integrate critical building operating
equipment and conditions. The company creates a more comfortable, safe and sustainable world
through its products and services for more than 200 million vehicles, 12 million homes and one
million commercial buildings.
JCI’s operations are structured around three business segments namely, Building Efficiency,
Automotive Experience and Power Solutions. In the Building Efficiency segment, JCI manufactures,
installs and services mechanical equipment, which controls HVAC, lighting, security, and fire
systems in non-residential buildings. The company also offers a broad range of biomass energy
solutions designed to unlock the energy stored in plant and animal waste. JCI’s Battery unit
manufactures car batteries for retailers such as Advance Auto, AutoZone, Pep Boys, and Wal-Mart.
The company supplies a wide range of building control systems, services, and Metasys® building
management systems to education, health care, office, government, retail, and telecommunication
sectors. JCI’s key customers include GM, Daimler, Chrysler, and Ford. The company operates
technology centers in the US, France, Germany, and Japan. JCI also operates more than 80
subsidiaries all over the world. The company’s product development centers are located in North
America, Europe, and Asia. The company operates from more than 1,300 locations, serving
customers in more than 150 countries. The company’s major competitors include A123 Systems
Inc., Addison, and Siemens Building Technologies.
JCI was established in 1885 as Johnson Electric Service Company and adopted the present name
in 1974.
BUSINESS OPERATIONS
Building Efficiency
In the Building Efficiency business segment, JCI is a major supplier of installed control systems and
technical and facility management services, which improves the comfort, fire-safety, security,
productivity, energy efficiency, and cost-effectiveness of non-residential buildings. JCI provides
control systems, which monitor, automate and integrate critical building operating equipment and
conditions. JCI also provides a wide range of technical and facility management services, which
supplement or function as in-house building staff. JCI supplies its control systems and products to
original equipment manufacturers, wholesalers and distributors of air-conditioning and refrigeration
systems and commercial heating systems. Building efficiency segment designs, produces, markets
and installs HVAC and control systems that monitor, automate and integrate critical building
segment equipment and conditions including HVAC, fire-safety and security in commercial buildings
and in various industrial applications.
Automotive Experience
JCI’s Automotive experience segment designs and manufactures interior systems and products for
passenger cars and light trucks, including vans, pick-up trucks and sport utility/crossover vehicles in
North America, Europe and Asia. Automotive experience systems and products include complete
seating systems and components; cockpit systems, including instrument panels and clusters,

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information displays and body controllers; overhead systems, including headliners and electronic
convenience features; floor consoles; and door systems.
Power Solutions
In the Power Solutions business segment, JCI is the world’s largest manufacturer of lead acid
automotive batteries. JCI supplies its batteries to automotive original equipment manufacturers. JCI
sells its products under various brands including Optima, Varta, LTH, and Heliar. JCI produces over
110 million lead-acid batteries annually.
SALES DATA
Nine Months Sales Comparison: 2012 Vs. 2011 (In US$ million)
Year Sales % Change

2012 31,563 5.05
2011 30,045 -
Nine Months Sales Comparison by Business Segment (2012 Vs. 2011) – Building Efficiency,
Automotive Experience, and Power Solutions (In US$ million)
Segment 2012 2011 % Change

Building Efficiency 10,898 10,805 0.86
Automotive Experience 16,322 14,927 9.35
Power Solutions 4,343 4,313 0.70
Total 31,563 30,045 5.05
Annual Sales Comparison: 2011 Vs. 2010 (In US$ million)
Year Sales % Change

2011 40,833 19.03
2010 34,305 -
Quarterly Sales Comparison: 2011 Vs. 2010 (In US$ million)
Quarter 2011 2010 % Change

Q4 10,788 9,040 19.34
Q3 10,364 8,540 21.36
Q2 10,144 8,317 21.97
Q1 9,537 8,408 13.43
Total 40,833 34,305 19.03

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Annual Sales Comparison by Geographic Region (2011 Vs. 2010) - United States, Germany,
Mexico, Other European countries, and Other foreign (In US$ million)
Region 2011 2010 % Change

United States 14,367 12,892 11.44
Germany 4,590 3,542 29.59
Mexico 1,869 1,428 30.88
Other European Countries 10,212 8,338 22.48
Other Foreign 9,795 8,105 20.85
Total 40,833 34,305 19.03
Annual Sales Comparison by Business Segment (2011 Vs. 2010) – Building Efficiency,
Automotive Experience, and Power Solutions (In US$ million)

Building Efficiency 14,893 12,802 16.33
Automotive Experience 20,065 16,610 20.80
Power Solutions 5,875 4,893 20.07
Total 40,833 34,305 19.03
Contract
JCI Signs a Contract with Shanghai Yanfeng Johnson Controls Seating Co., Ltd. (YFJC)…
JCI signed a contract with Shanghai Yanfeng Johnson Controls Seating Co. Ltd., (YFJC) to set up a
new seating mechanisms joint venture in Shanghai. The new joint venture would be called Johnson
Controls Yanfeng Mechanisms Co., Ltd. (JCYM). JCYM supplies major automakers in China with a
comprehensive seating mechanisms portfolio, including tracks, recliners, adjusters and latches, as
well as full service capabilities from design and engineering of individual mechanisms and related
technologies to manufacturing the final products.
Acquisitions
JCI Plans to Acquire EnergyConnect Group…

JCI and EnergyConnect Group Inc., a leading provider of smart grid demand response services and
technologies, signed a merger agreement under which JCI would acquire the outstanding shares of

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EnergyConnect. The acquisition of EnergyConnect would position JCI's Building Efficiency business
as a demand response leader in the large commercial, industrial and institutional markets.
EnergyConnect's demand response technology and service platform provides energy managers
and facility operators real-time energy information and access to energy markets, enabling them to
control their energy spend. The combination of energy efficiency, smart building technologies and
demand response services creates an additional platform for growth in a rapidly growing segment of
the energy market. Coupling EnergyConnect's expertise in demand response with JCI's strength in
smart building technologies would enable JCI to expand its offerings and help customers better
manage their overall energy spend.
JCI Completes Acquisition of C Rob Hammerstein Group…

JCI completed the acquisition of the C Rob Hammerstein Group (Hammerstein), a leading global
supplier of high-quality metal seat structures, components and mechanisms based in Solingen,
Germany. The Hammerstein acquisition enables JCI's Automotive Experience business to enhance
its expertise in metal seat structures and expand into premium vehicle segments. Hammerstein's
strong product portfolio and customer base in the premium segment complements JCI's product
portfolio, which is primarily comprised of vehicle segments with high production volumes. For JCI,
the combined footprint of the companies creates new opportunities for growth, particularly in
emerging markets such as China and Eastern Europe. The acquisition includes 11 locations
(excluding joint ventures) and approximately 3,600 employees across seven countries worldwide.
Agreement
JCI Signs an Agreement to Supply Advanced Batteries to the Beijing Electric Vehicle
Company…
JCI’s Johnson Controls-Saft signed an agreement to supply advanced batteries to the Beijing
Electric Vehicle Company. Under the deal, Johnson Controls-Saft would supply the complete
battery system for two electric vehicles, which would be launched by the Beijing Electric Vehicle
Company (BJEV), a subsidiary of Beijing Automotive Industry Company (BAIC). BJEV and BAIC
announced plans to manufacture 150,000 hybrid electric vehicles (HEVs) and battery electric
vehicles (BEVs) by 2015. The electric vehicle market in China represents a tremendous growth
opportunity for the automotive industry. The Johnson Controls-Saft electric battery system would
power the C30 and M30 electric vehicles, which are initially launching in an evaluation fleet of 2,000
units. The C30 is an A0 segment subcompact hatchback, while the M30 is a small cross-over
vehicle based on the same platform. Both vehicles are adapted with an electric powertrain by
BEVC. The fleet would provide critical and early customer usage and feedback information to
support full product launch to consumers in 2012.
New Facility
JCI Plans to Build an Automotive Battery Distribution Center…

JCI announced plans to build an automotive battery distribution center in Middletown, Delaware. JCI
encompasses an existing facility in Middletown where the company manufactures batteries for its
aftermarket customers including major retailers and distributors. By building the new distribution

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center in Middletown, JCI would keep 135 positions in Middletown that would otherwise been
relocated elsewhere. In addition, the distribution center would add up to an additional 70 new
positions to the company’s employee base in the community.
Product/Service Launches
JCI Announces Panoptix™…

JCI announced the Panoptix solution, a new approach to building efficiency that makes it easier and
more affordable for owners and operators of any size facility to achieve better building performance.
The Panoptix solution includes four key components: An open technology platform that makes it
easy to collect and manage data from disparate building systems and other data sources, such as
meter and weather data; a suite of cloud-hosted building efficiency applications that work with any
building management system, including Metasys® by JCI; On-line and by-phone Live Guide™
support, as well as on-site building and energy services to help customers implement operational
improvements and energy-savings measures; and an online Panoptix connected community of
peers and experts committed to sharing best practices, news and resources. Panoptix offers Live
Guide™ support to help managers optimize their use of the applications. Live Guide support is
complemented by a portfolio of building and energy services from JCI to help customers implement
the operational improvements and energy-savings measures identified with the Panoptix
applications. Additionally, the Panoptix Connected Community provides online connections to
subject matter experts, industry thought leaders and colleagues to share best practices, news and
tips on achieving building efficiency.
JCI Launches Healthcare Environment Optimization™ for Maximum Energy Efficiency of

Surgical Suites…
JCI announced a new offering to reduce energy consumption in surgical environments. JCI’s
Healthcare Environment Optimization™ integrates a hospital’s building automation system with
surgery scheduling to optimize air exchange rates and energy use with projected annual savings of
up to $10,000 in each operating room. Developed through collaboration with HDR, architecture,
engineering and consulting firm, Healthcare Environment Optimization™ translates and routes data
from surgery scheduling to the building automation system and determines which of the two HVAC
system modes should be used: surgery or setback. With Healthcare Environment Optimization, the
HVAC system operates at a reduced rate at the appropriate time. Healthcare Environment
Optimization integrates with the Metasys® building management system or other building
automation systems, increasing the flexibility of the installation process.
JCI Introduces YORK® YVAA Air-Cooled Variable-Speed Screw Chiller…

JCI introduced the YORK® YVAA air-cooled variable-speed screw chiller, which could be tailored
and tuned to offer superior efficiency, reduced sound and greater sustainability. Featuring the
industry’s lowest kW/Ton at both full-load design and off-design conditions, the YVAA chiller
ensures efficient operation under all operating conditions. The YVAA chiller also offers flexible
energy consumption, with design efficiencies up to 11.6 EER. The unit could also be configured to
deliver an integrated part load value (IPLV) up to 19.8 EER. The YVAA chiller provides superior
sound performance. In addition to a variety of sound-attenuation options, the YVAA offers its

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SilentNight™ feature, which works with a BAS (or programmable control) to load-limit the chiller
when noise reduction is a priority.
Automotive Experience
The company’s automotive seating business is vertically integrated; also supported by a global
manufacturing network that supplies seat structures, mechanisms, foam, plastics, and trim, which
ensures that competitively priced solutions are globally available wherever they are needed.
Interiors
Complete Seats, Metal Structures & Mechanisms, Seat Foam, Seat Trim & Fabrics, Climate Seat
Systems, Seat Safety, Cockpits & Instrument Panels, Floor Consoles, Door Panels, Overhead
Products, and Lighting.
Electronics
The company develops innovative electronics solutions for Driver Information, HMI Design
Expertise, HomeLink®, Infotainment & Connectivity, and Body Electronics. The company’s portfolio
of electronics solutions is tailored to specific customer and market requirements, with seamless
integration into the vehicle’s interior.
Power Solutions
JCI is the leading supplier of lead acid batteries for virtually every type of passenger car, light truck
or utility vehicle as well as the leading independent supplier of hybrid systems.
Technology
Battery Technology Centers, Inductively Coupled Plasma (ICP) Lab, Innovation Product
Technology, Hybrid Vehicles, Spiral Cell, AGM technology for starter batteries, AGM technology for
semi-traction, Battery Testing, Global Battery Recycling, Battery Basics, and Recycling Process
Building Efficiency Products

Integrated HVAC Systems, HVAC Controls, Actuators, Air Control Products, Heating Products,
Microclimate Systems, Control Sensors, Thermostats, Valves, Variable Speed Drives, HVAC
Equipment, Airside Products, Chiller Solutions, Condensers & Condensing Units, Design Software,
Indoor Packaged Equipment, Outdoor Packaged Equipment, Variable Refrigerant Flow Systems,
Commercial Comfort Systems, Controls & Accessories, Equipment, Central Plant Optimization™,
Rental Solutions, Chiller Rentals, Power Generator Rentals, and Air Conditioner/Air Handler Rentals
Integrated HVAC Systems
HVAC Control Products

Actuators, Dampers, Heating Products, Sensors, Thermostats, Valves, Variable Speed Drives

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HVAC Equipment
Airside Products, YORK® Chiller Products, Commercial HVAC Systems: Heating & Air Conditioning
Comfort, Condensers and Condensing Units
Services
Non-residential Facility Services, National Service, Enhancement Products & Services
(OptiSpeed™ Variable-Speed Drives)
Commercial and Industrial Refrigeration
Commercial Refrigeration
Temperature, Pressure, Lube Oil, Float & Flow, Water Regulating Valves, Fan Speed Controls,
System 350 Modular Control, Refrigerant Leak Detectors
Industrial Refrigeration
Frick Compressors, Frick Condensers, Frick Control Systems, Frick CoolWare, Frick Evaporators,
Frick Factor Locator, Frick Packaged Chiller Units, Frick Vessels, Frick Industrial Refrigeration Parts
SUBSIDIARIES
Autoseat SA de CV
Beijing Johnson Controls Co. Ltd.
Borg Instruments AG
Bristol Compressors, Inc.
Brookfield LePage Johnson Controls Facility Management Services Ltd.
Building Services Srl
Commercial 1 Srl
Controles Reynosa SA de CV
Cybertron Systems Pty., Ltd.
Enertec Mexico S de RL de CV
Ensamble de Interiores Automotrices S de RL de CV
Erste JCI Holding GmbH
Hoover Universal, Inc.
Intertec Systems LLC
JCI Regelungstechnik GmbH (G)
Johnson Control SpA
Johnson Controls & Summit Interiors Ltd.
Johnson Controls (India) Pvt., Ltd.
Johnson Controls (M) Sdn. Bhd.
Johnson Controls (S) Pte., Ltd.
Johnson Controls (UK) Ltd.
Johnson Controls Alagon SA
Johnson Controls Australia Pty., Ltd.
Johnson Controls Austria GmbH & Co OHG
Johnson Controls Automation Systems BV

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SUBSIDIARIES
Johnson Controls Automobilove Soucastky KS
Johnson Controls Automotive (Belgium) NV
Johnson Controls Automotive Pty., Ltd.
Johnson Controls Automotive (UK) Ltd.
Johnson Controls Automotive Electronics SAS
Johnson Controls Automotive Holding (Malaysia) Sdn. Bhd.
Johnson Controls Automotive NV, and Johnson Controls Automotive Srl
Johnson Controls Automotive SAS
Johnson Controls Automotive Spain SA
Johnson Controls Automotive Systems Corporation KK
Johnson Controls Automotive Systems Srl
Johnson Controls Batterien GmbH & Co. KG
Johnson Controls Batterien Verwaltungsgesellschaft GmbH
Johnson Controls Batteries (UK) Ltd.
Johnson Controls Batteries France SAS
Johnson Controls Battery Group, Inc.
Johnson Controls Battery Sweden Kommanditbolag
Johnson Controls de Mexico SA de C
Johnson Controls do Brasil Automotive Ltda
Johnson Controls Espana SL
Johnson Controls Eurosit SL
Johnson Controls France SAS
Johnson Controls GmbH
Johnson Controls GmbH & Co. KG
Johnson Controls Headliner GmbH
Johnson Controls Holding Company, Inc.
Johnson Controls Holding SAS
Johnson Controls Hong Kong Ltd.
Johnson Controls II Assentos de Espuma SA
Johnson Controls Integrated Facility Management BV
Johnson Controls Interiors GmbH & Co. KG
Johnson Controls Interiors LLC
Johnson Controls International spol Sro
Johnson Controls International spol Sro
Johnson Controls Investment GmbH
Johnson Controls Investments (UK) Ltd.
Johnson Controls KK, Johnson Controls LP
Johnson Controls Management Company
Johnson Controls Martorell SA
Johnson Controls Security Systems SA
Johnson Controls MC International SAS
Johnson Controls Nederland BV
Johnson Controls Norden AS
Johnson Controls Objekt Bochum GmbH & Co. KG
Johnson Controls Objekt Zwickau GmbH & Co. KG
Johnson Controls Roth Freres Insitu Technologie GmbH & Co. KG
Johnson Controls Roth SAS
Johnson Controls SA/NV

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SUBSIDIARIES
Johnson Controls Sachsen-Batterien Beteiligungs GmbH
Johnson Controls Sachsen-Batterien GmbH & Co. KG
Johnson Controls Srl
Johnson Controls Battery, Inc.
Johnson Controls Sweden AB
Johnson Controls Systems AG
Johnson Controls Technology Company
Johnson Controls Valladolid SAU
Optima Batteries AB
Optima Batteries, Inc.
Sicar BV
Johnson Controls Automotive (Netherlands) BV
Sistemas Automotrice Summa SA de CV
TechnoTrim, Inc.
Trim Masters, Inc.
Varta Automotive GmbH AG
VB Autobatterie KgoA
United Systems Integrators Corporation
York International Corporation

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KAWASAKI HEAVY INDUSTRIES LTD.

Kobe Crystal Tower, 1-3, Higashikawasaki-cho 1-chome
Chuo-ku, Kobe, Hyogo, 650-8680, Japan
Phone: +81-78-371-9530, Fax: +81-78-371-9568
SOURCES: www.khi.co.jp and other secondary online sources
2013 Sales: ¥ 575.0 billion (H1) Sales

1326
2012 Sales: ¥ 1,303.8 billion
(in ¥ billion)
1282
2011 Sales: ¥ 1,227.0 billion 1238
2010 Sales: ¥ 1,173.5 billion 1194
1150
(Fiscal Year Ends in March)
2010 2011 2012
Employees: 33,270 (2012)
Key Executives
Masamoto Tazaki, Chairman
Tadaharu Ohashi, President
Masashi Segawa, Senior Executive Vice President
Mitsutoshi Takao, Senior Executive Vice President
Nobumitsu Kambayashi, Senior Vice President
Kyohei Matsuoka, Senior Vice President
Hiroshi Takata, Senior Vice President
Shigeru Murayama, Senior Vice President
Makoto Sonoda, Senior Vice President
Joji Iki, Senior Vice President
Masahiko Hirohata, Senior Vice President
Eiji Inoue, Senior Vice President
Yoshinori Kanehana, Senior Vice President
BUSINESS PROFILE
Kawasaki Heavy Industries Ltd., (KHI) is a leading global comprehensive manufacturer of
transportation equipment and industrial goods. With a broad technological base that
encompasses mastery of the land, sea, and air, the KHI manufactures ships, rolling stock, aircraft
and jet engines, gas turbine power generators, environmental and industrial plants, and a wide
range of manufacturing equipment and systems. KHI also produces such world-famous consumer
products as Kawasaki-brand motorcycles and personal watercraft. The company also supplies
many products that demonstrate its expertise in engineering, such as industrial plants,
environmental protection facilities, industrial equipment, construction machinery and steel
structures. The company operates through various business units namely Ship & Offshore
Structure, Rolling Stock, Aerospace, Gas Turbine & Machinery, Plant & Infrastructure, Motorcycle
& Engine, and Precision Machinery.

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KHI’s Ship & Offshore Structure segment constructs and sells ships and other vessels. The
Aerospace segment produces and sells aircraft. The Gas Turbine & Machinery segment produces
and sells jet engines, general-purpose gas turbine generators, and prime movers. The Plant &
Infrastructure segment produces and sells industrial equipment, boilers, environmental equipment,
steel structures, and crushers. The Motorcycle & Engine segment produces and sells
motorcycles, personal watercraft, all-terrain vehicles (ATV), utility vehicles, and general-purpose
gasoline engines. The Precision Machinery segment produces and sells industrial hydraulic
products, and industrial robots. The Other segment produces and sells construction machinery,
commercial activities, sales/order agency and intermediary activities, and administration of
welfare facilities. KHI's rolling stock and construction machinery segment produces electric and
diesel locomotives, material-handling equipment, and heavy engines. The global conglomerate's
lineup includes industrial robots, precision machinery, ships, and snow plows. The company's
major competitors include Deere & Company, Honda Motor Co. Ltd., and Mitsubishi Heavy
Industries, Ltd.
KHI was established in 1878.
SALES DATA
Half Yearly Sales Comparison: 2013 Vs. 2012

(In ¥ billion)
Year Sales % Change

2013 575.0 (1.71)
2012 585.0 -
Half Yearly Sales Comparison by Geographic Region (2013 Vs. 2012) –

Japan, USA, Europe, and Asia (In ¥ billion)

Japan 287.6 241.2 19.24
USA 113.6 102.9 10.40
Europe 40.2 62.2 (35.37)
Asia 86.8 115.2 (24.65)
Others 46.8 63.5 (26.30)
Total 575.0 585.0 (1.71)

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Half Yearly Sales Comparison by Business Segment (2013 Vs. 2012) - Ship and Offshore
Structure, Rolling Stock, Aerospace, Gas Turbine & Machinery, Plant & Infrastructure,
Motorcycle & Engine, and Precision Machinery (In ¥ billion)

Ship and Offshore Structure 47.0 53.9 (12.80)
Rolling Stock 51.9 55.9 (7.16)
Aerospace 110.3 88.4 24.77
Gas Turbine & Machinery 101.5 92.2 10.09
Plant & Infrastructure 53.3 60.6 (12.05)
Motorcycle & Engine 104.3 106.7 (2.25)
Precision Machinery 73.0 91.8 (20.48)
Others 73.9 73.2 0.96
Eliminations (40.2) (37.7) 6.63
Total 575.0 585.0 (1.71)
Annual Sales Comparison: 2010-2012

(In ¥ billion)
Year Sales % Change

2012 1,303.8 6.26
2011 1,227.0 4.56
2010 1,173.5 -
Annual Sales Comparison by Geographic Region (2012 Vs. 2011) – Japan, USA,
Europe, and Asia (In ¥ billion)

Japan 567.1 558.1 1.61
USA 237.9 236.6 0.55
Europe 123.3 87.2 41.40
Asia 239.6 224.7 6.63
Others 135.9 120.4 12.87
Total 1,303.8 1,227.0 6.26

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Annual Sales Comparison by Business Segment (2012 Vs. 2011) - Ship and Offshore

Rolling Stock 134.8 133.2 1.20
Aerospace 208.4 198.7 4.88
Gas Turbine & Machinery 215.1 223.5 (3.76)
Plant & Infrastructure 135.9 101.0 34.55
Motorcycle & Engine 236.3 235.7 0.25
Precision Machinery 189.3 153.6 23.24
Others 158.5 148.4 6.81
Eliminations (89.7) (87.4) 2.63
Total 1,303.8 1,227.0 6.26
Annual Sales Comparison by Business Segment (2011 Vs. 2010) - Ship and Offshore

Rolling Stock 133.2 151.8 (12.25)
Aerospace 198.7 190.9 4.09
Gas Turbine & Machinery 223.5 214.1 4.39
Plant & Infrastructure 101.0 118.7 (14.91)
Motorcycle & Engine 235.7 204.6 15.20
Precision Machinery 153.6 93.0 65.16
Others 148.4 130.4 13.80
Eliminations (87.4) (83.5) 4.67
Total 1,227.0 1,173.5 4.56

CH670540413AC
RECENT DEVELOPMENTS
Year (2012) in Review...
Acquisition
KHI Plans to Acquire a stake in Dalian COSCO Shipbuilding Industry Co., Ltd…
KHI announced plans to a stake in Dalian COSCO Shipbuilding Industry Co. Ltd. (DACOS), a
shipbuilding company based in Dalian, China. DACOS is a joint venture company established in the
Lushun Economic Development Zone in Dalian. Through the transaction, KHI would acquire a 34%
stake in DACOS from COSIC, which is searching for a new partner with more advanced
shipbuilding technology to make DACOS more competitive and further expand its operations. After
the share transfer, DACOS would be 36% owned by COSIC, 34% by KHI and 30% by NACKS.
Agreement
KHI Enters into a License Agreement with Shionogi…

KHI entered into a license agreement with Shionogi & Co. Ltd., (Shionogi) on the manufacture and
sale of powder processing equipment previously handled by Shionogi. The license agreement
would cover the manufacture, sale, and repair of equipment, as well as after-sales service and parts
provision. The Equipment subject to the license includes grinding sifters, fluidized bed separators,
and rotating fluidized bed dryers, which are used in the manufacturing process of pharmaceuticals.
Letter of Intent
KHI Signs Letter of Intent with Loncin…

KHI signed a letter of intent on a business partnership deal with Loncin Motor Co. Ltd., (Loncin)
regarding the manufacture and sale of motorcycles in China. Loncin is one of the leading
motorcycle manufacturers in China in terms of production size.
Memorandum of Understanding (MOU)
KHI Signs a Memorandum of Understanding with Institute of Industrial Science…

KHI signed a memorandum of understanding with Institute of Industrial Sc ience (IIS). Under the
MOU, the parties would commence joint research and work to create a consortium to develop
industrial-scale manufacturing technology and processes, in a new model of academic-industry
cooperation.
Contracts
KHI Secures a Shipbuilding Contract with Mitsui O.S.K Lines…

KHI secured a shipbuilding contract with Mitsui O.S.K. Lines for one 164,700 m3 LNG carrier, to be
used for transporting LNG for The Kansai Electric Power Co., Inc. The new LNG carrier is equipped

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with a cargo tank that provides approximately 18,000 m3 more volume than the existing 147,000 m3
variant. In addition, the ship features a fully optimized hull structure for reduced weight, as well as a
hull shape that is optimized below the waterline for the maximum propulsion performance.
KHI Secures a Contract from the City of Matsuzaka…

KHI secured a contract from the city of Matsuzaka, Mie Prefecture, for a project to build the city's
waste treatment infrastructure following the approval of the city council. The project includes the
construction of a waste treatment facility and recycling center and their operation and maintenance
over a 20-year period (operation of the recycling center is not included). The facility to be built under
the project would be capable of treating 200 tons of waste per day using two incinerators, and the
recycling center would handle 26 tons of waste every five hours. The facility would feature parallel
flow stoker incinerators capable of high-temperature combustion with minimal air. The facility
combines high-temperature, high-pressure boilers and extraction turbines with the incinerators for a
highly efficient waste power generation capable of generating up to 3,500 kW of electricity.
Orders
KHI Receives an Order for two Natural Gas Compressors…

KHI received an order for two natural gas compressors storage and offloading (FPSO) system
which would be operated in oil fields off the coast of Vietnam near Vung Tau. KHI’s FPSO is a
floating vessel designed to process and store crude oil extracted from offshore oil fields until that
could be offloaded onto a tanker, and the vessels could be operated at any water depth and are
also easy to transfer and reuse. The order is a testament to KHI's proven track record and reliability
as a supplier of natural gas compressors.
KHI Secures an Order for a Large Composite Molding System from NCC…
KHI secured an order for a large composite molding system with a 35,000-kN hydraulic press from
NCC, Nagoya University's National Composite Center. The molding system ordered for NCC would
be tailored for the development of a mass-production system. The new molding system would
reduce production cost as well as tact time through thermoplastic CFRP molding enabled by the
LFT-D unit.
Product Launch
KHI Launches New KJ-series Explosion-Proof Painting Robots…

KHI launched the new KJ-series explosion-proof painting robots. The KJ-series builds on the
superior performance of the existing KF-series and KG-series to deliver further enhancements. The
new series is compatible with a broad range of painting applications spanning from automobile body
and parts to the general industries. The KJ-series employs a common platform type arm that could
be used with all installation methods by changing the base section. In addition to the KJ264 with a
six-axis arm, the lineup includes the seven-axis type KJ314 with an additional axis built into the
base section, enabling broader application. The KJ-series features a lighter and slimmer arm than
existing models and integrates cables inside the structure, enabling high-density robot layout. The

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KJ series design feature enables reducing the dimension and strength of the painting booth, which
translates into major savings in production facility and maintenance costs.
Product Development
KHI Develops an Exhaust Gas Recirculation (EGR) System…

KHI developed an exhaust gas recirculation (EGR) system be used with marine diesel engines. With
the latest achievement, KHI managed to reduce nitrogen oxide (NOx) emissions from marine diesel
engines to below the International Maritime Organization (IMO) Tier III regulations, either with the
EGR system alone or with the EGR system and water-emulsion fuel combined. The EGR system
curbs the production of NOx by redirecting some of the exhaust gas back to the engine, and
lowering the combustion temperature inside the cylinder.
Other Developments
KHI Delivers Shagang Volition Ore Carrier…

KHI delivered the Shagang Volition ore carrier, with a capacity of 298,000 DWT to Xing Long
Maritime SA at Dalian COSCO KHI Ship Engineering Co., Ltd. (DACKS) in Dalian, China. Shagang
Volition vessel is KHI’s newly developed state-of-the-art large ore carrier. The new vessel employs
the KHI rudder bulb system with fins (RBS-F) for maximum fuel economy.
KHI Supplies the 100th Forward Fuselage of the 787 Dreamliner Base Models…
KHI supplied the 100th forward fuselage of the 787 Dreamliner base models (787-8) to Boeing. The
787 Dreamliner is already the world’s best-selling airplane, with more than 800 orders from over 50
airlines and leasing companies around the world. KHI would contribute to Boeing's 787 programs by
continuously providing high-quality products, while actively promoting business operations expands
commercial airplane business.
KHI Delivers the Clifton Bay bulk carrier to K Line Bulk shipping (UK) Ltd…
KHI delivered the Clifton Bay bulk carrier to K Line Bulk shipping (UK) Ltd., at its Sakaide
Works. The vessel is the 17th state-of-the-art bulk carrier with a capacity of 58,000 DWT to be
developed by KHI. The vessel contains a flush deck with a forecastle and five holds that are
designed for optimum transport of grains, coals, ores and steel products. The vessel employs
the latest in technology to achieve maximum fuel economy, including an energy-saving main
diesel engine, highly efficient propellers, the KHI rudder bulb system with fins (RBS-F), as well
as a bow designed to reduce wave resistance, which all contribute to the vessel’s enhanced
propulsion performance.
PRODUCT PORTFOLIO
Aerospace
Aircraft, Helicopters, Jet Engines, Space Systems, Related Systems

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Leisure & Power Products

Motorcycles, ATVs, Recreation Utility Vehicles, Utility Vehicles, JET SKI® Watercraft, General-
purpose Gasoline Engines
Ships
Merchant Ships, Naval Vessels, Marine Machinery
Industrial Robots
General-purpose Robot, Explosion-proof Painting Robot, Clean Robot, High-speed Picking Robot,
Automation Systems
Hydraulic Components
Hydraulic Pumps, Hydraulic Motors, Hydraulic Valves, Peripheral Equipment
Industrial, Environmental & Recycling Facilities and Equipment

Industrial Plants, Environmental & Recycling Plants, Machinery and Equipment for Plants, Resource
Recycling Systems, Environmental Protection Facilities
Infrastructure
Civil Engineering, Steel Structures, Ultralow Temperature Storage and Transport System,
Construction Machinery
Machinery
Hydraulic Machinery, Aerodynamic Machinery
SUBSIDIARIES
Ship & Offshore Structure
Nantong COSCO KHI Ship Engineering Co., Ltd.
Rolling Stock
Alna Yusoki-Yohin Co., Ltd.
Nichijo Manufacturing Co., Ltd.
Kawasaki Rail Car, Inc.
AEROSPACE
NIPPI Corporation
Gas Turbine & Machinery
Kawasaki Thermal Engineering Co., Ltd.
Kawasaki Gas Turbine Asia Sdn. Bhd.
Wuhan Kawasaki Marine Machinery Co., Ltd.
Kawasaki Machine Systems, Ltd.
Tonfang Kawasaki Air-Conditioning Co., Ltd.

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SUBSIDIARIES
Plant & Infrastructure
EarthTechnica Co., Ltd
Fukae Powtec Corporation
JP Steel Plantech Co.
Anhui Conch Kawasaki Engineering Co., Ltd.
Anhui Conch Kawasaki Equipment Manufacturing Co., Ltd.
Anhui Conch Kawasaki Energy Conservation Equipment Manufacturing Co., Ltd.
Shanghai COSCO Kawasaki Heavy Industries China Steel Structure Co., Ltd.
Motorcycle & Engine
Kawasaki Motors Corp.
Kawasaki Motors Finance Corporation
KM Receivables Corporation
Kawasaki Motors Pty. Ltd.
P.T. Kawasaki Motor Indonesia
KHITKAN Co., Ltd.
Kawasaki Motores Do Brasil Ltda.
Kawasaki Motors Europe NV
Kawasaki Motors (Phils.) Corporation
Kawasaki Motors Enterprise (Thailand) Co., Ltd.
Canadian Kawasaki Motors Inc.
Kawasaki Motors Manufacturing Corp.
Precision Machinery
Kawasaki Precision Machinery (Suzhou) Ltd.
Kawasaki Precision Machinery (U.S.A.), Inc.
Kawasaki Precision Machinery Trading (Shanghai) Co., Ltd.
Kawasaki Precision Machinery (U.K.) Ltd.
Kawasaki Chunhui Precision Machinery (Zhejiang) Ltd.
Wipro Kawasaki Precision Machinery Private Limited
Flutek Ltd.
Kawasaki Robotics (UK) Ltd.
Kawasaki Robotics (Tianjin) Co., Ltd.
Kawasaki Machine Systems Korea, Ltd.
Kawasaki Robotics (U.S.A.), Inc.
Other
KCM Corporation
KCMJ Corporation
KCMA Corporation
Kawasaki Trading Co., Ltd.
Kawasaki Life Corporation
Kawasaki Hydromechanics Corporation
Nippi Kosan Co., Ltd.
Kawasaki do Brasil Industria e Comercio Ltda.
Kawasaki Heavy Industries (U.S.A.), Inc.
Kawasaki Heavy Industries (U.K.) Ltd.

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KAWASAKI HEAVY INDUSTRIES LTD.’S SUBSIDIARY
KAWASAKI THERMAL ENGINEERING CO., LTD.

1000, Aoji-cho, Kusatsu, Siga 525-8558, Japan
Phone: +81-77-563-1111, Fax: +81-77-563-1120
SOURCES: www.khi.co.jp/corp/kte/EN and other secondary online sources
Employees: 505 (E)
Key Executive: Haruo Nomura, President
BUSINESS PROFILE
Kawasaki Thermal Engineering Co. Ltd. (KTCL), a part of Kawasaki Heavy Industries Ltd. (KHI), is a pioneer
in providing a wide variety of absorption chillers, and package boilers. The company also offers direct fired
chiller, and steam chiller/gene link. KTCL’s wide variety of absorption chillers include triple effect direct fired
absorption chiller (Sigma Ace 1.2R series (80-1000RT)), double effect direct fired absorption chiller (sigma
ace/sigma midy), waste heat recovery (hot water) absorption chiller, and double effect steam absorption
chiller (sigma ace). KTCL’s various package boilers include water tube boiler (KD), smoke tube boiler (KS),
drumless water tube boiler (Ifrit/KF), and waste heat recovery boiler (RG/KS-HR). The company’s products
are used for heavy-duty operation, and are also applicable for both air-conditioning and industrial use. The
company is accredited with ISO 14001 certification.

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KIRLOSKAR PNEUMATIC CO., LTD.

Hadapsar Industrial Estate, Pune 411 031, State – Maharashtra, India
Phone: 91-20-2672 7000, Fax: 91-20-2687 0297
SOURCES: www.kpclapps.com and other secondary online sources
2013 Sales: INR 4,047 million (Nine Months Ended, December)

2012 Sales: INR 6,666 million
2011 Sales: INR 4,917 million
Key Executives
Rahul C. Kirloskar, Executive Chairman
Atul C. Kirloskar, Director
Sanjay C. Kirloskar, Director
Vikram S. Kirloskar, Director
A. C. Mukherji, Director
J. Y. Tekawade, Director
G. Krishna Rao, Director
P. S. Jawadekar, Director
D. R. Swar, Director
Sunil Shah Singh, Director
Aditya Kowshik, Managing Director
BUSINESS PROFILE
Kirloskar Pneumatic Co. Ltd. (Kirloskar), established in 1958, is a leader in providing compressed
air, air-conditioning & refrigeration and hydraulic power transmission in India. The company’s
product line includes air compressors, refrigeration & air-conditioning products, gas compressor
packages, transmission and manufacturing units. The company’s three-stage hydraulic torque
converter provides torque multiplication upto five times the input torque. The company’s single
stage hydraulic torque converter could be integrated with wet type multi-disc hydraulic clutches
and reduction gearing. The company operates through two major business segments namely
Compression Systems and Transmission Products (TRM). The Compression Systems segment is
involved in manufacturing a wide variety of compressors, and also undertakes design, packaging
of conventional and high-tech air, gas and refrigeration systems. The company’s plant at Saswad
also packages Gas Compression systems for CNG Stations and for the Upstream, Downstream
and Distribution sectors. TRM segment’s products are sold directly through sales division in Pune.
The company’s products are widely used in diverse industries including air separation plants, oil
refineries, fertilizer plants, chemical industry, automobile, textile, ash handling, mining,
construction, cement plants, thermal power plants, air seperation, petrochemical plants, gas
applications, sugar co-operatives, general engineering industry, iron & steel, glass, defense, oil
and gas, utilities and others.

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SALES DATA
Nine Months Sales Comparison: 2013 Vs. 2012 (In INR million)
Year Sales % Change

2013 4,047 (15.03)
2012 4,763 -
Annual Sales Comparison: 2012 Vs. 2011 (In INR million)
Year Sales % Change

2012 6,666 35.57
2011 4,917 -
Annual Sales Comparison by Operation (2012 Vs. 2011) - Compression Systems,

and Transmission Equipment (In INR million)
Operation 2012 2011 % Change

Compression Systems 5,781 4,352 32.84
Transmission Equipment 885 565 56.64
Total 6,666 4,917 35.57
PRODUCT PORTFOLIO
Air Compressors
Centrifugal Compressor, Reciprocating (Lubricated & Oil Free) Compressor, Diesel Portable Screw
Compressors, Electric Screw Compressors, Horizontal & Reciprocating Industrial Compressors,
Rotary Screw (Mobile/Stationary), Small (Garage) Compressors, Railway Brake
Compressors/Expressors
Refrigeration & Air-Conditioning

Refrigeration Compressors, Air-Conditioning Compressors, Flake & Block Ice Plants, Transport Air-
Conditioning, Specialised, Custom Built - Screw Compressor Packages, Turnkey Solutions -
Refrigeration & Air-Conditioning systems
Gas Compressor Packages

Specialised Reciprocating Gas Compressor Packages for a wide range of gases, hydrocarbons
Transmission
Traction Motor Pinions and axle mounted Bull Gears, Hydraulic Torque Converter, Hydraulic
Transmission, Locomotive Transmission Units, Hydraulic Marine Gear Boxes, Industrial & Windmill
Gear Boxes, Torque Converters, Traction Gears and Pinions

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LS AIR-CONDITIONING SYSTEM (SHANDONG) CO., LTD.

China
SOURCES: www.commerce.com.tw and other secondary online sources
BUSINESS PROFILE
LS Air-Conditioning System (Shandong) Co. Ltd. (LS China), a part of LS group, is involved in
manufacturing cenral air-conditioning equipment. The company provides a wide range of
products, including lithium bromide absorption chiller, screw chiller and centrifugal chiller. The
company’s offerings include direct-fired absorption chiller, steam absorption chiller and hot
water absorption chiller.
LS MTRON LTD.
Floor No. 11F, LS Tower, 1026-6, Hogye-dong, Dongan-gu, Anyang-si, Gyeonggi-do, Korea
Phone: 82-2-2189-9113, Fax: 82-31-689-8258
SOURCES: www.lsmtron.com and other secondary online sources
Key Executive: Chayol Koo, Chairman and Chief Executive Officer
BUSINESS PROFILE
LS Mtron Ltd., established in 2008, specializes in industrial electric and electronic materials. The
company’s product line includes components and machinery. The company’s components include
electronic parts such as connector and antenna; circuit materials including copper foils and FCCL;
vehicle parts such as automotive rubber hose; and ultracapacitor.

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MARUTHI COOLING SYSTEMS PVT., LTD.

# 68/69, 4th cross, Industrial Lane, Kamakshipalya, Bangalore - 560 079 Karnataka, India
Phone: +91 - 80 - 2348 2371, +91 - 80 – 23484417, Fax: +91 - 80 - 2358 6695
SOURCES: www.maruthicoolingsystems.com and other secondary online sources
BUSINESS PROFILE
Maruthi Cooling Systems Pvt. Ltd. (MCS), established in 2000, manufactures variety of chillers such
as water cooled chillers, air cooled chillers, oil chillers, brine chillers, panel air conditioner sand
special purpose cooling systems. The company is a pioneer in providing completely factory
assembled and pre-commissioned Modular Chillers and Skid Mounted Chillers. The company’s
factory assembled and pre-commissioned Modular Chillers are supplied with the advanced features
such as Microprocessor Based Multifunctional Controller (MBMC), Remote Control, and Date
Recording. The company provides a range of Industrial Cooling Systems such as Air Cooled
Chillers, Reciprocating Chillers, Screw Chillers, Semi Hermetic Chillers, Scroll Chillers, Water
Cooled Chillers, Reciprocating Chillers, Screw Chillers, Semi Hermetic Chillers, Vapour Absorption
Chillers, Scroll Chillers, Oil Chillers, Brine Chillers, Panel Air Conditioners, Filtration Unit, and
Special Purpose Cooling Systems. The Chillers are made with air as well as Air-cooled condensers-
with a capacity ranging from 2 TR to 250 and temperature range of upto (-)50 C. All the components
are globally sourced from Copeland, Danfoss, Alco, Sportan, Bitzer, Telemechnique, among others.

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MCQUAY INTERNATIONAL
13600 Industrial Park Boulevard, Minneapolis, Minnesota 55441, USA
Phone: 763-553-5330
SOURCES: www.daikinmcquay.com and other secondary online sources
Key Executives
Ron Hanlon, Chief Operating Officer
Stephen Poles, Vice President (North American Sales)
Mohammed “Mo” Luqman, Vice President (Solutions)
Don Winter, Vice President (Marketing)
Ray Good, Director (Chiller Product Management)
BUSINESS PROFILE
Mcquay International (Mcquay), a part of Daikin Industries, is the second largest air conditioning,
heating, ventilating and refrigeration company in the world. The company is a pioneer in the
manufacture of the steam engine. The company delivers engineered, flexible solutions for
commercial, industrial and institutional HVAC requirements with reliable products, knowledgeable
applications expertise and responsive support. The company’s product line includes Air cooled
chillers, air handlers indoor, air handlers outdoor, coils, condensing units and condensers, controls,
fan coils, PTAC units, rooftop systems, self-contained, system controller, unit ventilators, VAV
terminal units, vrv® - daikin, water cooled chillers and water source heat pumps. The company’s D-
NetTM Performances Services is a web-based service capability, which allows McQuay to monitor a
Pathfinder chiller's operation. The company offers complete building services for all types of HVAC
systems. McQuay’s parts are available through an extensive network of distributors throughout
North America. McQuay’s OEM Parts include McQuay HVAC products, AAF® HVAC products,
ClimateControl® HVAC products, HermanNelson® classroom unit ventilators, Remington® air
conditioning products, Singer® packaged terminal air conditioners and Westinghouse® commercial
air conditioning products. The company markets its products under various brands including
Remington®, Singer®, HermanNelson® Company, American Air Filter® and Perfex®. The company
is accredited with ISO 9001:2000 and ISO 14001:2004 certifications.
Mcquay was established in 1872.
Product Launches
McQuay Introduces New Energy Recovery Wheel Option for Rebel…

McQuay introduced a new Energy Recovery Wheel option for Rebel, the most energy efficient
rooftop unit on the market. The energy recovery wheel option recovers approximately 75 percent of
energy from the exhaust air stream. McQuay’s energy recovery systems are provided as a one-

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piece, factory-installed and tested package that eliminates field coordination and leakage problems
associated with field installation.
McQuay Introduces New Vision Plus Air Handler…

McQuay introduced its new Vision Plus air handler, for those requiring high static pressure, low
leak construction that are typically encountered when advanced filtration and energy recovery
are required. The Vision Plus Air Handler option provides the ability to attain a maximum of
Class 6 leakage at up to +/-8" of internal static pressure per ASHRAE’s 111 Standard. The
Vision Plus Air Handler expands the flexibility of the Vision line and provides building owners
with an outstanding solution for applications requiring increased filtration such as in healthcare
facilities, clean rooms or labs.
Other Development
McQuay Announces MicroTech® Integrated System for Water Source Heat Pump
Applications…
McQuay announced a new MicroTech Integrated System for water source heat pump applications,
an innovative solution that provides smart controls, high performance and installation as easy as
plug and play. The Micro Tech Integrated System is the only complete system in the small building
market to integrate pumps, towers, boilers and ventilation air with a water source heat pump
system, which is easy to install, set up and commission significantly reducing the need for field
controls labor so contractors and building owners save time and money.
PRODUCT PORTFOLIO
Condensing Units And Condensers

McQuay offers condensing units, air cooled condensers and fluid coolers to meet a variety of project
requirements. McQuay’s units are available from 10 to 140 tons with a full range of options to meet
efficiency, performance or serviceability requirements.
Modular Central Plant

McQuay Modular Central Plant combines a chiller, cooling tower, pumps and piping in a pre-
engineered, pre-assembled package.
Fan Coils
McQuay’s fan coils provide the flexibility to meet the requirements of th e customer application.
The company offers concealed, recessed, cabinet or large capacity horizontal units and
concealed, recessed, cabinet or hi-line vertical units. With a variety of available options
including piping packages, valve packages, stainless steel drain pans and electric heat, the
local McQuay Representative could help the user to select the best units and sizes for the
application.

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PTAC Units
McQuay’s incremental® and packaged terminal air conditioner (PTAC) and heat pump (PTHP)
products provide year-round comfort in multi-room, multi-story buildings such as hotels/motels,
office buildings, apartments, dormitories, hospitals, nursing homes and schools. McQuay offers the
broadest selection of PTAC and PTHP products in the industry to meet new construction and
replacement applications. For non-standard wall sleeve applications, only McQuay offers the exact
replacement and the same durable design and construction of the original. The units are reliable,
durable, quiet and easy to maintain, which provides maximum flexibility to meet application
requirements, reduces installation and labor costs.
Rooftop Systems
McQuay offers a complete line of applied and commercial packaged rooftop systems, which
provide exceptional value for both new construction and renovation. The company’s products
meet or exceed Federal efficiency standards and are designed for easy installation, reliable
operation and long life. McQuay also offers a line of 100% Outdoor Air rooftop systems with
capacities from 15-140 tons.
Self-Contained Products
McQuay manufactures the most comprehensive line in the industry of water-cooled, indoor, vertical
self-contained air conditioning units. For multi-story buildings or renovations, the units could lower
construction and operating costs compared to alternative systems. The company’s SWP unit is a
one-piece unitary product, 15 to 125 tons, for a broad selection of applications. SWT unit, 15 to 45
tons, is designed for retrofit and renovation projects. SWP unit’s modular design features a two-
piece base section and separate, top-mounted fan section, which could negotiate existing hallways,
elevators, and three-foot framed doorways. All refrigerant piping is contained in one section,
eliminating the need to break refrigerant lines to fit the unit into the building.
System Controller
System Controller is a touch screen panel that operates a browser based interface, which is easy to
use for building owners, system installers and maintenance staff. The System Controller is the
cornerstone of the McQuay Delivered VAV System.
Unit Ventilators
AAF® -HermanNelson® unit ventilators improve classroom comfort and learning productivity. Unit
Ventilators are ideal for new or retrofit applications, multiple configurations allow the user to select
the unit ventilator, which best meets application requirements. The company’s New AAF-
HermanNelson unit ventilators are 65% quieter than previous models and deliver extra cooling
capacity for the added ventilation requirements prescribed in ASHRAE Standard 62.1-1999. AAF-
HermanNelson unit ventilators formulate institutional -grade construction specifically designed for
the classroom environment and are designed for easy maintenance.

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VAV Terminal Units

VAV boxes are a key component of the company’s delivered VAV System, providing consistently
accurate, reliable air flow to occupied spaces.
Water Cooled Chillers

McQuay provides a complete line of water-cooled chillers with a variety of compressor types, to
match both the customer’s application and budget. Water Cooled Chillers available in various sizes
from 30 tons (35 kW) and end at over 2700 tons (9450 kw).
Water Source Heat Pumps

McQuay offers a complete line of water source heat pump systems for boiler/tower (water loop) and
geothermal (ground loop or ground source) applications. Water Source Heat Pump (WSHP)
systems are one of the most efficient, environmentally friendly ways to heat and cool buildings.
McQuay’s high-efficiency, self-contained y WSHP units could be placed in virtually any location
within the building and connected through a water loop.

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MITSUBISHI HEAVY INDUSTRIES LTD.

16-5, Konan 2-chome, Minato-ku, Tokyo, 108-8215, Japan
Phone: +81-3-6716-3111, Fax: +81-3-6716-5800
SOURCES: www.mhi.co.jp/en/ and other secondary online sources
2013 Sales: ¥ 1,325.4 billion (H1) Sales

2960
(in ¥ billion)
2920
2011 Sales: ¥ 2,903.8 billion 2880
2010 Sales: ¥ 2,940.9 billion 2840
(Fiscal Year Ends in March) 2800

2010 2011 2012
Employees: 68,890 (2012)
Key Executives
Kazuo Tsukuda, Chairman
Hideaki Omiya, President
Ichiro Fukue, Senior Executive Vice President
Hiroshi Kan, Senior Executive Vice President
Sunao Aoki, Senior Executive Vice President
Yujiro Kawamoto, Executive Vice President (Accounting, Finance and Material)
Shiro Iijima, Executive Vice President
Katsuhiko Yasuda, Executive Vice President
Akira Sawa, Executive Vice President
Teruaki Kawai, Executive Vice President
Shunichi Miyanaga, Executive Vice President
Yoshiaki Tsukuda, Executive Vice President
Ken Watabe, Senior Vice President
Makoto Shintani, Senior Vice President
Takashi Abe, Senior Vice President
Akira Hishikawa, Senior Vice President
BUSINESS PROFILE
Mitsubishi Heavy Industries Ltd. (MHI), a member of the Mitsubishi keiretsu, manufactures material
handling equipment and machinery, power plants, wind turbines for transportation systems as well as air
and space craft sectors. The company builds and supplies everything from nuclear power plants,
bridges, and aircraft to engines, ships, and air conditioners to various industries and customers around
the world. MHI is a comprehensive manufacturer of machinery, providing over 700 of the products in a
very broad range of fields, including aerospace rockets, power-generation facilities, ships, industrial
equipment, and home air conditioners. The company is also involved in the manufacture, installation,
sale and repair of crude oil carriers, container ships, cruise ships, car ferries, LPG carriers, LNG carriers
and various other ships, defense vessels, offshore structures, and others. The company’s product line

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includes Energy, Aircraft, Space, Ship & Ocean, Transportation, Material Handling, Environment,
Automotive, Industrial Machinery, Infrastructure, Living & Leisure, and Defense Products. The
company’s operations are structured around various business segments namely, Shipbuilding & Ocean
Development; Power Systems; Machinery & Steel Structures; Aerospace; Mass and Medium-Lot
Manufactured Machinery, and others. The company also offers forklifts, and air conditioners garners.
The company operates over six research & development centers; and over 317 subsidiaries all over the
world. The company also does business in other parts of Asia, North America, Europe, Central and
South America, Africa, and the Middle East. The company’s major competitors include IHI Corporation,
Kawasaki Heavy Industries Ltd., and Sumitomo Heavy Industries Ltd.
MHI was established in 1884 as Nagasaki Shipyard & Machinery Works and adopted the present
name in 1934.
BUSINESS OPERATIONS
Shipbuilding & Ocean Development

In the Shipbuilding & Ocean Development segment, MHI plays an extensive role on the world’s
oceans with the development and construction of a wide range of large vessels and ocean
structures that satisfy diverse customer needs. MHI is actively working to develop new products that
raise the bar on economy, reliability and safety while responding to environmental regulations. The
segment is engaged in manufacturing, installation, sale and service of LNG carriers, LPG carriers,
cruise ships, car ferries, car carriers, crude oil carriers, container ships and various other ships,
defense and patrol vessels and marine structures.
Power Systems
Based on independent research efforts that strike a balance between solving energy supply issues and
protecting the environment, MHI, in the Power Systems segment, develops energy conservation
measures, petroleum substitutes and new forms of energy to help solve some of the common problems
faced by human beings. In the nuclear energy field, MHI is widely expanding its business, as the major
leading company in the global nuclear energy field. The Power Systems segments is involved in
manufacturing, installation, sale and service of boilers, steam turbines, gas turbines, diesel engines,
water turbine plants, wind turbine plants, geothermal power plants, SCR (DeNOx) systems, marine
machinery, pumps, desalination plants, and lithium-ion secondary batteries. The Nuclear Energy
Systems segment manufactures, installs, sells, and serves pressurized water reactor (PWR) nuclear
power plants and equipment, advanced reactor plants, and nuclear fuel cycle plants.
Machinery & Steel Structures

In the Machinery & Steel Structures segment, MHI boasts an extensive range of environmental and
chemical plants, transportation systems, bridges, cranes and material handling systems, iron and
steel manufacturing machinery, compressors and other products that help to create foundations for
industry or are related to the infrastructure vital to society. MHI is also moving into new fields,
including flue gas CO2 recovery plants that act as countermeasures for global warming, and medical
systems. The segment manufactures, installs, sells, and serves transportation systems, toll and fare
collection machinery and other ITS equipment, petrochemical plants, flue gas desulfurization systems,
flue gas CO2 recovery plants and various other chemical plants, oil and gas production systems,

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waste treatment equipment, compressors and turbines, iron and steel machinery, medical systems,
transportation equipment, cranes and material handling systems, rubber and tire machinery, bridges,
hydraulic gates, stacks, vertical parking garages, social infrastructure, injection molding machines,
food and packing machinery, printing machinery, and packaging machinery.
Aerospace
MHI, in the Aerospace segment, conducts extensive research and development programs
underpinned by state-of-the-art technologies to prepare for the advent of the next Space Age. In
aerospace products, MHI is working to expand its business into new areas through participation in
projects for the development of new commercial aircraft. In space systems, MHI helps to drive
forward Japan’s space program as a systems integrator in launch vehicle development. The
segment manufactures, installs, sells, and serves jet fighters, helicopters, commercial transport
aircraft and various other aircraft, structural parts and components of aircraft, aeroengines, missiles,
and torpedoes and space systems.
Mass and Medium-Lot Manufactured Machinery

In the Mass and Medium-Lot Manufactured Machinery segment, MHI’s operations are structured
around various businesses including General Machinery & Special Vehicles, Air-conditioning &
Refrigeration Systems, Machine Tool and Industrial Machinery. In the General Machinery & Special
Vehicles business, MHI develops and manufactures products such as engines and forklift trucks for
the distribution field. In the Air-conditioning & Refrigeration Systems business, MHI boasts an
extensive lineup of air-conditioning products. Through its Machine Tool business, MHI also supplies
the mother machines of industry. In the Industrial Machinery business, MHI manufactures injection
molding machines, used in the production of plastic products, beverage filling and packaging
machines and other industrial machinery. MHI’s operations are also structured around the Paper &
Printing Machinery business, which meets a diverse range of customer needs in Japan and overseas
as a specialist player in printing and paper converting machinery. The segment manufactures, installs,
sells, and serves turbochargers, medium- and small-sized engines, and engine generating equipment,
forklift trucks, construction machinery, special vehicles, agricultural machinery, and tractors.
Others
The segment offers Air-Conditioning & Refrigeration Systems and Machine Tools. The segment
manufactures, installs, sells, and serves commercial- and residential-use air conditioners,
automotive thermal systems, transport refrigeration units and centrifugal chillers. The segment also
manufactures, installs, sells, and serves power transmissions and machine tools.
SALES DATA
Half Yearly Sales Comparison: 2013 Vs. 2012 (In ¥ billion)
Year Sales % Change

2013 1,325.4 2.46
2012 1,293.6 -

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Half Yearly Sales Comparison by Business Segment (2013 Vs. 2012) - Shipbuilding &
Ocean Development, Power Systems, Machinery & Steel Structures, Aerospace,
General Machinery & Special Vehicles (In ¥ billion)

Shipbuilding & Ocean Development 132.6 158.4 (16.29)
Power Systems 479.1 442.3 8.32
Machinery & Steel Structures 204.1 176.6 15.57
Aerospace 190.3 208.8 (8.86)
General Machinery & Special Vehicles 193.8 186.3 4.03
Others 187.1 141.9 31.85
Eliminations (61.6) (20.7) 197.58
Total 1,325.4 1,293.6 2.46
Annual Sales Comparison: 2010-2012

(In ¥ billion)
Year Sales % Change

2012 2,820.9 (2.85)
2011 2,903.8 (1.26)
2010 2,940.9 -
Annual Sales Comparison by Geographic Region (2012 Vs. 2011) – Japan,

USA, Asia, Europe, Central and South America, Middle East,
and Africa (In ¥ billion)

Japan 1,639.9 1,480.6 10.76
USA 265.5 304.8 (12.89)
Asia 381.9 373.7 2.19
Europe 225.8 217.1 4.01
Central and South America 142.2 200.8 (29.18)
Middle East 68.7 102.7 (33.11)
Africa 51.6 169.3 (69.52)
Others 45.3 54.8 (17.34)
Total 2,820.9 2,903.8 (2.85)

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Annual Sales Comparison by Business Segment (2012 Vs. 2011) - Shipbuilding & Ocean
Development, Power Systems, Machinery & Steel Structures, Aerospace,

Shipbuilding & Ocean Development 311.7 302.4 3.08
Power Systems 955.3 997.0 (4.18)
Machinery & Steel Structures 428.8 557.5 (23.09)
Aerospace 496.0 472.3 5.02
Others 294.5 282.7 4.17
Eliminations (47.1) (51.2) (8.01)
Total 2,820.9 2,903.8 (2.85)
Annual Sales Comparison by Business Segment (2011 Vs. 2010) - Shipbuilding & Ocean
Development, Power Systems, Machinery & Steel Structures, Aerospace,

Shipbuilding & Ocean Development 302.4 230.7 31.08
Power Systems 997.0 1,066.1 (6.48)
Machinery & Steel Structures 557.5 625.8 (10.91)
Aerospace 472.3 500.3 (5.60)
Others 282.7 284.4 (.60)
Eliminations (51.2) (53.2) (3.76)
Total 2,903.8 2,940.9 (1.26)
Year 2012 in Review...
Merger
MHI Plans to Integrate Two Engine Businesses…

MHI announced plans integrate two engine business spheres currently handled by two separate
company sectors: 4,000 to 15,000 kilowatt (kW) stationary engines subsumed under Power
Systems operations and engines below 4,000kW part of General Machinery & Special Vehicles
operations. Integration of its two engine businesses is part of MHI’s initiatives to respond to the new

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market trends. Specifically MHI would strengthen its gas-fired distributed power generation system
business, including the development of high-power and high-efficiency gas engines; establish
business units to handle energy solutions; and conduct full-fledged business activities to provide
comprehensive solutions that respond to the recent trends in the energy market.
Agreements
MHI Signs an Agreement with Japan Aerospace Exploration Agency…

MHI signed an agreement with the Japan Aerospace Exploration Agency (JAXA) under which MHI
would begin launch services using H-IIB rockets. MHI would handle all H-IIB launches commencing
with No.4. The H-IIB rocket, which was jointly developed by JAXA and MHI, is, along with the H-IIA,
one of Japan's primary large-scale launch vehicles.
MHI Renews an Agreement with Hyundai Heavy Industries Co., Ltd…

MHI renewed a technology licensing agreement on the company's Mitsubishi-UE low-speed marine
diesel engines with Hyundai Heavy Industries Co. Ltd. (HHI), the world's largest shipbuilder and
engine manufacturer. Through the licensing arrangement, MHI seeks to further accelerate
penetration of the Mitsubishi-UE engines in Korea, which contains a near 35% share in the world's
shipbuilding market, and other countries. MHI also aims to enhance its collaborative relationship
with HHI, looking to boost the low-speed marine diesel engines' share in the global market.
Specifically the new agreement grants licensing privileges to HHI to manufacture, sell and service
Mitsubishi-UE LSE and LSE-Eco series engines with cylinder bores of between 350 to 800
millimeters (mm).
MHI Enters into an Agreement with Imabari Shipbuilding Co., Ltd…

MHI entered into an agreement with Imabari Shipbuilding Co. Ltd., (Imabari) under which MHI
licenses production and marketing of deck machinery. Through licensing, MHI aims to expand
market share of deck machinery based on the company's technology and, at the same time,
respond to requests from Imabari, which looks to enhance business through deck mach inery
production. The licensed deck machineries consist of various configuration types and are
capable for use in all ships. Hydraulic pumps and motors, which drive machines, would be
supplied by MHI.
Imabari is the Japan's largest shipbuilder, with the highest new ship building tonnage and ship
sales, and builds various types of ship.
MHI and Mitsui O.S.K. Lines Ltd., Sign an Agreement…

MHI and Mitsui O.S.K. Lines Ltd., (Mitsui) signed an agreement to build a "Sayaendo series new-
generation liquefied natural gas (LNG) carrier. The ship offers significantly improved fuel
consumption and maintainability through various features including enhanced ship structure
efficiency. The ship would be used mainly for transportation of LNG for the Kansai Electric Power
Co., Inc. The "Sayaendo" features a peapod-shaped continuous cover for the Moss spherical tanks
integrated with the ship's hull, in lieu of a conventional hemispherical cover.

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MHI and Imabari Shipbuilding Co. Ltd., Enter into an Agreement…

MHI and Imabari Shipbuilding Co. Ltd., (Imabari) entered into a technological collaboration
agreement on container carriers. The initiative aims to combine MHI's technological capabilities, as
in the development of energy-saving vessels, and Imabari's strong cost competitiveness, in order to
establish an advantageous framework for competing in the international shipbuilding market. By
effectively utilizing the shipyards of both companies, together MHI and Imabari would become
capable of flexibly accommodating bulk orders – such as construction of multiple ships of the same
design - thus strengthening and expanding their respective business for high-value-added container
carriers. The three-year collaboration agreement, which could be extended upon discussion,
encompasses all container carriers, without setting limitations on container carrying capacity or
propulsion systems.
MHI Reaches an Agreement with Federal Broach Holdings LLC…

MHI reached an agreement with Federal Broach Holdings LLC (Federal Broach) and its
shareholders to acquire all of the equity interest of the American firm. Federal Broach is one of the
world's leading manufacturers of broaches1 and broach machines. By consolidating its operations
with the Federal Broach, MHI would build up its cutting tool operations, extend its global reach and
position itself to take over the leading share of the world market.
MHI Signs an Agreement with Shanghai Diesel Engine Co., Ltd…

MHI signed an agreement with Shanghai Diesel Engine Co. Ltd., (SDEC), a major Chinese diesel
engine manufacturer, to establish Shanghai MHI Engine Co., Ltd., to manufacture and market diesel
engines in China. The aim of the new Joint Venture (JV) is to make a full-fledged entrance into the
rapidly expanding Chinese market for industrial-use diesel engines and to build up market share
through more competitively priced products. The JV would manufacture industrial-use diesel
engines with power outputs in the 500 to 1,600 kW range under a manufacturing and marketing
license from MHI. The JV's procurement, marketing and after-sale service would take advantage of
SDEC's vast domestic network.
MHI Signs an Agreement with MHI-MS…

MHI signed an absorption-type company split agreement with Mitsubishi Heavy Industries
Mechatronics Systems, Ltd. (MHI-MS), a wholly-owned subsidiary of MHI in Kobe, to transfer its
mechatronics system product business of the Transportation System & Advanced Technology
Division to MHI-MS. The initiative aims to enhance efficiency of mechatoronics system product
business and strengthen the capability to respond to customers by establishing a structure to
handle the entire process from installation of equipment to after-sale services by integrating the
various functions into MHI-MS. The businesses, which MHI-MS would succeed from MHI's
mechatronics system product business through the company split, include the marketing, design,
manufacturing, construction and related works of the culture, sports and leisure facilities as well
as steel penstock, aerodynamic wind tunnel equipment and water tank testing facilities and bio-
ethanol production facilities.

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Memorandum of Understandings (MOU)
MHI Signs Memorandum of Understanding with China Huadian Electric Research Institute…
MHI singed memorandum of understanding (MOU) with China Huadian Electric Research Institute
(CHDER) of the China Huadian Corporation (CHD) to collaborate in promoting a natural gas-fired
distributed generation system business in China. The collaboration aims at expanding use of a high-
efficiency, low environmental burden gas engine cogeneration system, which generates and
supplies both heat and power. Based on the MOU, MHI would take charge mainly of technology
development, and CHDER would be responsible for the demonstration and realization of business
models of the system. MHI and MHIES-SZ would supply a distributed generation system using an
advanced gas-fired cogeneration system and would provide technological consultation on its
operation and maintenance. Specifically, the MOU signed companies would select an appropriate
project in China and launch a feasibility study of distributed generation system commercialization.
MHI Enters into a Memorandum of Understanding with Singapore's National Water Agency…
MHI entered into memorandum of understanding (MOU) with Singapore's national water agency,
PUB to collaborate on the development of advanced technologies for water treatment and
reclamation. As the first step, MHI and PUB would launch a project to demonstrate advanced
water treatment and reclamation technologies for untreated industrial wastewater at one of PUB's
water reclamation plants. Through the project and related activities, MHI aims to contribute to
environmental protection in Singapore, and also looks to achieve commercialization of a water
infrastructure system for smart communities. Under the two-year project, MHI would be
responsible for design, manufacture, procurement, installation and operation of the water
treatment plant, aiming to demonstrate stable wastewater treatment and significant improvement
in wastewater reclamation.
MHI, Kawasaki Heavy Industries and Fuji Heavy Industries Sign a Memorandum of
Understanding…
MHI, Kawasaki Heavy Industries, and Fuji Heavy Industries signed a memorandum of understanding
(MOU) with Institute of Industrial Science (IIS), the University of Tokyo. Under the MOU, the parties
would commence joint research and work to create a consortium to develop industrial-scale
manufacturing technology and processes, in a new model of academic-industry cooperation.
Contracts
MHI Wins Contract for the Java Main Line Electrification and Double-Double Tracking Project…
MHI and Sumitomo Corporation jointly won a contract worth approximately 21 billion yen for the
electrification and double-double tracking project (B-1 Package) of a main railway line in Jakarta,
the capital of Indonesia. The two companies entered into a contract with the Directorate General of
Railways, Ministry of Transportation, Government of Republic of Indonesia. The project, one of the
most important for Indonesia's railway sector, aims to enhance transportation efficiency by
separating the Jabotabek Railway Line (a commuter line) from the Java Main Line (a long-distance
line) along the 15-kilometer section between Manggarai and Bekasi, where the two lines presently
share the same tracks. The scope of the project also includes electrification and extension of a

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commuter line from Bekasi to Cikarang (a 17-kilometer line), for which transportation demand is
rapidly increasing due to the development of residential areas and industrial parks for Japanese
companies and others.
MHI Secures a Contract from Hydrogen Energy California (HECA) Project…

MHI secured a contract to perform the Front-End Engineering and Design (FEED) services for the
gasification and power island of the Hydrogen Energy California (HECA) project. Funded in part by
the U.S. Department of Energy (DOE), the HECA project is an integrated gasification combined-
cycle (IGCC) power generation plant with a fertilizer production plant utilizing syngas as feedstock.
Orders
MHI Receives Order for Klang Valley Mass Rapid Transit…

MHI with the support of Sumitomo Corporation, received an order from Malaysia's Mass Rapid
Transit Corporation Sdn Bhd (MRT Corp), for the design and engineering, procurement and
installation of Track Works related to the Klang Valley Mass Rapid Transit (KVMRT) project being
constructed in Kuala Lumpur, Malaysia. The package, worth 22 billion Yen, is for the Sg Buloh -
Kajang (SBK) Line, the first of three lines of the KVMRT project.
MHI Wins Order for Steam Turbine and Boiler…

MHI won an order for core power generation equipment, including a steam turbine and boiler, to
be installed in the 330 megawatt (MW) Unit 2 of the O Mon 1 Thermal Power Plant currently
under construction by Can Tho Thermal Power Co., Ltd., a subsidiary of Vietnam Electricity
(EVN). MHI received the order from a consortium formed by Japan's Sojitz Corporation and
Daelim Industrial Co., Ltd. of Korea, the EPC (engineering, procurement and construction)
contractor for Unit 2's construction.
MHI Secures Order to Build 182 Ton/day Waste Incineration Plant

MHI’s subsidiary Mitsubishi Heavy Industries Environmental & Chemical Engineering Co. Ltd.,
(MHIEC) secured an order to construct and operate a municipal solid waste (MSW) incineration
plant from a broad-based association of local municipal offices in central Iwate Prefecture, including
Hanamaki and Kitakami cities. MHIEC would form a consortium with eight companies, including
local firms, to construct a stoker furnace type incineration plant with a processing capacity of 182
tons per day (tpd). The order, in total worth approximately 13.5 billion yen, also calls for operation of
the facility for a period of 20 years and 6 months.
MHI Bags Order for 2 Next-Generation Pure Car and Truck Carriers…
MHI jointly with Imabari Shipbuilding Co. Ltd., (Imabari) bagged an order to build two next-
generation pure car and truck carriers (PCTC) for Nippon Yusen Kabushiki Kaisha (NYK Line). In
building the two vessels, MHI would provide Imabari with design information on PCTC incorporating
advanced ship technologies, including installation of various devices and systems to reduce
environmental burdens, such as the Mitsubishi Air Lubrication System (MALS). Imabari would
contribute significantly to the project through its strong cost competitiveness. The newly designed

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car carriers would feature an over-Panamax size hull, and their advanced energy-saving
technologies are expected to enable an over 30% reduction in fuel consumption per loaded vehicle
compared with existing ships.
MHI Receives Order for Plant Modification Work in Hyogo, Japan…

(MHIEC) received an order from Takarazuka City, in Japan's Hyogo Prefecture, for modification
work to improve core equipment of a municipal solid waste (MSW) incineration plant at its
Takarazuka Clean Center. The modification work, which includes revamping of a stoker furnace
type incineration plant including a 320 tons-per-day (tpd) processing capacity.
MHI Wins Full Turnkey Order from CFE, Mexico…

MHI won a full turnkey order from Comision Federal de Electricidad (CFE) of Mexico to build a 50
MW (megawatt) geothermal power generation plant at its Los Azufres III power station. The power
plant, which is slated for completion in December 2014, represents the 12th geothermal power plant
to be supplied by MHI to Mexico.
MHI Secures an Order for Plant Modification Work in Akita, Japan…

(MHIEC) secured an order from an association of local municipal offices in the Noshiro-Yamamoto
area of Noshiro City, in Japan's Akita Prefecture, for modification work to improve core equipment of
a municipal solid waste (MSW) incineration plant at its Nanbu Garbage Disposal Center. The
modification work ordered calls for renewal and conversion of major components of the incineration
equipment, flue-gas treatment system, ventilation system and electrical instrumentation.
MHI Bags an Order from Baotou Iron & Steel (Group) Co., Ltd…
(MHIEC) bagged an order for two blast-furnace-gas (BFG) fired gas turbine combined-cycle (GTCC)
power generation plants from Baotou Iron & Steel (Group) Co., Ltd. (Baogang), also of China. The
power plants would be installed in Baogang's expansion of their steelworks with the aim of
effectively utilizing exhaust gas from blast furnaces and coke ovens on the premises to meet part of
its electricity needs. Operation of the two plants on order is expected to commence in August and
September 2014, respectively.
MHI Receives an Order from Oita City…

(MHIEC) received an order from Oita City, in Japan's Oita Prefecture, for modification work on a
large-scale municipal solid waste (MSW) incineration plant at the city's Fukumune Environmental
Center. The modification of the stoker furnace type incineration plant, which holds a 438 tons per
day (tpd) processing capacity. The modification work ordered calls for renewal and conversion of
major components of the waste receiving and feeding system, incineration equipment, ventilation
system and electrical instrumentation.

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MHI Wins Order from TransAlta Generation Partnership…

MHI won an order from TransAlta Generation Partnership, a subsidiary of TransAlta Corporation,
a major power generation and wholesale marketing company in Canada, to supply two M501GAC
gas turbines for installation at the Sundance 7 Power Generation Facility under construction by
TransAlta in Alberta. The gas turbines would be core components of the new natural gas-fired 800
megawatt (MW) gas turbine combined cycle (GTCC) power generation plant. MHI received the
order through MPS Canada Inc., (MPSC), a wholly owned subsidiary of Mitsubishi Power Systems
Americas Inc. (MPSA) that serves as regional headquarters of MHI's power systems business in
the Americas.
MHI Secures Compressor and Power Generation System Order…

MHI’s subsidiary Mitsubishi Heavy Industries Compressor Corporation (MCO) secured orders for
three compressor trains and a power generation system to be used at the world's first floating
liquefied natural gas production, storage and offloading facility (FLNG). The three compressor trains
on order are used for gas recovery from gas wells and for the transmission and compression of gas
in the gas treatment and for stabilization.
New Establishments
MHI Establishes Preparatory Unit…

MHI established MHI Climate Control Co. Ltd., as a preparatory unit for creating a new company to
be dedicated exclusively to business in car air-conditioners. With creation of the new company MHI
aims to establish a resilient and robust business structure to enable agile response to changes in
the fiercely competitive market. MHI also seeks to accelerate global business development in a
quest to secure a solid position in competition against existing companies dedicated to car air-
conditioner business. The new company would be comprehensively engaged in engineering,
manufacturing, and sales of car air-conditioner products and service parts.
MHI Establishes a New Subsidiary in the USA…

MHI’s subsidiary Mitsubishi Heavy Industries Compressor Corporation (MCO), established a new
subsidiary in the United States to conduct marketing and servicing activities for large-size
compressors. The new company, named MHI Compressor International Corporation (MCO-I), would
begin operations in October. MCO, through MCO-I, aims to collaboratively expand its compressor
business in North America by conducting marketing activities closely together with Mitsubishi
Corporation (MC), which is also planning to partially invest in MCO-I. As a sales and marketing
company, MCO-I, would also contribute to MCO's engineering and after-sale servicing of
compressors and related equipment throughout North America and Mexico.
MHI Plans to Launch a New Company…

MHI announced plans to launch a new company into which business development functions currently
conducted at MHI’s subsidiaries in Singapore would be integrated. Plans call for MHI Industrial
Engineering & Services Private Ltd. (MIES), a wholly owned local subsidiary, to take over operations
of two other MHI subsidiaries in the city-state. In the move, MIES would be assigned new functions as

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a global business center to support expansion of MHI's global business operations by concentrating
diverse information at the new company for sharing among its various business sectors.
MHI Plans to Establish Financial Subsidiary in New York…

MHI announced plans to establish a wholly owned financial subsidiary in New York that would
manage the finances of MHI group companies operating in the US. The new company would play a
key role in pursuing the goal of enhancing capital efficiency that is spelled out in MHI's "2012
Medium-Term Business Plan." By setting up the new company, MHI aims to enhance the capital
efficiency and risk management of its North American operations. MHI also intends to establish
financial subsidiaries in Europe and Asia and create a global financial management system
operating in major currencies. The new company, MHI Capital America Inc., would be capitalized at
US$400 million and would carry out cash management and integrated financing for group
companies, information gathering on financial market, and other finance-related activities that are
currently being handled by Mitsubishi Heavy Industries America, Inc. (MHIA).
MHI Plans to Establish a New Company…

MHI announced plans to establish a new company dedicated exclusively to car (automotive) air -
conditioner business. The new wholly owned subsidiary would begin operations in January
2013, carrying on pertinent business from MHI's Air-Conditioning and Refrigeration Systems
business headquarters. With creation of the new company MHI aims to establish a resilient and
robust business structure to enable agile response to changes in the business conditions and
operating environment of the fiercely competitive market. The new company would be
comprehensively engaged in engineering, manufacturing, and sales of car air -conditioner
products and service parts.
MHI Plans to Establish Subsidiary to Handle Industrial Machinery Business…

MHI announced plans establish a new subsidiary to handle the industrial machinery business,
including material handling systems and rubber & tire machinery. The new company, to be wholly-
owned by MHI, would be created by integrating the industrial machinery business, currently being
operated by the Industrial Machinery Business, Technology & Solutions Division of MHI, and three
existing MHI group companies, including MEC Engineering Service Co., Ltd. (MEC). Through the
initiative, MHI aims to establish an agile and strong business structure capable of responding to
severe market environment changes, strengthen business and stabilize revenue bases.
MHI Establishes Environmental Equipment Marketing Company in China…

MHI’s subsidiary Mitsubishi Heavy Industries Environmental & Chemical Engineering Co. Ltd.
(MHIEC), established MHIEC Environment (Beijing) Co. Ltd., (MHIECC) in Beijing, China. The new
company would function as a local marketing base for MHIEC's environmental plant and equipment
arm. Through the operation of the new company, MHIEC aims to enhance its marketing activities in
China, closely-adhering to the local market, and respond to increasing demands for waste
incineration plants and sewage sludge treatment facilities in the country. MHIECC would provide
support to customers and partners, and conduct research and information-gathering activities for
new projects and function as MHIEC's local procurement point.

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New Facilities
MHI Completes Full-Scale Marine Diesel Testing Facility…

MHI completed 4UE-X3, a testing facility for full-scale low-speed, 2-stroke marine diesel engines, in
the company's Kobe Shipyard and Machinery Works in Kobe, Hyogo Prefecture. The facility would
be used for testing of various technologies to respond to stringent environmental regulations that
are expected to be applied to the shipping industry in the future. The facility would also be used for
verification testing of "UEC-LSGi," a dual-fuel low-speed marine diesel that is capable of using
natural gas for its fuel.
MHI Plans to Open Showroom at Changshu Machine Tool Production Plant…

MHI announced plans to open a showroom of the company's machine tools within its machine tool
production plant in Changshu, Jiangsu Province. Through establishment of the showroom MHI aims
to demonstrate the high-performance features of its machine tools, including gear cutting machines,
as well as the company's ability to respond to customer needs; at the same time the new facility
would also enhance user support, including consultation on technical matters and trial cutting.
Product Launch
MHI Plans to Launch 6 Top-of-the-Line Residential-use Air Conditioners…

MHI announced plans to launch a new SP Series of top-of-the-line residential-use air conditioners,
six models in all, into the domestic Japanese market commencing in mid-October. Featuring
outstanding annual performance factors (APF), each of the new models are newly engineered,
applying proprietary MHI technology, with a nano-mist and ion generating function highly effective in
beautifying skin and hair and in inhibiting viruses and bacteria. Units in the new SP Series also
contain the ability to operate sequentially with the hybrid evaporative warm-mist humidifiers
marketed by an affiliated company of MHI (available separately), and the units come equipped with
a sensor-based automatic control function that detects ambient human movements.
MHI Plans to Develop UEC-LSGi…

MHI announced plans to develop UEC-LSGi, low-speed, dual-fuel, marine diesel engines capable of
using not only conventional heavy oil but also natural gas for their fuel. The new engine would be
added to the lineup of the Mitsubishi UEC Engine Series, the company's 2-stroke, low-speed marine
diesel engine brand. For the new engine, MHI would engage in the development of new
components requisite for dual-fuel use, including a new direct fuel injection system, a gas-fuel
supply system and control system.
MHI Develops 1,500kw Gas Engine Generation System…

MHI developed MEGANINJA, a transportable power generation system driven by gas engine and
configured as a container. The generator features its capability to begin power generation within 24
hours after its arrival at the installation site. Based on the product concept of "quick transport, quick

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installation and quick generation," the MEGANINJA adopts an easily transportable container
configuration and uses connector units for wiring and fuel piping connections, which enables
significant simplification of work needing to be performed at the installation site. The MEGANINJA
incorporates all equipment necessary for power generation within an ISO 40-foot (approx. 12
meters) container, including a gas engine, generator, fuel gas compressor and control panel. The
unit could also accommodate cogeneration through simultaneous use of a 20-foot container for
waste heat recovery incorporating a hot-water heat exchanger, and exhaust gas steam boiler.
MHI Plans to Develop Fuel Cell Triple Combined Cycle Power Generation System…
MHI announced plans to develop basic technologies for a triple combined cycle power generation
system integrating solid oxide fuel cells (SOFC) and a gas turbine combined cycle (GTCC) power
generation system.
MHI Develops System to Enhance Damage Stability of Ships…

MHI developed a system to enhance the damage stability of ships, enabling reduction in capsizing
risk, as well as a roll-on/roll-off (RO/RO) ship equipped with the new system. MHI's system secures
the void spaces near the ship's bottom by making use of spaces allocated to other functions such as
fin stabilizer rooms, duct keels and ballast water tanks.
Other Developments
MHI Installs MALS (Mitsubishi Air Lubrication System) on a Ferry…

MHI installed its innovative Mitsubishi Air Lubrication System (MALS) for the first time on a ferry - a
ship with a slender hull form - and confirmed over 5% improvement in fuel consumption. MALS is
MHI's proprietary technology that reduces frictional resistance between the ship hull and seawater
by introducing a layer of air bubbles blown from the ship's bottom.
MHI Plans to Commence Gear Cutting Machine Production in Bengaluru, India…

MHI announced plans to commence gear cutting machine production in Bengaluru, India. In liaison
with its existing local subsidiary producing gear cutting tools, MHI would establish a structure enabling
integrated provision of high-precision gear cutting systems. The new plant would be launched by a
wholly owned local MHI subsidiary: Mitsubishi Heavy Industries India Private Ltd. (MHII).
Collaboration
MHI and MC to Collaborate with Indonesia…

MHI and Mitsubishi Corporation (MC) agreed with the Indonesian government to collaborate in a
large-scale substitute natural gas (SNG) synthesis project utilizing Indonesia's abundant low rank
coal (LRC) which is conducted by MHI/MC and Indonesian partners (government institution and
private company), as a follow up of Indonesia-Japan Energy Round Table held in November 2010.
MHI, MC and Indonesian partners plan to complete the F/S by March 2012, targeting inauguration

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of commercial operation at a new SNG synthesis plant in 2017. The project plans call for production
of SNG at the new plant, to be built by MHI and Indonesian partners, through coal gasification using
abundant LRC in Sumatra.
Agreement
MHI and Chen Hsong Group of Hong Kong Sign an Agreement…

MHI’s subsidiary, Mitsubishi Heavy Industries Plastic Technology Co., Ltd. (MHI-PT), an injection
molding machinery, and Chen Hsong Group of Hong Kong (Chen Hsong), a major injection molding
machine producer in China, signed an agreement under which the two companies would collaborate
in the area of large-sized hydraulic injection molding machines. Under the tie-up agreement, MHI-
PT would design the "MMX series" - high-quality, low-cost, energy-saving large-sized hydraulic
injection molding machine lineup optimized for market needs in the emerging economies - and OEM
production of the series would be consigned to Chen Hsong for marketing under the MHI-PT brand.
In tandem with the OEM arrangement, MHI-PT would also license production and sales of same-
platform machines to Chen Hsong, to be supplied under the Chen Hsong brand. The tie-up partners
plan to launch the first OEM machines within the next six months, and to expand the lineups of both
OEM and licensed machines progressively.
Orders
MHI Receives Large-scale Fertilizer Plant Order…

MHI jointly with APEX Energy Sdn. Bhd. of Malaysia, and PT Rekayasa Industri (REKIND) in
Indonesia, received an order from PETRONAS Chemical Fertilizer Sabah Sdn. Bhd. (PCFSSB) for
a project to construct a large-scale ammonia/urea fertilizer plant. PCFSSB is a subsidiary of
PETRONAS Chemicals Group Berhad (PCG), which is an affiliate company of PETRONAS, the
national oil company of Malaysia. The new urea fertilizer plant would be built in Sipitang,
approximately 145 kilometers southwest of Kota Kitabalu, the mercantile city in Sabah State on the
Island of Borneo. Using natural gas as its feedstock, the plant’s capacity would be 2,100 mtpd
(metric tons per day) of ammonia and 3,850 mtpd of urea fertilizer. The plant would adopt process
technologies from Haldor TopsΦe A/S of Denmark, Saipem S.p.A. of Italy, and Uhde Fertilizer
Technology B.V. of the Netherlands.
MHI Receives Order for 3 Coal-fired Supercritical Power Generation Units…

MHI jointly with CTCI Corporation, the largest engineering, procurement and construction (EPC) firm
in Taiwan, received a full-turnkey order from Taiwan Power Company (Taipower) for a project to
construct three coal-fired supercritical-pressure power generation units - Units 1, 2 and 3, at 800
megawatts (MW) each - at Taipower's Linkou Thermal Power Plant. The project calls for the
construction of three power generation units to replace existing facilities at the plant, based on
Taiwan's energy source development plan. Units 1 and 2 are scheduled to commence commercial
operation in November 2015 and November 2016, respectively; unit 3 is slated to go on-stream in
November 2020. The Linkou Thermal Power Plant is located in Linkou District in northern Taiwan,
approximately 20 kilometers west from central Taipei. Each power generation unit consists primarily
of a boiler, steam turbine and generator. MHI would be responsible for the manufacture and supply

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of the three boilers and three steam turbines. The three generators would be produced by
Mitsubishi Electric Corporation.
MHI Receives Order from Singapore Land Transport Authority…

MHI Engine System Asia Pte. Ltd. (MHIES-A) in Singapore, a wholly-owned subsidiary of MHI and
NCS Pte. Ltd., (NCS) awarded the contract by the Land Transport Authority (LTA) of Singapore to
conduct a System Evaluation Test (SET) for a next generation electronic road pricing system (ERP).
NCS is a leading information technology and communication engineering service provider in
Singapore. The MHIES-A/NCS team was selected as one of four consortia by LTA and would
conduct the SET for 18 months. The SET is a technological trial to help identify a solution most
suited for Singapore and could potentially form the basis for development options for the next
generation ERP system.
MHI Receives Order from Korea for 2 Sets of GTCC Power Generation System…
MHI received an order from POSCO Power Co., Ltd., the largest independent power producer in
Korea, for two sets of gas turbine combined-cycle (GTCC) power generation plant equipment to fire
by-product gases at POSCO's Pohang Works. Each power plant with a capacity to generate 145
megawatts (MW), making for a collective capacity of 290 MW. The equipment would be delivered
between 2012 and 2013. The order represents the third from POSCO for GTCC power plants firing
by-product gases from iron-making furnaces; it brings the cumulative number of GTCC plants
ordered to MHI to five units, with collective power generation capacity of 720 MW.
MHI Receives M701F Gas Turbine and Generator Order…

MHI received an order for an M701F gas turbine and generator for a gas turbine combined-cycle
(GTCC) power generation plant which Electricity Generation Company of Bangladesh Ltd. (EGCB),
a state-owned power generation company would build in Haripur near Dhaka, the capital of
Bangladesh.
MHI Receives Order from Korea's Pocheon Power…

MHI, in collaboration with Korea's Doosan Heavy Industries & Construction Co., Ltd., received an
order for major components for two trains of a natural gas-fired gas turbine combined cycle (GTCC)
power generation system being built by Pocheon Power Co. Ltd., a Korean independent power
producer (IPP). MHI also signed a long-term maintenance service contract for the power plant as
well as an agreement to invest in Pocheon Power. MHI received the order, which calls for provision
of four M501GAC gas turbines and four generators, from Daelim Industrial Co. Ltd., which is
responsible for the power plant construction project. MHI's investment in Pocheon Power would be
a 6.7% stake.
MHI Receives Order from PGS of Norway for 2 Ramform Vessels…

MHI received an order for two vessels capable of three-dimensional (3D) seismic data acquisition
for sea bottom resource exploration from Petroleum Geo-Services ASA (PGS), a leading company
in marine seismic and reservoir data acquisition, processing and analysis/interpretation services in
Norway. The contract also provides an option to PGS to order another two vessels in the future. The

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vessels ordered are the "Ramform W-class," the newest generation in the Ramform series featuring
most advanced 3D seismic data acquisition/analysis capability. The 104 meter (m) long vessel
includes a very wide breadth of 70m.
MHI Receives Order for Core Components…

MHI received an order for major components for the second Shimal Gas Combined Power Plant
Project, a project under which Azerenerji Joint Stock Company, a state-owned utility in the Republic
of Azerbaijan, is to build a natural gas-fired gas turbine combined cycle (GTCC) power generation
plant. The order marks the second placed to MHI for GTCC projects in Azerbaijan, following an
order relating to the Shimal 1 GTCC plant in 1999. The core components on order would be
delivered to Toyo Engineering Corporation, the main contractor of the project. The plant is
scheduled to go on-stream in November 2013. The 400 MW (megawatt) Shimal 2 GTCC plant
would be built in the suburbs of Baku, the capital, under a yen credit financing arrangement based
on an ODA agreement between the governments of Japan and Azerbaijan. The high-efficiency
power plant would play a part in supplying electricity to the Baku metropolitan area, center of the
country's robust economic growth.
MHI Receives Order for 14 Centrifugal Chillers from Qatar…

MHI received an order for 14 large-size centrifugal chillers, with a total cooling capacity of 29,300
refrigeration tons (RT), for a large-scale district cooling system for "Heart of Doha," a development
and regeneration project to transform the old downtown area of Doha, the capital of Qatar. Delivery
of the 14 chillers would begin in June 2011 and be completed in the summer of 2012.
MHI Receives Order for Macau Light Rapid Transit (MLRT) Phase 1…
MHI received an order from the Transportation Infrastructure Office (GIT) of Macau to supply rolling
stock and E&M systems for Phase I of the Macau Light Rapid Transit (MLRT) system which the
government of the Macau Special Administrative Region (SARG) of the People's Republic of China
is building to enhance its transportation infrastructure. MLRT Phase 1 plans call for a fully
automated, driverless rubber-tired mass transit system - an automated people mover (APM) system
– to connect Macau Peninsula and Taipa Island. The MLRT, an urban transportation system
expected to contribute to relaxation of local traffic congestion as well as improvement of regional
transportation, is slated for completion in February 2015.
New Establishments
MHI to Establish Subsidiary to Handle Industrial Machinery Business…

MHI intend to establish a new subsidiary to handle the industrial machinery business, including
material handling systems and rubber & tire machinery, effective April 1, 2012. The new company, to
be wholly-owned by MHI, would be created by integrating the industrial machinery business, currently
being operated by the Industrial Machinery Business, Technology & Solutions Division of MHI, and
three existing MHI group companies, including MEC Engineering Service Co., Ltd. (MEC). Through
the initiative, MHI aims to establish an agile and strong business structure capable of responding to
severe market environment changes, strengthen business and stabilize revenue bases.

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MHI to Establish Mitsubishi Power Systems India…

MHI plan to establish Mitsubishi Power Systems India Private Limited (MPS India) to serve as
regional headquarters overseeing the company's power systems business in India. Operations at
MPS India would also get under way on the same date. With its establishment, MHI aims to further
enhance its response to the needs of India's rapidly growing power generation market and to
expand orders from India for its power systems products, including gas turbine combined cycle
(GTCC) power generation plant and its component. MPS India is being created through separation
of the power systems business unit of Mitsubishi Heavy Industries India Pvt., Ltd. (MHII); the unit's
functions and operational structures would also be strengthened in tandem with the transformation.
MPS India would formulate regional business strategies and oversee business involving the entire
spectrum of power systems and related products, centered on GTCC, from marketing, construction
and installation to provision of after-sale services.
MHI Establishes Marketing and After-sale Services Company in Shanghai…

MHI established MHI Residential Air-Conditioners (Shanghai) Co., Ltd. (MHIRS), a joint venture with
Suning Appliance Co., Ltd. in Nanjing, for marketing and after-sale services for residential-use air-
conditioners. Suning Appliance is the largest home appliance retail chain in China. The formal
signing ceremony between the two parent companies took place in Nanjing. The new company is
slated to begin operation on January 1, 2012 with a view to developing the growing residential-use
air-conditioning market in China.
MHI to Establish Dedicated Unit to Comprehensively Oversee…

MHI to establish a structure to deal integrally with installations of ballast water treatment
systems, as well as necessary ship modifications, in vessels already in service. MHI would
create a new unit, to be located at the Yokohama Dockyard of its Shipbuilding and Ocean
Development Headquarters, dedicated to comprehensive planning of all work from design and
engineering to system installation. In establishing the new unit MHI's aim is to provide
customers with enhanced convenience in consultation on related matters and speedy response
to customer need as it prepares for full implementation of the ballast water management (BWM)
convention by 2017. Leveraging its abundant knowhow accumulated through both construction
of new vessels and vessel modifications, MHI would further enhance its services for vessels
already in service.
MHI Establishes Technology to Produce Biofuel Locally at Low Cost…

MHI established technology to produce ethanol for automobile fuel, satisfying the standards of the
Japanese Automotive Standards Organization (JASO), from lignocellulose (soft cellulose) such as
rice straw and barley straw. Verification of the technology is conducted as a joint project involving
the government, academia, and the agricultural and industrial sectors in Hyogo Prefecture,
supported by the Ministry of Agriculture, Forestry and Fisheries (MAFF), to study effective utilization
of lignocellulose. During the technological verification at a demonstration plant, the estimated fuel
cost required for commercial-scale ethanol production was also confirmed to achieve the targeted
goal. MHI would endeavor to develop the results of the project into early commercialization of bio-
refinery technology in cooperation with companies and organizations concerned.

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Product Launches
MHI Adds 6 Models to Inverter Built-in "ETI Series" Centrifugal Chillers…

MHI added six new models, with cooling capacities ranging from 250 to 700 refrigeration tons*1
(RT), to the company's "ETI Series" of inverter built-in two-stage centrifugal chillers. With the
introduction of the new models, MHI aims for increased adoption of inverter built-in chillers, which
contribute to promoting energy savings in the air-conditioning market through their high efficiency.
The new offerings also expand the cooling capacity range of the series, which starts at 150 RT, up
to 700 RT, with 11 models in total.
MHI Introduces 50Hz F Class Gas Turbine Upgrade…

MHI introduced the M701F5 gas turbine using MHI's own technology. Featuring a newly upgraded
and more flexible design, the M701F5 would operate at a turbine inlet temperature (TIT) of 1,500
degrees C, a level previously obtainable only with G Class and higher specification. The M701F5
features high efficiency and low NOx emissions while maintaining the exceptionally high reliability
exhibited by the preceding MHI F fleet. The company is currently engaged in manufacturing
activities in the runup to the new turbine's commercial production. The M701F5 design is based on
the preceding M701F4 and leverages experience with the MHI F fleet: 182 units in operation around
the globe, with more than 7 million actual operating hours and 70,000 starts. The compressor
section retains the M701F4's airflow with the mid and rear stage profiles is been modified from
NACA1 to CDA2. The combustion system is based on the verified GAC engine, and the turbine
section incorporates state-of-the-art gas turbine technologies developed for the J Class, including
advanced cooling technology and advanced thermal barrier coatings.
MHI Develops World's First Technology Enabling One Grinding Machine…

MHI developed technology enabling high-speed and high-precision machining of a diverse range of
precision gears, which are used in vehicle transmission systems and other applications, by a single
machine, thereby permitting the complete grinding process, through to finishing, to be achieved at
low cost. By applying two different multi-threaded grinding wheels according to the specific
machining task - a proprietary technology - the company's innovative new system enables mass
production of gears requiring difficult machining, including internal ring gears as well as some
external gears such as stepped gears and pinion gears with shafts. Through aggressive proposal-
based marketing, the company would capture expanding global demand for quieter gears and for
more compact and lighter gear mechanisms.
MHI-TES Develops Transmissive Platform Door System…

Mitsubishi Heavy Industries Transportation Equipment Engineering & Service Co., Ltd. (MHI-TES),
a wholly owned subsidiary of MHI developed a "Transmissive Multi-door Compatible Platform Door"
system, made of transparent material, capable of flexibly accommodating the operation of trains
with varying numbers (2 to 4) of doors per car. Use of transparent material throughout the system
creates a pleasing sense of open space within the station while simultaneously providing passenger

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safety. Significantly, the system enables opening and closing of doors at different points according
to the door locations of specific car types - a difficulty that owns long impeded more widespread
adoption of platform door systems.
The door system developed by MHI-TES also requires less installation time as its light-weight pre-
fabricated components could be easily carried by hands to the site and are optimally designed for
quick assembly and installation. To secure adequate strength, the system adopts high-tensile
aluminum alloy that allows the system to withstand horizontal loads up to 2,450N/m (newtons per
meter), sufficient to cope with a heavy congestion of passengers while also reducing the weight load
on pre-existing platforms. The door system is also available with various functional options,
including obstacle sensors and displays for advertisements or information guidance.
MHI Develops Truck Refrigeration Unit Enabling…

MHI developed a truck refrigeration unit which enables simultaneous temperature control of two
separate cargo compartments with different temperature settings entirely by heat pump. The unit
marks the world’s first application of a heat pump for a truck refrigeration unit. The heat pump
enables effective transfer of thermal energy from the compartment needing a lower temperature to a
cargo room requiring higher temperature. At maximum, the unit would enable a reduction in energy
consumption by 75% compared with conventional systems; and would also realize significant
energy savings and reduced CO2 emissions. MHI would launch sales of the new unit in April 2012,
initially targeting installation in food transport trucks that require different temperature settings.
MHI Completes Development of EXTREM…

MHI completed the development of a new-generation liquefied natural gas (LNG) carrier marking an
evolutionary advance from Moss-type*1 LNG carriers. The new vessel-type dubbed "EXTREM" is a
type of newly developed "Sayaendo*2" Series, which features a peapod-shaped continuous cover
for the Moss spherical tanks that is integrated with the ship's hull, in lieu of a conventional
hemispherical cover. The new configuration enables greater structural efficiency and size and
weight reductions, resulting not only in improvements in fuel consumption and operating economy
but also in enhancements in terms of compatibility with LNG terminals and maintainability.
MHI Develops Japan's First Easy-to-move Cargo Container-type Large-capacity Energy

Storage System…
MHI developed Japan's first cargo container-type large-capacity energy storage system that uses a
lithium-ion rechargeable battery. The system is capable of providing power of up to one megawatts
(MW), and its mobility makes the system suitable for a wide range of applications, including
emergency use. The actual system installed at the Nagasaki Shipyard & Machinery Works of MHI in
Nagasaki Prefecture, Japan, to begin verification testing for a power stabilization system application
from early July towards the commercialization of the system. The container-type "megawatt-class
large-capacity energy storage system (ESS)" consists of a 40ft-long container unit, which houses
more than 2,000 units of lithium-ion rechargeable batteries, and a 20ft-long container unit, in which
two power conditioners are installed. Power conditioners are used for direct current (DC)/alternating
current (AC) conversion and their input/output control. Each container unit could be moved by
container trailers.

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MHI Develops Special Heavy-Duty Forklift…

MHI developed a special heavy-duty forklift featuring a cabin that shields against radiation, for safer
handling of contaminated rubble near the Fukushima Daiichi Nuclear Power Station operated by Tokyo
Electric Power Company, Inc (TEPCO). Two units of the forklift are to be delivered to a joint venture
formed by Taisei Corporation, Kajima Corporation and Shimizu Corporation that is handling the
contaminated rubble at the site. The heavy-duty forklifts are also to be equipped with special filters that
remove dust and other radiation-contaminated material, thereby enabling a stable supply of purified air.
The air-conditioned cabin is also pressurized by air purifier to prevent external air from entering.
MHI Develops "ZE15B" Gear Grinding Machine…

MHI developed a new gear grinding machine, the "ZE15B," suitable for volume production of gears
up to 150 millimeters (mm) in diameter. The machine's high-speed and high-accuracy machining
capability would enable further enhancement of productivity, coupled with shorter time not used in
machining operation, such as time required for workpiece changes. While primarily focusing on the
automobile industry, MHI aims for expanded business by offering the ZE15B to a broad industrial
market. The ZE15B is equipped with a newly developed workpiece changer that shortens the time
required for changeover; the twin tailstock model reduces non-operational time to just five seconds.
MHI Develops Heat Pump Water Heater…

MHI developed a heat pump water heater, which features the NEW CO2 scroll-rotary two stage
compressor for commercial use - the ESA30. Dubbed the "Q-ton," the new system could maintain
rated heating output in outdoor temperatures down to -7°C(19°F). The new model could also
operate in outdoor conditions down to -25°C (-13°F), while maintaining a moderate seasonal
(spring/autumn) COP (coefficient of performance) of 4.3, the industry's highest efficiency rating in
the 30 kilowatt (kW) class.
Energy
Fossil Fuel Power Plant

Conventional power plant, IGCC (Integrated coal Gasification Combined Cycle); Boilers; Industrial
boiler; Boilers machinery (Air-heaters, Coal Pulverizer, Mitsubishi Axial / Centrifugal Fans, Soot
Blowers); Steam Turbines; Industrial steam turbine; Gas Turbines; Pumps for thermal power plant;
Instrumentation and Control (Distributed Control Systems); SCR (DeNOx) System; Advanced
Reactors; Nuclear Fuel Cycle; Post-Operational Services
Renewable Energy Power Plant

Thin Film PV Module, Wind Turbine Generators, Geothermal Power Plant, Water Turbine Plant
Nuclear Power Generation

PWR, APWR, EU-APWR, US-APWR, Advanced Reactors, Nuclear Fuel Cycle, Post-Operational
Services, Plasma CVD

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Engine Power Plant

Diesel Power Plant & Gas Engine Plant, Generator Set
Aircraft
Civil Aircraft
Boeing787, Boeing777, Boeing767, Boeing747, Boeing737, Bombardier Global Express,
Bombardier CRJ-700, Bombardier CRJ-900, Bombardier Challenger300, AirbusA380, S-92
Civil Aeroengine
TRENT1000, V2500 PW4000, Jet Engine Test Cell
Space
Launch Vehicle; rocket engines; Reaction Control System; Space Station; Rocket Launcher; Rocket
Engine Combustion Test Facility; Rocket Motor Case
Ship and Ocean

Crude oil carriers; TENYO; TOKIO; Membrane type; PUTERI INTAN SATU; LPG carriers; GAS
CAPRICORN; Container Carriers; EVER UBERTY; RO/RO ships; HIMAWARI; heavy lifters; KIBI;
multi-purpose cargo ships; SCHIPPERSGRACHT; ROPAX; cruise ships; Restaurant Ship;
VOYAGER; LUMINOUS KOBE-2; VINGT TE UN; High-speed passenger ship; ONIYOZU; KININ 3;
Ultra high-speed catamaran hydrofoil ship; RAINBOW 2; pure car carriers; NEW CENTURY 1;
YOUSHOU MARU; TRANS FUTURE 3; NITHI BHUM; TORRENS; Fisheries enforcement vessels
that conduct enforcement work along the coastal areas; KIRAKAZE; Fisheries patrol and survey
vessels; GEPPOU; Survey observation and cleaning vessels; KAIKI; Oceanographic Research
Vessel; MIRAI; Ocean research vessels; HAKUHO MARU; cable layers; SUBARU; KDD Ocean
Link; Geological survey ship; HAKUREI MARU No.2; Fisheries survey vessels; SOYO MARU; Oil
Recovery Ships; SEIRYUMARU; scientific drill ship; CHIKYU; Deep Submergence Research
Vehicle; SHINKAI 6500; Underwater Vehicle; URASHIMA; Escort ship; MYOKO; Ship repair
Various Automated Systems

Shipboard Management System; Mitsubishi Computer Network System; Machinery Predictive
Diagnosis/Maintenance Support System[SUPER PLANT]; Advanced Cargo/Ballast Management
Sytem[SUPER CARGO-XL]; Design and Production Support System[MATES]; Marine Engine;
Mitsubishi-UE Diesel Engine; Mitsubishi-WARTSILA Diesel Engine; Mitsubishi-MAN Diesel Engine;
SA/R Series; SU Series page1; SU Series page2; Marine Machinery; Main Boilers (for Steam
Propulsion Vessels); Main Propulsion Steam Turbines; Steam Turbine Generator; Electro-Hydraulic
Steering Gears; Fixed Pitch Propellers; Retractable Fin Stabilizers; Auxiliary Boilers MAC-B MC-D;
MET Turbocharger; MERS(Mitsubishi Energy Recovery System); BOG re-liquefaction system for
LNGC; Deck crane / Deck machinery; Deck Cranes; Heavy Duty Crane; Windlass; Mooring Winch;
Pumps for Ships; Mitsubishi Cargo Oil Pumps & Turbines; Mitsubishi Water-Jet Propulsion Unit;
Offshore Engineering; FUTABA-2; MECCA; SHINSEI-8; YSC-28; SHINKENRYU; THIHA DIPA,

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YADANA THEINKHA; GAJA-2; Caisson launching dock; Floating Facilities; Offshore Oil Loading
Facilities; Deck Barge; Oilstorage barges; Offshore Structures
Transportation
Transportation system; Automated People Mover; Rail Transit; Monorail; Maintenance Vehicle; AIR
BRAKES; Intelligent Transport Systems (ITS)
Material Handling
Material handling machine, Quayside Container Crane, Container Transfer Crane, Cyber Crane
Condition Monitoring System, Coal Handling System, Steel Bulk Material Storage Silo System,
Forklift trucks
Environment
Prevention of global warming and air pollution, SCR (DeNOx) system, Prevention of Marine
Pollution, CO2 Recovery Plants, SCR(DeNOx)SYSTEM, MSW incineration plant, Bio-Treatment
System of Oily Bilge Drained from Ship Engine Room
Automotive
Engine / Power Train, Turbochargers, Engine Valves, Power Transmissions, Car Air -
Conditioning & Refrigeration Systems, Car Air-Conditioner, Marine Transport Refrigeration
Units, Marine Transport Refrigeration Units P.2, Refrigeration Units for Tracks and Trailers,
Intelligent Transport Systems ( ITS ), Production Equipment / System, Large Machine and
Machining Center, Special-purpose Machine, Gear Cutting Machine, Cylindrical Grinding
Machine, YAG Laser Welding System, General Robots, Rubber and Tire Machinery, Injection
Molding Machine, Testing Equipment, G-simulator, Climatic Wind Tunnel, Quiet Wind Tunnel,
Automotive Wind Tunnel
Production Equipment / System

Large Machine and Machining Center, Special-purpose Machine, Gear Cutting Machine, Cylindrical
Grinding Machine, YAG Laser Welding System, General Robots, Rubber and Tire Machinery,
Injection Molding Machine
Testing Equipment
G-simulator, Climatic Wind Tunnel, Quiet Wind Tunnel, Automotive Wind Tunnel
Industrial Machinery
Engine, Engine Power Plant Machinery, Chemical Plants Machinery, Paper & Printing Machinery,
Machine Tools, Metals Machinery, Rubber & Tire Machinery, Injection Molding Machine,
Compressors & Mechanical Turbines, Pumps, Robots, Laser Equipment, Machinery & Equipment
for Semiconductor & Flat Panel Display, Medical Equipment, Particle Accelerator, Wind Tunnels /
Test Equipment

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Precision Machinery Products

Precision Cutting Tools, Engine Valves, Power Transmissions, Precision Position Feedback Sensor
Hydraulic Equipment
Pump, Motor, Actuator, Hydraulic systems, Water pressure system, Pump unit
Infrastructure
Construction machinery; Tunnel Excavation Machinery; Vibration and Isolation System; Hydraulic
gate; Hydraulic Penstock
Defense
Ship, Defense Aircraft, Defense Aeroengine, Guided Weapon Systems, Undersea Navigating Mine
Hunting System (S-10,TYPE 1)
Living & Leisure

Living, Home and Business Customers Air-Conditioner, Centrifugal Chiller, Car Air-Conditioning &
Refrigeration Systems, Car Air-Conditioner, Marine Transport Refrigeration Units, Marine Transport
Refrigeration Units P.2, Refrigeration Units for Tracks and Trailers, Cleaning Machinery/Industrial
Robots, OLED Panel for Lighting Application, Leisure, cruise ships, ROPAX, Restaurant Ship,
VOYAGER, LUMINOUS KOBE-2, VINGT TE UN, Stage Machinery Systems, Domes and Arenas
SUBSIDIARIES
Mitsubishi Heavy Industries America, Inc.
Mitsubishi Heavy Industries de Mexico, S.A. de C.V.
Mitsubishi Industrias Pesadas do Brasil Ltda.
MHI International Investment B.V.
Mitsubishi Heavy Industries Europe Ltd.
MHI Technical Services Corporation
Mitsubishi Heavy Industries (China) Co., Ltd.
Mitsubishi Heavy Industries (Shanghai) Co., Ltd.
Mitsubishi Heavy Industries (Thailand) Ltd.
Mitsubishi Heavy Industries Australia, Pty Ltd.
Mitsubishi Heavy Industries India Pvt., Ltd.
Mitsubishi Heavy Industries Korea, Ltd.
Mitsubishi Heavy Industries Philippines, Inc.
Mitsubishi Heavy Industries Singapore Pvt., Ltd.
Mitsubishi Heavy Industries, (Hong Kong) Ltd.
Energy
Mitsubishi Nuclear Energy Systems, Inc.
Mitsubishi Power Systems Americas, Inc.
MPS Canada, Inc.
VienTek, LLC
CBC Industrias Pesadas S.A.

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SUBSIDIARIES
Artemis Intelligent Power Ltd.
Bulgarian Wind Farm AD
Diamond GT Service Europe S.r.l.
Kaliakra Wind Power AD
Maintenance Partners, NV
MHI Engineering Vienna GmbH
Mitsubishi Power Systems Europe, Ltd.
MHI Power Systems Egypt, LLC
MHI Shenyang Pump Engineering Co., Ltd.
Mitsubishi Heavy Industries BFG Gas Turbine Service (Nanjing) Co., Ltd.
Mitsubishi Heavy Industries Dongfang Gas Turbine (Guangzhou) Co., Ltd.
Mitsubishi Power Systems India Private, Ltd.
Mitsubishi Power Systems (Asia Pacific) Pte. Ltd.
Mitsubishi Power Systems (Thailand) Ltd.
PT. MPS Indonesia
Aerospace
Intercontinental Jet Service Corporation
MHI Canada Aerospace Inc.
Mitsubishi Aircraft Corporation America, Inc.
Mitsubishi Aircraft Corporation Europe, B.V.
MHI Aerospace Vietnam Co., Ltd.
Industrial Infrastructure
MHCG, Inc. (New Gencoat, Inc.)
Mitsubishi-Hitachi Metals Machinery USA, Inc.
MLP Canada Ltd.
MLP U.S.A., Inc.
MCO Saudi Arabia, LLC
MHI Engineering and Industrial Projects India Pvt., Ltd.
MHI Industrial Engineering & Services Pvt., Ltd.
MHI Machine Tool (H.K.) Ltd.
Mitsubishi Heavy Industries India Precision Tools Ltd.
Mitsubishi Heavy Industries (Changshu) Machinery Co., Ltd.
Mitsubishi-Hitachi Metals Machinery (Shanghai) Co., Ltd.
Mitsubishi-Hitachi Metals Machinery South Asia Pvt., Ltd.
MLP Hong Kong Ltd.
Social Infrastructure
Crystal Mover Services, Inc.
FMS Equipment Rental Inc.
Mitsubishi Caterpillar Forklift America Inc.
Mitsubishi Engine North America, Inc.
Mitsubishi Heavy Industries Climate Control, Inc.
Rapidparts, Inc.
Southern California Material Handling Inc.
MHI Sul Americana Distribuidora de Motores Ltda.
MHI Equipment Alsace S.A.S.
MHI Equipment Europe B.V.

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SUBSIDIARIES
Mitsubishi Caterpillar Forklift Europe B.V.
Rocla Oy
MHI Equipment and Services Africa S.A.
Anupam-MHI Industries Ltd.
MCF Forklift (Shanghai) Co., Ltd.
MHI Automotive Climate Control (Shanghai) Co., Ltd.
MHI Automotive climate control (Thailand) Co., Ltd.
MHIEC Environmental (Beijing) Co., Ltd.
MHI Engine System (Shenzhen) Co., Ltd.
MHI Engine System Asia Pte. Ltd.
MHI Engine System Hong Kong Ltd.
MHI Engine System Middle East (FZE)
MHI Engine System Philippines, Inc.
MHI Engine System Vietnam Co., Ltd.
MHI Residential Air-Conditioners (Shanghai) Co., Ltd.
MHI Turbo Engineering Co. (Shanghai)
MHI-Pornchai Machinery Co., Ltd.
MHI-VST Diesel Engines Pvt., Ltd.
Mitsubishi Caterpillar Forklift Asia Pte Ltd.
Mitsubishi Heavy Industries Air-conditioners Australia, Pty. Ltd.
Mitsubishi Heavy Industries Air-conditioners (Shanghai) Co., Ltd.
Mitsubishi Heavy Industries Forklift (Dalian) Co., Ltd.
Mitsubishi Heavy Industries-Haier (Qingdao) Air-Conditioners Co., Ltd.
Mitsubishi Heavy Industries-Jinling Air- Conditioners Co., Ltd.
Mitsubishi Heavy Industries-Mahajak Air Conditioners Co., Ltd.
Mitsubishi Turbocharger Asia Co., Ltd.
PT. MHI Engine System Indonesia
Thai Compressor Manufacturing Co., Ltd.
NEW ENERGY TRANSFER SA

ul. Robusta 11A lok.5, 03-924 Warszawa, Poland
Phone: +48 (22) 720 66 01, Fax: +48 (22) 729 86 17
SOURCES: www.net-sa.eu and other secondary online sources
BUSINESS PROFILE
New Energy Transfer SA (NET) is involved in providing adsorption chillers. The company’s product
line includes Shuangliang- bromo lithium adsorption chillers, Firechill, and NUS-VEG. The company
serves in various industries including refrigeration, heating, energy from both the industry and the
municipal area, interested in green and hybrid solutions optimizations energy consumption and the
use of primary energy sources. The company also supplies refrigeration equipment.
In 2012, NET signed a contract for delivery of two adsorption chillers.

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PANASONIC CORPORATION
1006, Kadoma, Kadoma City, Osaka 571-8501, Japan
Phone: 81-6-6908-1121
SOURCES: www.panasonic.net and other secondary online sources
2012 Sales: ¥ 7,846.0 billion Sales

8920
(in ¥ billion)
8490
2010 Sales: ¥ 7,418.0 billion 8060
(Fiscal Year Ends in March) 7630
7200
Employees: 330,770 (2012) 2010 2011 2012
Key Executives
Kunio Nakamura, Chairman
Masaharu Matsushita, Chairman (Honorary)
Yoshihisa Fukushima, Chairman (North America)
Fumio Ohtsubo, Chairman
Masayuki Matsushita, Vice Chairman
Hideo Kawasaki, President (Semiconductor Company)
Kazuhiro Tsuga, President (Automotive Systems Company)
Ikuo Miyamoto, President (Panasonic Asia Pacific Pte., Ltd.)
Naoto Noguchi, President (Energy Company)
Yasuo Katsura, Executive Vice President
Shusaku Nagae, Executive Vice President
Yoshiiku Miyata, Senior Vice President (AVC Networks)
Shigeru Omori, Director (Corporate Industrial Marketing & Sales Division)
Masaaki Fujita, Director (Corporate Engineering Quality Administration Division)
BUSINESS PROFILE
Panasonic Corp. (Panasonic) (formerly Matsushita Electric Industrial Co. Ltd.,), is one of the leading
manufacturers of electronic and electric products in the world. Panasonic is one of the largest
electronic product manufacturers in the world, comprised of over 634 companies. The company also
manufactures speakers, sensors, and switches for the automotive market, and speakers, tuners,
and remote controls for the consumer market. The company offers a comprehensive range of
products, systems and components for consumer, business and industrial use based on
sophisticated electronics and precision technology, expanding to building materials and equipment,
and housing business. Panasonic also offers audiovisual and information/communication equipment
and components such as batteries, electric motors, displays and semiconductors; home appliances
including washing machines and vacuum cleaners; and factory automation equipment such as
industrial robots and welding equipment. The company also offers a range of LCD panels that find
applications in a diverse array of fields, from mobile phones, flat-panel TVs and PCs to digital still
cameras, game consoles, printers, and automotive electronics.

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Panasonic’s operations are organized into eight reportable segments namely AVC Networks,
Appliances, Systems & Communications, Eco Solutions, Automotive Systems, Industrial Devices,
Energy, and Other. The company, in the AVC Networks sector, manufactures TVs, VCRs, CD and
DVD players, PCs, cell phones, and fax machines. The company manufactures and markets over
15,000 products under various brands including Panasonic, National, Technics, Quasar, Victor,
JVC, and PanaHome. The company’s appliance production plants are based in the UK, Malaysia,
Brazil, Indonesia, India, Philippines, Hong Kong, Taiwan, and few other plants in China. Panasonic
operates worldwide through about 540 companies. The company’s major competitors include AB
Electrolux, Koninklijke Philips Electronics NV, and Sony Corp. The company is accredited with ISO
14001 certification.
In 2012, Panasonic gained approval to go ahead with construction of the Fujisawa Sustainable
Smart Town (Fujisawa SST), a pioneering smart city project which is planned with Fujisawa City and
eleven other partner companies.
Panasonic was established in 1918 as Matsushita Electric Devices Manufacturing Works, and
adopted the present name in 2008.
BUSINESS OPERATIONS
AVC Networks
In its digital AV networks business, Panasonic provides imaging equipment such as flat-panel
TVs, AVC network equipment including Blu-ray Disc recorders, digital cameras and notebook PCs
as well as projectors, in-flight entertainment systems and other business-use AV equipment.
Panasonic is also engaged in wide range of activities such as creation of new cloud technology-
based businesses.
Appliances
In home appliances, leveraging the latest environmental technologies, Panasonic delivers products
and services that meet customer needs in the homemaking, cooking, beauty & grooming and
health, cooling and heating, hot water supply, and cold chain equipment fields. Panasonic is also
engaged in the development, manufacture, and sale of fuel cell cogeneration systems, car
components and devices, and motors.
Systems & Communications

Systems & Communications segment is largely comprised of the system network and mobile
communications businesses. In its system network activities, Panasonic is engaged in the
worldwide delivery of advanced security and communication solution services. In its mobile
communications business, Panasonic provides mobile phones incorporating cutting-edge functions,
and communications infrastructure equipment.
Eco Solutions
Panasonic’s Eco Solutions Company is comprises of four business groups such as lighting business,
energy systems business, housing systems business, and environmental systems business.

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Lighting Business
With lamps, devices, and equipment at its core, the lighting business is engaged in the development
of products that conserve energy and contribute to comfortable and bright work spaces.
Energy Systems Business

The energy systems business is active in a wide range of fields from wiring equipment and
distribution panelboards to energy management products.
Housing Systems Business

The housing systems business provides comprehensive home and building product, and material
solutions.
Environmental Systems
The environmental systems business delivers air quality appliances and solutions to promote a
clean environment.
Automotive Systems
Panasonic operates in wide-ranging fields, from car navigation systems through camera systems
that support safe driving to such key devices as engine control units and batteries for eco-cars.
Industrial Devices
Panasonic’s industrial devices business covers a wide range of products such as electronic
components, electronic materials, semiconductors, and optical devices.
Energy
In projecting an increase in global demand due to growing environmental concerns, Panasonic is
developing a broad energy-based business including solar photovoltaic systems and lithium-ion
batteries where use is also expanding from consumer to storage, in-car, and other fields. Panasonic
is also pursuing worldwide growth through such products as the EVOLTA dry alkaline battery, which
boasts long-lasting performance, and lead-acid storage batteries.
Other
Other segment includes Healthcare Company, Manufacturing Solutions Company, PanaHome
Corporation and others.
Healthcare Company
Panasonic provides a variety of healthcare-related products and services primarily in the fields of
“In-Hospital Work Assistance,” “Home Healthcare,” and “Early Diagnosis and Treatment.”
Manufacturing Solutions Company

Panasonic provides a high operating rate and reliable manufacturing systems for electronic
component mounting, welding, and other equipment. In addition to facility systems, Panasonic
focuses on providing comprehensive solutions businesses.

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PanaHome Corporation
PanaHome focuses mainly on delivering ‘eco ideas’ homes through each of its detached housing,
asset and property management, and home remodeling businesses.
SALES DATA
Annual Sales Comparison: 2010-2012 (In ¥ billion)
Year Sales % Change

2012 7,846.0 (9.74)
2011 8,693.0 17.19
2010 7,418.0 -
Annual Sales Comparison by Geographic Region (2012 Vs. 2011) – Japan,

North and South America, Europe, Asia and others (In ¥ billion)

Japan 4,162 4,514 (7.8)
North and South America 966 1,071 (9.8)
Europe 744 857 (13.19)
Asia and others 1,974 2,251 (12.31)
Total 7,846.0 8,693.0 (9.74)
Annual Sales Comparison by Business Segment (2012 Vs. 2011) – AVC Networks,
Appliances, Systems & Communications, Eco Solutions, Automotive Systems,
Industrial Devices, Energy, and Other (In ¥ billion)

AVC Networks 1,713 2,157 (20.58)
Appliances 1,534 1,483 3.44
Systems & Communications 841 938 (10.34)
Eco Solutions 1,526 1,527 (0.07)
Automotive Systems 653 612 6.7
Industrial Devices 1,405 1,671 (15.92)
Energy 615 637 (3.45)
Other 1,881 2,305 (18.39)
Eliminations (2,322) (2,637) (11.95)
Total 7,846.0 8,693.0 (9.74)

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Partnerships
Panasonic and Macerich Form Strategic Renewable Energy Partnership…

Panasonic’s Panasonic Eco Solutions North America and Macerich formed a Strategic Renewable
Energy Partnership to begin the first phase of a multi-property retail real estate solar power
program. The Macerich portfolio represents an ideal opportunity for Panasonic to deliver an end-to-
end solar solution on a large scale.
Panasonic and NBC Sports Group Partner to Distribute the London 2012 Olympic Games
in 3D…
Panasonic announced that its U.S. subsidiary, Panasonic Corporation of North America, and the
NBC Sports Group would partner to make the London 2012 Olympic Games available in 3D to all
U.S. distributors carrying Olympic coverage on cable, satellite and telco nearly 100 percent of the
multichannel industry. Olympic Broadcasting Services (OBS) would produce more than 200 hours of
3D coverage during the London 2012 Olympic Games by utilizing Panasonic's state-of-art 3D
production technologies including the AG-3DP1, a P2HD professional fully-integrated twin-lens Full
HD 3D camera recorder.
Collaboration
Panasonic Collaborates with Red Bend Software…

Panasonic entered into collaboration with Red Bend Software to develop a new solution to protect
personal data such as photos, videos, documents and e-mails stored on Android smartphones. The
solution enables to prevent leakage of personal data from lost smartphones or unintended behavior
of downloaded applications. Panasonic plans to incorporate the solution into its future smartphone
models. In the new solution, a new mechanism is constructed to configure a folder to protect and
store personal data. The protected area inside the smartphone is isolated from the Android platform,
using a virtual machine. The machine enables to control access to the folder containing the
personal contents through the menu on the smartphone and application software on Android.
Therefore, the solution would enable to protect the personal contents by combining with personal
authentication such as the use of passwords or an IC card.
Agreements
Panasonic and Sony Sign an Agreement…

Panasonic and Sony Corporation (Sony) signed an agreement regarding the joint development of
next-generation OLED (organic light-emitting diode) panels and modules for TVs and large-sized
displays. Panasonic and Sony plan to jointly develop next-generation OLED panels and modules by
each utilizing their core and printing technologies. Panasonic and Sony also plan to jointly develop
printing method-based next-generation OLED technology, which would be suitable for low-cost

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mass production of large, high resolution OLED panels and modules. Sony and Panasonic aim to
establish mass-production technology during 2013, by integrating their unique technologies to
improve the overall efficiency of development.
Panasonic and INCJ Enter into Agreement…

Panasonic and Innovation Network Corporation of Japan (INCJ) reached a final agreement
regarding the transfer of the Mobara plant of Panasonic Liquid Crystal Display Co. Ltd., a subsidiary
of Panasonic, to Japan Display Inc. (Japan Display), a new company that is in the process of being
established to pursue small- and medium-sized display business.
New Facility
Panasonic Inaugurates New Lithium-ion Battery Plant in China…

Panasonic inagurated a new consumer lithium-ion battery factory built within the premises of its
existing factory in Suzhou, China. The new facility, now in operation, enables integrated production
from polar plates to cells and battery packs within the Suzhou site and further strengthens
Panasonic’s competitiveness in the global market. Panasonic set up integrated production systems
in its three battery manufacturing bases in China: Suzhou, Wuxi and Beijing. Panasonic would fully
utilize the facilities to increase production of consumer lithium-ion batteries and cut costs by lifting
the production ratio in China, procuring materials locally and reducing logistics costs. The reinforced
production in China would facilitate cost reduction and also enables Panasonic to hedge foreign
exchange rate risk.
Product Launches
Panasonic to Expand Smart Home Appliance Lineup with Full-Scale Launch of Smart Cloud
Services…
Panasonic announced the significant expansion of its lineup of smart home appliances and the full-
scale launch of cloud-based services in Japan dedicated to Panasonic's home appliances ranging
from white goods, such as air conditioners and refrigerators, to kitchen appliances and healthcare
devices. The new smart appliances would include Panasonic's X Series room air conditioners, a
top-mount refrigerator (NR-F557XV), drum-type washer-dryers (NA-VX8200/NA-VT8200), as well
as healthcare products such as the EW-FA43 body composition monitor, the EW-NK63 calorie
meter and EW-BW53 blood pressure monitor. The new air conditioners could also be operated with
Apple's iPhones™*2 as well as Android phones. Panasonic's smart solutions are designed to make
the user's everyday life more comfortable, convenient and energy efficient.
Panasonic Plans to Launch High-Capacity USB Mobile Power Supplies…

Panasonic planned to launch a new series of portable USB Mobile Power Supplies as auxiliary
power sources for mobile devices, such as smartphones and tablet PCs for the Japanese market.
The highest-capacity model in the series, QE-QL301, could provide enough power to fully charge a
smartphone four times on a single charge. The new series of Panasonic USB Mobile Power
Supplies consists of eight models ranging from lightweight portable models to high capacity models,
enabling users to continually use their mobile devices on the go. The high-end QE-QL301 offers a

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minimum capacity of 10,260 mAh and consisits of two USB ports allowing it to charge two devices,
such as a tablet PC and a smartphone, simultaneously. The new lineup also includes three
contactless models that could be charged wirelessly using Qi technology, the global standard for
wireless charging. As the power supplies could be also charged through USB port or AC outlet.
Panasonic Develops JEST Type Loop Heat Pipe Cooling System Ready for High-Density Heat…
Panasonic developed a loop heat pipe (LHP) cooling system equipped with the its unique Jet
Explosion Stream Technology (JEST), which uses a high-speed jet stream generated by the rapid
expansion of the refrigerant which significantly enhances the cooling performance. The cooling
system could be applied to equipment such as power semiconductors for power conversion systems
and supercomputer processing units.
Panasonic to Develop Full-scale Smart Home Energy Management System Business…

Panasonic announced its plans to begin the full-scale development of its Smart Home Energy
Management System (SMARTHEMS™1) business. In addition to the energy creation-storage linked
system for the home release, Panasonics would also launch AiSEG™2, which is a core component
of SMARTHEMS™, connecting the electrical equipment and home appliances in the system. Being
equipped with ECHONET Lite, SMARTHEMS™ not only visualizes the consumption of energy in
the household, also control different types of home electrical equipment through the core
component, AiSEG™.
Panasonic Develops Highly Efficient Artificial Photosynthesis System…

Panasonic developed an artificial photosynthesis system which converts carbon dioxide (CO2) to
organic materials by illuminating with sunlight at a world's top efficiency*1 of 0.2%. The efficiency is
on a comparable level with real plants used for biomass energy. The key to the system is the
application of a nitride semiconductor which makes the system simple and efficient. The product
development would be a foundation for the realization of a system for capturing and converting
wasted carbon dioxide from incinerators, power plants or industrial activities. Panasonic's artificial
photosysnthesis system possesses a simple structure with highly efficient CO2 conversion, which
could utilize direct sunlight or focused light.
Panasonic Develops an Advanced Radar Technology…

Panasonic developed an advanced radar technology for next-generation traffic safety systems that
enables to detect humans and vehicles in a range of several tens of meters. The millimeter-wave
radar technology allows for detecting objects outdoors in poor visibility conditions, such as night,
rain and snow, as well as against the sunlight. When applied in traffic surveillance sensors located
at intersections, the innovative technology would help increase automotive safety by detecting
pedestrians and bicycles hidden in the driver's blind spots. Panasonic's new radar technology
enables traffic monitoring sensors at intersections to detect pedestrians and bicycles up to 40
meters ahead even at nighttime and under bad weather conditions that hinder the driver's visibility.
Panasonic's new automotive radar technology overcome the difficulties with conventional millimeter-
wave radar technologies; the advanced radar technology is capable of detecting humans and cars

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simultaneously in spite of the fact that human body reflects extremely weak radar signals compared
with car body. The innovative radar technology also achieved high detection performance with a
range resolution of less than 50cm and an angular resolution of 5 degrees, which enables to detect
pedestrians and vehicles.
Panasonic Develops the World's Smallest, Slimmest, Highest definition 20-inch IPS Alpha
LCD Panel…
Panasonic developed a 20-inch 4K2K (3,840 x 2,160 resolution, approx. 8.29million pixels) IPS
Alpha LCD panel, the smallest*1 as a 4K2K-resolution display. The new panel features the world's
highest pixel density of 216 pixels per inch (ppi) and the thickness of only 3.5 mm, the thinnest in
the world*1. IPS Alpha panels are suitable for making ultra-high definition displays because of their
simple pixel structure. The 4K2K IPS Alpha LCD panel employs two new technologies, "Pixel
structure with ultra-high aperture ration structure" and "New liquid-crystal molecular orientation
process technology".
Agreements
Panasonic, Samsung, Sandisk, Sony and Toshiba Enter into an Agreement…

Panasonic, Samsung Electronics Co., Ltd., SanDisk Corporation, Sony Corporation and Toshiba
Corporation reached an agreement in principle to collaborate on a new content protection
technology for flash memory cards such as SD Cards and various storage devices. Under the "Next
Generation Secure Memory Initiative,"*1 the five companies would start preparing for licensing and
promotion of HD (high-definition)-capable security for SD Cards and embedded memory for use in
advanced consumer applications such as tablets and smartphones. Panasonic, Samsung, Sandisk,
Sony and Toshiba believe that the technology would enable various HD content applications such
as HD network download, broadcast content to go and HD Digital Copy/Managed Copy from Blu-ray
DiscTM*2 media. With the applications, users could enjoy HD content on a wide range of devices,
including AndroidTM*3-based smartphones and tablets, TVs and Blu-rayTM*4 products.
Panasonic Enters into Supply Agreement with Tesla Motors…

Panasonic and Tesla Motors entered into a supply agreement for automotive-grade lithium-ion
battery cells. Panasonic's automotive grade lithium-ion battery cells would be used in Tesla's
premium electric sedan, Model S. The agreement supplies Tesla with Panasonic's lithium-ion
battery cells to build more than 80,000 vehicles. The supply agreement helps ensure Tesla would
meet its cost and margin targets for Model S. The agreement builds upon a multi-year
collaboration between Panasonic and Tesla to develop next-generation automotive-grade battery
cells and accelerate the market expansion of electric vehicles. Panasonic and Tesla together
developed a next-generation battery cell based on the nickel chemistry and optimized specifically
for electric vehicle quality and life. The new cells would combine with Tesla's proven EV battery
expertise gained from more than 15 million customer miles driven in Tesla Roadsters and
thousands of hours of cell and battery testing to create the most capable electric vehicle ever
produced, Model S.

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Alliance
Panasonic and BCN Announces an Exclusive, Long-Term, Strategic Marketing Alliance…

Panasonic’s unit Panasonic Enterprise Solutions Company and Branded Cities Network (BCN), a
subsidiary of EL Media, the world’s most advanced, fully integrated, digital, spectacular, out-of-
home signage and experiential media company, announce an exclusive, long-term, strategic
marketing alliance. Under the agreed terms, Panasonic would be the exclusive provider of all BCN
digital signage, allowing BCN to rapidly expand its current portfolio of media assets. BCN would
also be the exclusive sales agent for all third-party advertising time on already-constructed and
future Panasonic signs in premier venues throughout North America. The alliance between
Panasonic and BCN would enable a unique combination of technology and media delivered with
unprecedented efficiency for the advertiser. The alliance would be supported by a comprehensive
financing package from Panasonic Finance Solutions. The alliance would provide BCN the ability to
expand its digital business into new markets with timely delivery of new signage product and
turnkey project execution.
New Facility
Panasonic to Build New Solar Manufacturing Base in Malaysia…

Panasonic announced plan to establish a company in Malaysia that would serve as Panasonic's
new solar manufacturing base. Panasonic Energy Malaysia Sdn. Bhd., would operate a
vertically-integrated solar manufacturing facility producing from wafers to cells and modules.
Panasonic’ new facility would start operation with an annual production capacity of 300 MW.
The new factory, to be built in the Kulim Hi-Tech Park in Kedah, helps Panasonic meet the
growing demand, and also strengthens the HIT module's cost-competitiveness with the
vertically-integrated production.
Product Launch
Panasonic Introduces LUMIX DMC-G3…

Panasonic introduced a new addition to the LUMIX G Series of Compact Systems Cameras (CSC),
the LUMIX DMC-G3, Panasonic’s smallest and lightest digital interchangeable lens camera with a
viewfinder to date. The new class of CSC offers a lighter weight and smaller size not seen in
traditional DSLRs, thus providing greater portability and creative control. The LUMIX G3 features a
new 16.0-megapixel sensor that produces rich, true-to-life, high quality images, plus 1920 x 1080
full-High Definition (HD) video recording capability with stereo sound in AVCHD. The Panasonic
LUMIX G3 is the ideal hybrid, offering superb still and video capabilities with easy-to-use features
so users at any level could create professional-quality images. With new features that enhance
photo and video quality, the LUMIX G3 offers exceptional image quality that a photographer at any
level would be excited about using to capture their experiences. The LUMIX G3 provides a
traditional DSLR-like experience with an external Mode dial for quick access to common modes
such as Program, Shutter and Aperture Priority, Manual. The LUMIX G3’s newly developed 16.0-
megapixel Live MOS sensor, combined with the powerful Venus Engine FHD image processor,
contribute to the high-quality photo and video images.

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Panasonic Develops High-Efficiency LSI Series DC-DC Converters…

Panasonic’s Semiconductor Company developed the LSI series DC-DC converters with a voltage
step-down type hysteretic control system to provide high-efficiency and high-speed response. The
Panasonic converter LSIs could support a wide-range of output voltages, and ideal for the power
supplies of personal computers and servers. The new Panasonic LSI series would improve the
efficiency of power supplies capable of handling large current capacity (up to 10 A) for personal
computers and servers. The series would also help to achieve greater energy conservation in the
equipment's operation. The high-performance power supplies in a small package would also permit
equipment to be further miniaturized. The LSIs could respond to rapid changes in the output load at
high speed and significantly suppress variations in the output voltage.
Panasonic Develops Estimation Technology using Brain Wave Patterns…

Panasonic developed a new technology for fitting hearing aids. Focusing on electroencephalogram
(EEG) brain wave patterns recorded when example sounds heard at the normal sound volume are
played into the user's ears during the test, the new technology enables to estimate the loudest level
of sound the user could comfortably tolerate. The development allows for reducing the strain on the
users and the time required to fit hearing aids. Panasonic started clinical evaluation of the method in
cooperation with the University of Fukui, with an aim to put it into practice as an automatic volume
level fitting system for hearing aids. Using the new method, the maximum volume level for each
user could be estimated objectively based on the EEG response to auditory stimuli, normal volume
sound, in a short time and with a high degree of accuracy. The method enables to set the hearing
aid more accurately in the maximum volume and use more comfortably.
Panasonic Develops Chemical Recycle Technology…

Panasonic’s subsidiary Panasonic Environmental Systems & Engineering Co., Ltd., developed a
technology to recycle process chemicals such as solvents used in cleaning and other processes in
the electronic device production factories. Panasonic’s new recycle technology, which consists of a
distillation technique and a blended supply technology, allows for recovering approximately 70-95%
of the chemicals to be used again in the production process. The new technology responds to the
needs of electronic device manufacturers who want to cut both production costs and environmental
impact, as their production expands on a global scale.
Panasonic Develops Four-Channel Led Driver LSI Based on 190V Voltage Process…
Panasonic developed a four-channel LED driver LSI (model number: AN37010), which could drive
multiple LEDs connected in series for edge-type LED backlight LCD TVs. A single chip of the
AN37010 LED driver LSI could drive up to 228 LEDs (for 42-inch TV) in four light bars, each of
which consisting of 57 LEDs, in a backlight of an LCD display and also incorporates four current
sources with a 190V voltage, a boost converter, and various protection circuits. The technology
contributes to the down-sizing and cost-reduction of LED backlight modules. Furthermore, the LSI
supports ON-OFF control, which the LED backlight in LCD TVs uses to improve the picture quality
and reduce power consumption. Conventional LSIs drive multiple serially connected LEDs by
providing each channel with external MOSFETs, which protect the LSI from high voltages.

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Panasonic and Tokyo Gas Develop New Model of their Ene-Farm Home Fuel Cell…
Panasonic and Tokyo Gas Co. Ltd., jointly developed a new model of their Ene-Farm home fuel cell.
The new product is manufactured by Panasonic, and would be sold by Tokyo Gas from April 1,
2011. The Ene-Farm fuel cell co-generation systems generate electricity through a chemical
reaction between oxygen in the atmosphere and hydrogen extracted from city gas, and the heat
generated as a byproduct of the process is also used for home heating and hot water supply. The
new Ene-Farm fuel cell offers a rated generation efficiency of 40% (LHV)*5, representing a further
improvement on the existing range of products with over 37% (LHV) efficiency, the highest in the
world to date.
Other Developments
Panasonic to Supply Electric Drive System for Suzuki Electric Scooter…

Panasonic announced that it would supply its electric drive system for Suzuki Motor Corporation's e-
Let's electric scooter. The electric drive system consists of four components: a high performance in-
wheel motor*1 and a high efficiency control circuit primarily developed by the Panasonic, as well as
an electric motor battery system using consumer-use lithium-ion batteries and a dedicated charger
that are backed by the Panasonic 's proven track record in the battery field.
Panasonic to Supply Lithium-ion Batteries for Toyota Prius Plug-in Hybrid…

Panasonic announced that it would supply lithium-ion batteries for Toyota Motor Corporation's Prius
Plug-in Hybrid. The supply would be the first time for the Panasonic to supply its lithium-ion batteries
for a mass production plug-in hybrid vehicle. Panasonic is supplying nickel-metal hydride batteries
and systems for hybrid vehicles to a number of automobile makers globally and is also carrying out
joint development of lithium-ion battery systems for hybrid vehicles with other car manufacturers.
Panasonic Announces the Transfer of the Automotive Nickel-hydride Battery Business to

Hunan Corun New Energy…
Panasonic announced the transfer of the automotive nickel-hydride battery business to Hunan
Corun New Energy Co., Ltd. (Hunan Corun New Energy). The transfer of the business is a
countermeasure aimed at addressing concerns raised by the Ministry of Commerce of the People's
Republic of China (China's Ministry of Commerce) with regard to the continued competitive nature
of the market following the consolidation of SANYO Electric Co. Ltd., as a subsidiary of Panasonic.
PRODUCT PORTFOLIO
Digital AV
TV, Blu-ray Disc™/ DVD, Digital Camera, Digital Video Camera, Micro Audio System, Mini Audio
System, Mobile Camera, Dual Camera, Accessories, Other Products
Mobile Phone
Smartphone

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Home Communication
Telephone, Fax, Network Camera, HD-PLC Adaptor
Home Appliances & Batteries

Air Conditioner, Refrigerator, Washing Machine, Microwave Oven, Vacuum Cleaner, Kitchen
Appliances, Ventilation, Air Purification, Other Appliances, Batteries
SUBSIDIARIES
Domestic Subsidiaries
SANYO Electric Co., Ltd.
Panasonic Liquid Crystal Display Co., Ltd.
Panasonic Plasma Display Co., Ltd.
Panasonic System Networks Co., Ltd.
PanaHome Corporation
Panasonic Electronic Devices Co., Ltd.
Panasonic Mobile Communications Co., Ltd.
Panasonic Factory Solutions Co., Ltd.
Panasonic Ecology Systems Co., Ltd.
Panasonic Healthcare Co., Ltd.
Overseas Subsidiaries
Panasonic Corporation of North America
Panasonic Avionics Corporation
Panasonic do Brasil Limitada
Panasonic Europe Ltd.
Panasonic AVC Networks Czech, s.r.o.
Panasonic Asia Pacific Pte. Ltd.
Panasonic India Pvt. Ltd.
Panasonic Taiwan Co., Ltd.
Panasonic Corporation of China
Panasonic Appliances Air-Conditioning (Guangzhou) Co., Ltd.

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PANASONIC CORPORATION’S SUBSIDIARY
SANYO ELECTRIC CO., LTD.

5-5, Keihan-Hondori, 2-Chome, Moriguchi City, Osaka 570-8677, Japan
Phone: +81-6-6991-1181, Fax: +81-6-6991-5411
SOURCES: www.sanyo.com and other secondary online sources
Key Executives
Seiichiro Sano, President
Masato Ito, President
Koichi Maeda, Executive Vice President
Mitsuru Homma, Executive Vice President
Hidetoshi Arima, Senior Vice President
Hideharu Nagasawa Senior Vice President
Shigeharu Yoshii, Senior Vice President
Hiromoto Eskimo, Senior Vice President
Hiroshi Ono, Senior Vice President
Tereos Takata, Senior Vice President
Yoshihiro Nishiguchi, Senior Vice President
Kazuhiro Takeda, Senior VicePresident
Masato Ito, Senior Vice President
Morihiro Kubo, Senior Vice President
Shinya Tsuda, Vice President
Keiichi Yodoshi, Vice President
Nobuaki Matsuoka, Vice President
Takuya Kobayashi, Vice President
Katsuhisa Kawashima, Vice President
Satoru Hotta, Vice President
Tetsuhiro Maeda, Vice President
Yoshio Watabe, Vice President
Takao Ando, Vice President
Takashi Hirao, Vice President
Hirokazu Teshima, Vice President
Tsutomu Nozaki, Vice President
Shinji Takagaki, Vice President
Kazuhiro Yoshida, Vice President
Masafumi Yoda, Vice President
Junichiro Tabuchi, Vice President
Takahiro Wada, Vice President
Masami Murata, Vice President
Fumitoshi Terashima, Vice President
Hiroki Osaki, Vice President
Isao Oba, Vice President
Mitsuaki Naito, Vice President

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Yoshinori Nakatani, Vice President

Keizo Mori, Vice President
BUSINESS PROFILE
Sanyo Electric Co. Ltd., (Sanyo) a subsidiary of Panasonic Corporation, develops, manufactures and markets
a variety of electrical devices and appliances, including industrial and commercial equipment, audio and video
equipment, and semiconductors. The company’s audio and video equipment includes DVD players, TVs and
digital cameras. The company also manufactures refrigerated supermarket cases and solar cells. Sanyo’s
wide spectrum of products include rechargeable batteries, photovoltaic systems, HVAC/R equipment, digital
imaging devices, personal navigation systems, home appliances, electronic components and others. The
company’s electrical devices and appliances also include communications equipment-cellular phones and
computers; batteries; and home appliances such as microwave ovens and air conditioners. Sanyo’s
operations are structured around various business segments namely, Energy, Electronics, Ecology, and
International. Sanyo’s VW-VF 10BG and ABC-VW-24 air purifier models, which use the virus washer
technology, arrest the growth of airborne viruses through electrolyzed water that contain hypochlorous acid
and hydroxyl radicals.
Sanyo’s product line includes Visual Products, Audio Products, Home Appliances, Air Conditioners, Food
Equipment, Biomedical & Medical Equipment, CCTV Products, and Batteries. Sanyo uses virus washer
technology in combination with home and professional air purifying systems, rooftop air conditioning units, and
humidifiers. The company distributes its products in Japan, Asia, North America, and Europe. Sanyo owns
manufacturing facilities in more than 20 countries across Asia, North America and Europe. The company
operates more than 200 subsidiaries worldwide. The company competes with Hitachi Ltd., Samsung
Electronics Co., Ltd., and Sony Corporation.
In 2011, Panasonic Corporation acquired Sanyo through a share purchase agreement.
Sanyo was established in 1947.
RECENT DEVELOPMENTS
Agreement
Sanyo Reaches an Agreement with Haier Group…

Sanyo reached the final agreement with Haier Group regarding the transfer of its consumer and commercial
washing machine businesses, consumer refrigerator business and its white goods sales businesses based in
four countries in Southeast Asia to Haier Group.
Haier Group is a multinational consumer electric and home appliances company headquartered in Qingdao,
Shandong, People’s Republic of China.
New Facilities
Sanyo Completes a New Technical Facility at its Tokushima Plant…

Sanyo completed a new technical facility for lithium-ion batteries on the premises of the Tokushima Plant
(Itano-gun, Tokushima, Japan), Sanyo’s development and production site for lithium-ion batteries. The
Tokushima Plant is the Sanyo’s main site for the technical development and production of lithium-ion

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batteries. The construction of the new facility would further increase Sanyo’s capabilities for developing new
materials and manufacturing technologies, thereby enabling the company to become a leader in the lithium-
ion battery market where further performance improvement is expected.
Sanyo Announces the Completion of World's Largest HIT-equipped Tracking Solar Power Plant…
Sanyo completed the construction of the solar power plant in Torre Santa Susanna, southeast Italy, the
world's largest tracking project utilizing SANYO's high-efficiency high-output HIT® solar modules.The plant is
equipped with 32,202 of SANYO's HIT-235HDE4 solar modules fitted to solar trackers to maximize the power
generation of the modules. With a total system size of 7.567MW, the plant is one of the largest tracking solar
power plants in Europe, and the largest system to use HIT® solar modules in the world.
PRODUCT PORTFOLIO
Visual Products
Projectors, Dual Cameras, Digital Cameras, LCD TVs, Color TVs
Audio Products
Digital Media Players, Hi-Fi Systems, Portable Audio/Radios, Office Equipment
Home Appliances
Refrigerators/Freezers/Water Dispensers, Dishwashers, Washing Machines, Vacuum Cleaners, Microwave
Ovens, Kitchen Appliances, Personal Care Products, Fans/Air Coolers/Air Purifiers, Well Pumps, Massagers,
Home Stepper
Air Conditioners
Split Type/Multi-Split Type, PAC-i Series, ECO-i Series, Gas Heat Pump Type, Heating Solutions, Absorption
Chillers
Batteries
Battery Appliances, Batteries, Battery Chargers, Solar Modules
SUBSIDIARIES
Tottori Sanyo Electric Co., Ltd.

Shimane Sanyo Electric Co., Ltd.
SANYO Tokyo Manufacturing Co., Ltd.
SANYO Semiconductor Co., Ltd.
SANYO Semiconductor Manufacturing Co., Ltd.
KANTO SANYO Semiconductors Co., Ltd.
SANYO Seimitsu Co., Ltd.
SANYO Mediatec Co., Ltd.
Sanyo Energy Tottori Co., Ltd
SANYO Energy Twicell Co., Ltd.
Sanyo GS Soft Energy Co., Ltd
SANYO Semicon Device Co., Ltd.
SANYO Electric Logistics Co., Ltd.
SANYO TV International Corporation

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SUBSIDIARIES
SANYO E & E Corporation

SANYO Energy (U.S.A.) Corporation
SANYO North America Corporation
SANYO Semiconductor (U.S.A.) Corporation
SANYO Europe Ltd.
SANYO Component Europe GmbH
SANYO Airconditioners Europe s.r.l.
SANYO Electric (Shekou) Limited
Dalian Sanyo Refrigeration Co., Ltd.
Dalian Sanyo Cold-Chain Co., Ltd.
KOREA Tokyo Silicon Co., Ltd.
SANYO Electric (Hong Kong) Limited
SANYO Semiconductor (H.K.) Co., Ltd.
SANYO Asia Pte Ltd.
SANYO Energy (Singapore) Corporation Pte. Ltd.
SANYO PT (M) Sdn. Bhd.
P.T. Sanyo Jaya Components Indonesia

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PARKER HANNIFIN CORPORATION

6035 Parkland Boulevard, Cleveland, Ohio, 44124-4141, USA
Phone: 216-896-3000, Fax: 216-896-4000
SOURCES: www.parker.com and other secondary online sources
2013 Sales: US$ 3,214.9 million (Q1) Sales

13700
(in US$ million)

2012 Sales: US$ 13,146.0 million
12650
2011 Sales: US$ 12,345.9 million 11600
2010 Sales: US$ 9,993.2 million 10550
9500
(Fiscal Year Ends in June) 2010 2011 2012
Employees: 59,300 (2012)
Key Executives
Candido Lima, President
Bob Barker, Executive Vice President and Chief Operating Officer
Danny Diaz, Director (Fleet Management)
BUSINESS PROFILE
Parker Hannifin Corp., (Parker Hannifin) is the world’s leading diversified manufacturer of motion
and control technologies and systems, providing precision-engineered solutions for a wide variety of
commercial, mobile, industrial and aerospace markets. The company offers industrial and mobile
hydraulic pumps, miniature, electric motor driven, fuel and aerospace hydraulic system pumps and
airframe pumps for boost and fluid transfer, lubrication and scavenging, ejector and jet pumps. The
company offers pumps for hydraulic, fuel, oil, fluid transfer, lubrication and aerospace applications.
Parker Hannifin operates through segments namely Industrial, Climate & Industrial Controls and
Aerospace. The company’s Industrial segment manufactures fluid connectors, purification systems,
hydraulic and automation systems, electromechanical devices, seals and filters, and process
instrumentation. The company’s Climate & Industrial Controls segment manufactures motion-control
systems and components for use primarily in the refrigeration and air conditioning and
transportation industries and Aerospace segment offers hydraulics, fuel, and engine systems.
Parker Hannifin operates through various divisions namely Aftermarket AC and Refrigeration
Division; Aircraft Wheel & Brake; Chelsea Products Division; Chomerics Division; Composite
Sealing Systems Division; Control Systems Division; Customer Support Operations - Aerospace;
Cylinder Division; Cylinder Division - Europe; Electromechanical Division - Europe;
Electromechanical Division - North America; Electronic Controls Division; Electronic Systems
Division; Energy Products Division; Engineered Polymer Systems Division; Engineered Seals
Division; Filtration & Separation Division - Balston Filter; Filtration & Separation Division- Finite
Filter; Filtration Process Air and Gas Division; Fluid Control Division; Fluid Control Division - Europe;
Fluid System Connectors Division; Fluid System Connectors Division Europe; Fluid Systems
Division; Gas Turbine Fuel Systems Division; Gear Pump Division; HOSE DOCTOR®; Hose

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Products Division; Hose Products Division - Europe; Hydraulic Accumulator Division; Hydraulic
Cartridge Systems Division; Hydraulic Cartridge Systems Division - Europe; Hydraulic Controls
Division - Europe; Hydraulic Filter Division; Hydraulic Filter Division - Europe; Hydraulic Pump &
Motor Division; Hydraulic Pump Division; Hydraulic Systems Division; Hydraulic Valve Division;
Industrial Hose Products Division; Instrumentation Products Division; Instrumentation Products
Division - Europe; and Integrated Sealing Systems Division.
Parker Hannifin also operates through divisions namely KV Division; Medical Systems Division;
Mobile Climate Systems Division; Mobile Controls Division - Europe; Mobile Cylinder Division;
Nichols Portland Division; O-Ring Division; O-Ring Division - Europe; ORIGA Division; Oildyne
Division; Packing Division - Europe; Pan Am Division; Parflex Division; ParkerStore™; Partek
Division; Pneumatic Division; Pneumatic Division - Europe; Polyflex Division - Europe; Porter
Instrument Division; Precision Fluidics Division; Process Advanced Filtration Division; Pump and
Motor Division - Europe; Purification, Dehydration and Filtration Division; Quick Coupling Division;
Quick Coupling Division - Europe; RAC Division - Europe; Racor Division; Racor Division - Europe;
Refrigerating Specialties Division; SSD Drives Division; Sporlan Division; Stratoflex Products
Division; TechSeal Division; Tube Fittings Division; Tube Fittings Division Europe; Vane Pump
Division; Veriflo Division; domnick hunter Industrial Division; and domnick hunter Process Division.
Parker Hannifin’s motion-control products use hydraulic (liquid) or pneumatic (gas or air) systems to
move and position materials or to control equipment. The company operates in about 40 states and
50 foreign countries. The company competes with Eaton Corporation, Honeywell International Inc.,
and Visteon Corporation.
Parker Hannifin was incorporated in 1938.
SALES DATA
First Quarter Sales Comparison: 2013 Vs. 2012

(In US$ million)
Year Sales % Change

2013 3,214.9 (0.59)
2012 3,233.9 -
First Quarter Sales Comparison by Business Segment (2013 Vs. 2012) – Industrial,
Aerospace and Climate & Industrial Controls (In US$ million)

Industrial 2,442.9 2,493.9 (2.04)
Aerospace 541.1 497.5 8.76
Climate & Industrial Controls 230.9 242.5 (4.78)
Total 3,214.9 3,233.9 (0.59)

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Annual Sales Comparison: 2010-2012 (In US$ million)
Year Sales % Change

2012 13,146.0 6.48
2011 12,345.9 23.54
2010 9,993.2 -
Quarterly Sales Comparison: 2012 Vs. 2011 (In US$ million)
Quarter 2012 2011 % Change

Q4 3,411.7 3,409.8 0.06
Q3 3,393.6 3,240.1 4.74
Q2 3,106.8 2,866.7 8.38
Q1 3,233.9 2,829.3 14.30
Total 13,146.0 12,345.9 6.48
Annual Sales Comparison by Geographic Region (2012 Vs. 2011) – North America
and International (In US$ million)

North America 7,830.5 7,151.4 9.50
International 5,315.5 5,194.5 2.33
Total 13,146.0 12,345.9 6.48
RECENT DEVELOPMENTS
Agreements
Parker Hannifin Sings an Agreement with H2scan Corporation…

Parker Hannifin signed an agreement with California-based H2scan Corporation for manufacturing
co-branded process systems incorporating over 11 different process monitors. The monitors would
be integrated into a larger, co-branded sensing solution targeted at refineries, petrochemical,
fertilizer, and ammonia and hydrogen production plants.
Parker Hannifin Signs an Agreement to Acquire Sea Recovery from Danfoss A/S…
Parker Hannifin signed an agreement to acquire Sea Recovery. Parker Hannifin would assume
ownership of the acquired business. Sea Recovery is a leading manufacturer of small to high

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capacity reverse osmosis systems for sea water desalination used primarily in commercial and
pleasure marine applications.
Contract
Parker Hannifin Awards Contract for Position Monitoring System…

Parker Hannifin awarded a contract by Eni for the supply of the ParkerRPMS™ (Remote Position
Monitoring System) for Goliat. The order includes delivery of two ParkerPMS™ systems to two
Knutsen OAS shuttle tankers. Parker PMS™ (located on the shuttle tankers) is a real-time data
acquisition, calculation, logging, and display system initially designed to monitor DP-controlled
offshore oil loading or station keeping for rigs and other vessels. The system provides a logging
facility to record system input to data files.
Parker Hannifin Announces Integrated Gearbox Health Maintenance System…

Parker Hannifin announced integrated gearbox health maintenance system for large wind turbines up to
7.0MW and Lube Oil Filtration System (LOFS). The first of its kind system is a fully integrated gearbox
filtration and lubrication system, with configurations to handle wind turbines of 1.0MW to 7.0MW.
Parker Hannifin Introduces New High Output Flow LC-MS Nitrogen Generator…
Parker Hannifin introduced the Parker Balston NitroFlow 60 LC/MS Membrane Nitrogen Generator.
The Parker Balston NitoFlow 60 is a self-contained nitrogen generator capable of producing up to
60 slpm of pure LC/MS grade nitrogen at pressures of up to 110 psig. The system is ideal for
multiple LC/MS and new LC/MS instruments requiring high flow. The output flow produced by the
NitroFlow 60 is equivalent to using one cylinder of compressed gas every two hours.
Acquisition
Parker Hannifin Expands Acquires HDA Acessorios e Equipamentos Ltd…

Parker Hannifin acquired HDA Acessorios e Equipamentos Ltd. of Sao Paulo, Brazil. HDA is a
manufacturer of hydraulic filters and accessories typically used in the mobile equipment, industrial and
agriculture markets with offices and a manufacturing location in Sao Paulo. The acquisition would allow
Parker Hannifin to establish a presence in the local hydraulic filter market and offers a new distribution
channel that could complement Parker Hannifin’s existing distributor network throughout the region.
Contract
Parker Hannifin Receives Contract from Leighton International…

Parker Hannifin’s Energy Products Division received a contract from Leighton International to supply
the subsea power cable system for the Iraq Crude Oil Export Expansion Project (ICOEEP). The

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order consists of 37 miles (60 km) of 36kV subsea power cables, termination hardware and site
support. The cables would be constructed at the division’s manufacturing location in Tønsberg,
Norway, and delivered by the end of June 2011. The Energy Products Division of Parker Hannifin,
based in Stafford, Texas in the United States, provides innovative project solutions (marine hose,
power cables, mooring lines, high pressure hose, custom umbilicals, surveying, metrology, and
service) with customer-focused project management, for global energy recovery.
PRODUCT PORTFOLIO
Accumulators, Actuators, Adapters, Additives, Adhesives & Sealants, Aerospace, Air Preparation,
Aircraft Wheels & Brakes, Analytical Systems, Atomization Nozzles, Controllers, Cylinders, Dental
Products, Diagnostic Products, Drives, Dryers, Emi Shielding, Enclosures, Extruded Seals, Filters,
Fittings, Flanges, Flow Controllers, Flowmeters, Fuel / Air Separators, Gas Generators, Gauges,
Gearheads & Gearmotors, Heaters, Hmi-visualization, Hose, Hose Crimpers / Swagers,
Hydrostatic Transmissions, Inverters, Linear Positioners, Manifolds, Miniature Fluidics, Molded
Shapes, Monitoring, Motors, O-rings, Packings, Pfa/ptfe Products, Power Take Offs, Power Units,
Pumps, Purifiers, Quick Couplings, Refrigeration & Air Conditioning, Regulators, Seals, Sensors,
Steering, Strainers, Structural Aluminum, Thermal Management, Tools, Tube Fabrication
Equipment, Tubing and Valves

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POWER PARTNERS, INC.

200 Newton Bridge Road, Athens, Georgia 30607, USA
Phone: 706/548-3121, Fax: 706/548-1929
SOURCES: www.powerpartners-usa.com and other secondary online sources
BUSINESS PROFILE
Power Partners Inc., (Power Partners) is a leader in manufacturing of overhead distribution
transformers, serving utility, industrial and commercial customers in North America, Central
America, Mexico, the Caribbean and other markets. The company also manufactures ECO-MAX
adsorption chillers which convert waste heat or heat from solar collectors and convert into cold
water for air conditioning and other process requirements. More than 8,500,000 transformers are
produced at power partners’ manufacturing facility in Athens, and GA. The company offers unique
center-bolt cover design for power partners’ transformers. Power Partners' products include single-
phase, jumbo step-down, Three-phase t-t, Three-phase triplex, Submersible transformers, Three-
phase pole-type transformers, Three-Phase T-T, and pull inventory system. Power Partners offers
four basic transformer types namely S, SP, CP and CSP together represent a wide range of
protective capabilities to meet nearly every application. For transformers supplied with overcurrent
protection, the user must assure coordination with system protective devices. Power Partners is
accredited with an ISO 9001: 2008 and ISO 14001 certifications.
PRODUCT PORTFOLIO
Single-Phase Transformers
Power Partners' single-phase, oil-filled, pole-mounted distribution transformers are designed for
servicing residential overhead distribution loads. The Single-Phase Transformers are also suitable
for light commercial loads, industrial lighting and diversified power applications. The transformers
are designed for the application conditions normally encountered on electric utility power
distribution systems.
Jumbo Step-Down Transformers

Power Partners' JUMBO distribution transformers are designed as single-phase, two-winding
transformers, specifically for step-down applications.
Three-Phase Triplex Transformers

Triplex designs consist of three separate, single-phase, core-coil assemblies in one tank. Triplex
overhead distribution transformers are often used to serve large motor loads where the motors are
frequently started. Oil field pumping loads and some irrigation pumping loads should use only
Triplex designs.
Submersible Transformers
Power Partners' submersible transformers feature a round vertical tank that is hermetically sealed
for repeated flooding and/or immersion. Terminals, ground pads and nameplates are cover-
mounted for easy access from ground level.

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ROBUR CORPORATION
827 E. Franklin Street, 47711 Evansville, Indiana, USA
Phone: (812) 424-1800, Fax: (812) 422-5117
SOURCES: www.roburcorp.com and other secondary online sources
BUSINESS PROFILE
Robur Corp., manufactures and distributes high energy efficient and low environmental impact
natural gas operated heating, air conditioning and refrigeration systems. Robur Corp., was founded
in 1991 by Robur Group. The company designs and manufactures, modular and air cooled
equipment for heating and air conditioning water systems, using the direct fired absorption
technology. The company’s products include air-to-water heat pump , air-to-water reversible heat
pump, water-to-water heat pump , water-to-water heat pump, and wall heaters. Robur Corp’s
products find application in various sectors such as Industrial Sector, Commercial Sector,
Residential Sector, Hotel – Tourist Sector, and Sport Facilities.

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SAKURA CORPORATION
2-17-1 eda-minami, tsuzuki-ku, Yokohama, kanagawa, Japan
Phone: + 81-45-949-8550, Fax: + 81-45-949-8551
SOURCES: http://www.sakura-aircon.com and other secondary online sources
Key Executives
Kazuaki Hama, Chief Executive Officer
Winston Gu, Director
BUSINESS PROFILE
Sakura Corp., (Sakura) established in 2003, is a leader of integrated business corporation and
global one-stop supplier of Air Conditioners. The company manufactures and exports air
conditioners and air conditioning equipment. The company’s products include SDS central system
(VRF), geothermal heat pump, constant temperature/ humidity control unit, hydronic fan coil unit,
water sources heat pump, constant temperature/humidity control unit, absorption chiller, cooling
tower, evaporative air cooler, gas boiler, kerosene heater, A/C related products and accessories.
Sakura markets its products under the brand name of Sakura. Sakura developed “Mini Solar
Absorption Chiller” with single effect in Korea to maintain its highest quality. Sakura Mini Solar
Absorption Chiller is water-fired and uses a lithium bromide refrigerant, which is non-toxic and very
much environmentally-friendly. Sakura Mini Chiller capacity ranges 3usRT, 5usRT, 8usRT, and
10usRT due to fulfill the demand of domestic requirement. Sakura water fired SINGLE-EFFECT
chillers or chiller-heaters produce chilled water for cooling or hot water for heating in comfort air
conditioning applications. Sakura’s overseas offices are located in Shanghai, Ningbo, Shunde,
Hong Kong, Bangkok, Kuwait, Singapore, and Buenos Aires. Sakura operates R&D center in China.
Sakura Launches Floor Standing (Cabinet)…

Sakura launched "SSC" series of Floor Standing (cabinet) type hydronic FCU to expand Sakura
hydroric FCU line up. The series elegant design with 3 models featuring their cooling capacity 7.85
and 10 kW to satisfy a wide range of need in Domestic (Residential) to Commercial application.
Sakura Introduces New Series of Heat Recovery Heat Pump Unit…

Sakura introduced 3 types of heat recovery heat pump unit recently are HRVWH C Heat Recovery
Ventilation Water Heater, HREHP C Heat Recovery Enhancing Heat Pump, and HREVHP C Heat
Recovery Ventilation Heat Pump.
Sakura Launches New ERV (Energy Recovery Ventilation) Unit…

Sakura launched new ERV (Energy Recovery Ventilation) unit is more or less similar to HRV (Heat
Recover Ventilation) or MVHR (Mechanical Ventilation Heat Recover) units while the exact

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difference between the first one and the other two is that ERV re-use the energy being contained in
exhausting air of Residential and Commercial HVAC systems.
Sakura Announces to Release New Series FCU for District Cooling…

Sakura announced to release new series of Decorative/Concealed Ducted type chilled water FCU
for district cooling in low/medium/high ESP with single and double skin.
Sakura Unveils Commercial A/C Range…

Sakura unveiled new series of Air Cooled Water Chiller/Heat Pump, Packaged Roof top and large
capacity ducted split so as to widen their range of commercial air conditioning units.
Sakura Launches New Series of Water-cooled & Air-cooled Packaged A/C…

Sakura launched new series of Water-cooled & Air-cooled Packaged A/C in R-410A version as a
new series “SPW” & “SP”. New “SPW” & “SP” series are with elegant appearance, high efficiency,
energy-saving, low noise operation and easy-to-operate micro-computer LCD display panel. All
models are available in free blow and duct type.
Sakura Announces DC Inverter with EC (Electronic Commutation)…

Sakura announced DC Inverter with EC (Electronic Commutation) Motor Chilled Water FCU, as well
as “SWWV” new series DC Inverter chilled water fan coil unit, as a model of Wall Mounted type
series. The new “SWWV” series are of compact body to consist of complete series having 3
different-sized panels with 5 different models covering from 2.3 up to 5.1 KW cooling capacity at
very high energy efficiency.
Sakura Introduces DC Inverter VRF System…

Sakura introduced a new VRF system, “SMV” DC Inverter, in addition to the currently available
Sakura VRF systems to further expand the product range.
Sakura Launches Full Line-up of Window Type A/C…

Sakura launched full line-up of Window type A/C in R-410A being equipped with DC Inverter
compressor of Japanese Panasonic.

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SHUANGLIANG ECO-ENERGY SYSTEMS CO., LTD.

Shuangliang Industry Park in Ligang, Jiangyin City, Jiangsu Provine, China
Phone: +86-510-86638824 86632095, Fax: +86-510-86634678
SOURCES: www.shuangliang.com and other secondary online sources
BUSINESS PROFILE
Shuangliang Eco-Energy Systems Co. Ltd. (SEES), a subsidiary of Shuangliang Group, is a world’s
leading absorption chiller manufacturer. The company is engaged in providing comprehensive
solutions of energy saving, fresh water saving and producing by products of Lithium Bromide
Absorption Chiller driven by Directed Fire, Hot Water, Steam and Flue Gas, Air Cooled Condenser,
Sea Water Desalination System, Styrene Eps, high Efficiency Heat Exchanger, as well as
Expandable Polystyrene. The company adopts DFM manufacturing technology and producing
management lines, and is equipped with advanced facilities, such as plasma cutting machines,
horizontal and vertical machine center, numerical controlled drilling and mill centers, welding robot,
helium leakage test vessel for complete unit of chiller, and integrated performance test center, to
guarantee high quality of all products.
The company was founded in 1982.

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TECOGEN, INC.
45 First Avenue, Waltham, Massachusetts 02451, USA
Phone: 781-466-6400, Fax: 781-466-6466
SOURCES: www.tecogen.com and other secondary online sources
Employees: 60 (E)
Key Executives
Jeffrey Glick, Vice President (Sales)
William Martini, Vice President (Sales)
Robert Panora, President and Chief Operating Officer
John N. Hatsopoulos, Chief Executive Officer
Bonnie Brown, Chief Financial Officer
Robert A. Panora, Chief Operations Officer
BUSINESS PROFILE
Tecogen Inc. (Tecogen), is a leading manufacturer of Combined Heat and Power (CHP) products,
including natural gas engine-driven cogeneration and air conditioning systems for commercial,
large residential, and industrial use. The company is also a next-generation manufacturer of
natural-gas-fueled, engine-driven, combined heat and power (CHP) products that aim to reduce
energy costs, reduce greenhouse gas emissions, and alleviate congestion on the national power
grid. The company’s product lines include TECOCHILL 25 to 400 ton engine-driven chillers,
TecoFROST refrigeration, and TECOGEN cogeneration equipment. The company’s products
include chillers, water heaters, and other types of cooling, refrigeration, and cogeneration
systems. Tecogen’s ultra-efficient products include cogeneration modules, which provide
electricity and heat, and chillers, which provide air-conditioning and optional free hot water.
Tecogen’s products supply electrical power or mechanical power for cooling, as well as free
engine heat that gets recovered and purposefully used at customer facilities. The company
operates its own sales and marketing and also provides nationwide service support. The company
also offers application support, full “turnkey” installation, or just partial installation support and
factory services. The company’s 13 Tecogen combined heat and power (CHP) units are
purchased by American DG Energy. In addition, Tecogen’s Tecochill DTx 400 ton chillers are
purchased for installation at the Connecticut River Plaza in the heart of Hartford, Connecticut.
ILIOS Dynamics is the Tecogen's majority-owned subsidiary. The company’s top competitors
include A & P Export Group Inc., MFRI Inc., and NORESCO.
In 2011, Tecogen sold its CM-75 Ultra combined heat and power (CHP) unit to be installed in
Paterson, New Jersey.

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Contract
Tecogen Signs a Contract with Brevoort East…

Tecogen signed a contract with Brevoort East a luxury 323 unit high-rise co-op to provide a turnkey
Tecogen Combined Cooling, Heating and Power (CCHP) System. The Tecogen system would
deliver electricity, space heating, domestic hot water and air conditioning to the building’s common
elements. In addition, the Tecogen system would offer a level of redundancy in the event of grid
failure and blackouts by providing continual energy to essential services for the 26-story building.
The reliability, control and efficiency provided by the Tecogen system is expected to significantly
reduce the building’s operating costs and carbon foot print.
Agreements
Tecogen Signs Distribution Agreement with Aloha Energy Group…

Tecogen signed a distribution agreement with Aloha Energy Group for the Ilios High Efficiency
Water Heater. Aloha Energy Group focuses on energy efficiency products and services. Aloha
Energy Group’s customers are commercial, industrial, and municipal building owners, electric utility
companies, and contractors (mechanical, electrical, and energy conservation).
Tecogen and Ilios Dynamics Signs Distribution Agreement with Air Treatment Corporation…
Tecogen and Ilios Dynamics a majority owned subsidiary of Tecogen, signed a distribution
agreement with Air Treatment Corporation, one of the largest HVAC products distributors in
southern California. Air Treatment is committed to offering technology solutions that enhance both
energy and water efficiency in both the HVAC and refrigeration markets.
Product/Service Launch
Tecogen Introduces Ultra-Low Emissions across its Entire Product Line…

Tecogen introduced ultra-low emissions technology across its entire product line of natural gas
engine-driven systems. Ultra-low emissions are on par with fuel cells, far surpassing Best Available
Control Technology (BACT) limits for stationary natural gas engines, designed for commercial and
industrial facilities. With the ultra-low emissions technology, Tecogen systems woudl be eligible for
installation in the most stringent air quality districts in the United States.
Other Developments
Tecogen’s Cogeneration Systems is Chosen for Far Rockaway Apartment Building

Renovations…
Tecogen announced that two of its Tecogen CM-75cogen units would be installed as part of a
renovation project in the Far Rockaway area of Queens, New York City. The Tecogen natural gas

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powered systems would provide electricity, space heating and domestic hot water for two
Oceanview Apartment buildings. Tecogen CM-75module is fully ETL-labeled to the relevant UL
standards. Tecogen CM-75 modules are come fully pre-packaged from the factory, including
engine, generator, oil or jacket or exhaust heat recovery, controls, electrical switchgear, emissions
controls, and modem for remote monitoring and data-logging.
Tecogen’s Cogeneration System Powers Bio-Fuel Project…

Tecogen announced the Medina, New York waste water treatment plant would install a Tecogen 60
kW combined heat and power (CHP) system to help produce greater energy efficiency. The Medina
waste water treatment plant is the community’s largest power consumer. Now, the electricity
produced by the Tecogen system would be fed into the power grid, which is expected to offset the
high level of electricity consumption. The electric generator on the Tecogen system is driven by an
engine it would be fueled by the biogas produced by the treatment of waste sludge.
Tecogen’s Cogeneration Systems is Chosen by Large National Performance Contractor…

Tecogen announced the four Tecogen CHP (combined heat and power) units would be added to
three public housing facilities in San Francisco as part of an energy infrastructure improvement
project. Tecogen’s units are natural-gas engine driven systems delivers efficient, low-cost energy,
and also meet or exceed the most stringent California emissions standards.
Tecogen’s Cogeneration Chosen by Schools…

Tecogen announced new sales of its natural gas engine-driven combined heat and power (CHP)
systems and water-cooled chillers to schools in the Northeastern United States. Tecogen’s two CH-
200xwater cooled chillers are going to New Jersey-based Kean University (their fourth Tecogen
chiller) and the Hill School in Pennsylvania. In addition, two cogeneration units (CM-75) are headed
for two public high schools in New York. CHP systems and water-cooled chillers would to be used
for space and hot water heating.
Tecogen Introduces Ultra-Low Emissions…

Tecogen introduced Ultra-Low emissions technology is available across its entire product line of
natural gas engine-driven systems. The emissions are on par with fuel cells, far surpassing Best
Available Control Technology (BACT) limits for stationary natural gas engines. Designed for
commercial and industrial facilities, Tecogen products offer reliable, clean energy performance for
today's heating, chilling and power needs.
Agreement
Tecogen Signs an Agreement with Turnkey Cogeneration Market…

Tecogen signed an agreement to deliver a turnkey Combined Heat and Power (CHP) system to a
large, high-rise, 250-residence apartment building complex in San Francisco, California. The system
is designed to provide an innovative, economical, and more energy-efficient technology for the

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buildings. Tecogen puts a greater focus on turnkey and installation partnerships with clients, and,
with American DG Energy, serve the On-Site Utility energy market.
Product/Service Launch
Tecogen Introduces InVerde Ultra 100…

Tecogen introduced the InVerde Ultra 100, a breakthrough, low-emissions, natural gas engine-driven
cogeneration system. Designed for commercial and industrial facilities, the InVerde Ultra 100 would
meet and even exceed the strictest California emission stand. The Tecogen InVerde Ultra 100 is a UL
1741-certified, natural gas engine-driven CHP module that delivers scalable, distributed power
generation at extremely low emissions levels. A built-in black-start capability ensures grid
independence, and its simple interface makes it easy to install in multiple unit applications. The
conventional powered CHP products (such as micro turbine-based systems) which require batteries
and complex supervisory controls when implemented in a micro-grid, the Tecogen InVerde Ultra 100
micro-grid operation combines a small footprint with easy plug and play and utility-friendly operation.
Other Development
Tecogen’s Natural Gas-Powered Chillers Chosen for Spellman de Mexico’s…

Tecogen’s Tecochill STx Series natural gas-powered chillers, chosen for Spellman de Mexico’s new
state-of-the-art manufacturing facility, are helping the Spellman facility fulfill its vision to significantly
reduce CO2 emissions and energy, water, and other resource usage, and become the first industrial
building in the State of Tamaulipas, Mexico designed to meet the LEED Gold Standard (Leadership
in Energy and Environmental Design).
PRODUCT PORTFOLIO
CHP Systems
TECOGEN
Tecogen cogeneration system offers both electricity and heat for building, from a single fuel source,
resulting in dramatic savings on energy bills. The engine’s mechanical energy is used to drive a
generator that makes electricity, while at the same time the engine’s free waste heat gets recovered
to satisfy building heating needs. That is sometimes referred to as “electrical” cogeneration.
TECOCHILL
TECOCHILL chiller system offers both chilling and heat for building, from a single fuel source,
resulting in dramatic savings on energy bills. The engine’s mechanical energy is used to drive a
compressor that makes chilled water, while the engine’s free waste heat could be recovered to satisfy
simultaneous building heating needs. That is sometimes referred to as “mechanical” cogeneration.
Cogeneration
A Tecogen cogeneration system delivers two forms of energy (electricity, plus hot water or chilled
water) from a single fuel source. A Tecogen system uses a proven natural gas-fueled engine to

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generate electricity. Tecogen cogeneration systems are applied in facilities that contain consistent
electrical and thermal needs, including hospitals, nursing homes, colleges, schools, recreational
facilities, government buildings, large residential facilities, industrial facilities, hotels, and ice rinks.
InVerde Ultra 100, Ultra Low-Emission

Tecogen introduces the InVerde Ultra 100 CHP module, the first and only natural gas engine-driven
CHP system able to operate within the extremely low levels of regulated pollutants allowed by the
distributed generation regulations for 2007 set by the California Air Resources Board (CARB). The
InVerde Ultra 100 utilizes a totally unique power generation technology made possible from recent
advances and cost breakthroughs in power electronics (variable speed drives) and magnetic
motor/generator materials (hybrid vehicle drive systems). The InVerde Ultra 100 module features a
low-emissions natural gas engine, which drives a water-cooled permanent magnetic generator
(PMG). The single InVerde Ultra 100 module, equipped with the control architecture, could be
applied in a building block fashion to many types and sizes of facilities, and provide power outage
security, in addition to their CHP benefits.
Inverter-Based Cogeneration, INV-100

Tecogen’s InVerde INV-100 Premium Power CHP Module takes the many benefits of modular
cogeneration and delivers important new additional benefits to building owners. The InVerde INV-
100 Module retains many of the same design concepts and philosophies from Tecogen’s
established CM-60 and CM-75 Cogeneration Modules. The modules include the use of Tecogen’s
advanced and proven engine technology, which offers the highest overall efficiencies, significant
operating cost savings, ultra-low emissions controls, and practical long-term serviceability. The
electrical output from the INV-100’s generator is then fed through an inverter, which conditions the
power to make it suitable for interconnection to the local utility grid. The INV-100’s inverter allows
the engine to operate over a wide speed range, instead of at a single fixed speed. The INV-100’s
use of a permanent magnet generator and inverter together provides the unit with an optional and
unique new “black-start” capability. Common options for the INV-100 include ultra-low emissions
control packages, which allow the units to obtain local air permits in all parts of the country, and
outdoor enclosures.
Induction-Based Cogeneration, CM-60 & CM-75

Tecogen’s CM-60 and CM-75 Cogeneration Modules offer among the highest overall efficiencies of
any CHP systems, and contains the most proven high reliability and serviceability in their class. CM-
60 and CM-75 modules available with fully pre-packaged from the factory, including engine,
generator, oil/ jacket/ exhaust heat recovery, controls, electrical switchgear, emissions controls, and
modem for remote monitoring and data-logging. Tecogen’s CM-60 and CM-75 Cogeneration
Modules are reliable and efficient building blocks for successful CHP projects, and are truly become
the standard in the CHP industry.
Chillers
TECOCHILL Natural Gas Engine-Driven Chillers provide building owners with a reliable, proven,
efficient, and cost-effective alternative to conventional electric motor-powered chillers. TECOCHILL
gas chillers are ideal in facilities where new chilling capacity is desired, where the local electric

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utility’s kW demand charges are high, or where the site’s electrical capacity is limited. Chillers are
needed in hospitals, colleges, schools, office buildings, aquariums, government buildings, large
residential facilities, industrial facilities, hotels, and ice rinks.
Water-Cooled Chillers, 150-400 Tons

TECOCHILL’s “STx Series” and “DTx Series” product lines offer water-cooled engine-driven chillers,
ranging from 150 to 400 tons of cooling capacity. Each natural gas engine drives a variable-speed
single-screw rotary compressor, connected to a standard vapor compression refrigeration system
utilizing environmentally-friendly HFC-134a refrigerant.
Air-Cooled Chillers, 25 & 50 Tons

TECOCHILL® “RT Series” product line offers air-cooled engine-driven packaged chillers, ranging
from 25 to 50 tons of cooling capacity. The engine-driven chillers produce chilled water without the
need for a cooling tower, and are installed outdoors for ambient air cooling of the condenser. Each
chiller’s natural gas engine drives a reciprocating-type piston compressor, as part of a standard
vapor compression refrigeration system. TECOCHILL’s RT Series chillers utilize environmentally-
friendly HFC-404a refrigerant. The chillers could be customized to suit user’s particular application
with special options, including engine emissions controls, engine heat recovery, low-ambient
control, hot gas bypass, coil guards, and ultra-quiet fans.

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THERMAX LTD.
Thermax House, 14 Mumbai-Pune Road, Wakdewadi, Pune 411 003, India
Phone: 91-20-66051200/25542122, Fax: 91-20-25542242
SOURCES: www.thermaxindia.com and other secondary online sources
2012 Sales: INR 53,040.6 million

Key Executives
Meher Pudumjee, Chairman
Gopal Mahadevan, Chief Financial Officer and Executive Vice President
Ravinder Advani, Executive Vice President
Sharad Gangal, Executive Vice President (HR, IR, and Administration)
R R Sonde, Executive Vice President (Research, and Technology & Innovation)
M. S. Unnikrishnan, Managing Director
BUSINESS PROFILE
Thermax Ltd., (Thermax) is a leading provider of engineering solutions to the energy and
environment sectors. The company provides bag filters, boilers, chemicals, wet scrubbers,
electrostatic precipitators, EPC power plants, heaters, solar products, steam accessories, water &
waste solutions, vapour absorption systems, pressure jet oil burners, gas burners, pressure jet
dual fuel bunrers, steam/air atomized burners, and burners capable of using preheated air up to
250o C. The company’s solutions suite specifically focused on heating equipment - using a variety
of fuels, including biomass, absorption chillers - fired by waste heat or steam, power and captive
cogeneration plants, waste heat recovery units, waste water management systems – pre-
treatment, waste water treatment and chemical conditioning of water, sewage effluent treatment
and recycling, air pollution control systems, and performance improving chemicals. The company
operates globally through 19 International offices, 12 Sales & Service offices and 9 manufacturing
facilities - five of which are in India and four overseas; 75 countries across Asia Pacific, Africa and
the Middle East, CIS countries, Europe, USA and South America. Many iron & steel, cement,
fertilizer and chemical industries reduce emissions using thermax’ air pollution control systems.
The company’s project management capabilities extend to setting up energy-environment projects
for customers in several markets. Thermax formed technology partnerships with global majors
including Babcock & Wilcox (USA), Kawasaki Thermal Engineering (Japan), Balcke Durr
(Germany), Eco-Tech (Canada) and Georgia Pacific (USA). The company is accredited with ISO
9001 and ISO 14001 certifications.
In 2012, Thermax acquired Rifox, a German steam products company; a strategic fit for the
company's steam engineering business. Further in the same year, Thermax bagged Rs. 503 crore
EPC order for a captive power plant.
Thermax was established in 1966, adopted the present name in 1980.

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SALES DATA
Annual Sales Comparison: 2012 Vs. 2011 (In INR million)
Year Sales % Change

2012 53,040.6 9.31
2011 48,523.6 -
Annual Sales Comparison by Geographic Region (2012 Vs. 2011) - India and
Outside India (In INR million)

India 42,702.0 41,862.0 2.01
Outside India 10,338.6 6,661.6 55.20
Total 53,040.6 48,523.6 9.31
Annual Sales Comparison by Business Segment (2012 Vs. 2011) – Energy and
Environment (In INR million)

Energy 41,501.1 38,792.9 6.98
Environment 11,539.5 9,730.7 18.59
Total 53,040.6 48,523.6 9.31
Boilers
Waste Heat recovery systems, Municipal waste boiler, Large industrial boilers, Hot water
generators, Packaged boilers, Solar-based heating
Chemcials
Ion exchange resins, Water treatment chemicals, Fuel additives & fireside, Green chemicals, Sugar
industry chemicals, Paper chemicals, Oil field chemicals
Heaters
Fired heaters and Thermal oil heaters
Steam Accessories
Condensate recovery system, Steam traps, Pre fabricated modules, Pressure reducing stations,
Pressure reducing & desuper heating system, Valves, Steam line mountings, Boiler house products
& monitoring equipment, Specialty products

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Water & Waste Solutions

Water treatment, Effluent treatment & recycling, Sewage treatment & recycling, and Incinerator
Vapour Absorption Systems

Vapour absorption chillers, Heat pumps, and Solar based cooling
THERMAX LTD.’S SUBSIDIARIES
THERMAX, INC.
21800 Haggerty Road, Suite 112, Northville, Michigan 48167, USA
Phone: 248-468-0541, Fax: 248-468-0546
SOURCES: www.thermaxconnects.com and other secondary online souirces
Key Executives
Steve Braley, Chief Executive Officer
Suneel Hingwe, Chief Financial Officer
BUSINESS PROFILE
Thermax Inc., (Thermax) a part of the Thermax Group, is global leading company specializing in the areas of
generation and conservation of energy and preservations of the environment. The company provides
integrated services and equipment in Boilers and Heaters, Captive Power, Chemicals, Cooling and Water &
Waste Solutions. Thermax provides process heat equipment within the Energy, Oil / Gas, Petrochemical,
Refining and Process Industries, based on well established products and operational experience. The
company offers integrated solutions in Energy and Environment management. Chemical division of Thermax
specializes in manufacturing chemicals that act as adjuvants-ingredients that better a production process.
Thermax offers Design and Engineering Services, Survey and repair of Water Tube boiler and heat exchanger
plant, and its services also include Installation, commissioning and testing of boiler plant and associated
equipment.The company’s product line includes Boilers and Heaters, Absorption Cooling systems, and
Vapour Absorption Machines.
PRODUCT PORTFOLIO
Boilers and Heaters

Industrial Water Tube Boilers; Exhaust Heat Recovery - Onshore / Offshore; Enhanced Oil Recovery; Process
Integrated Boilers; Waste Heat Boilers; Fired Heaters; Energy from Waste; Efficiency Enhancement / Plant
upgrading; Emission Abatement; Packaged, Fired Heating Systems; and Pressure Systems.
Absorption Cooling Systems

Thermax chillers are used for process cooling and air conditioning. The company offers an extensive range of
chillers that use steam, hot water, exhaust gases and other fuels. Specialised applications such as inlet air-

CH670540413AC
cooling with Thermax chillers are improving output and productivity in power, petrochemical and power
industries. Thermax chillers integrate well with efficient energy setups such as cogeneration and combined
heating, cooling and power (CHPC) systems.
Vapour Absorption Machine
Steam Driven Vapour Absorption Machine

Thermax’s steam-driven Vapour Absorption Machines are available in single effect and double effect modes.
In the single effect machine, the gain in concentration of the absorbent is achieved in single step. In the
double effect machines, the gain in concentration is achieved in two steps.
Hot Water Driven Vapour Absorption Machine

The company’s hot water chillers are available in low temperature, medium temperature and high temperature
driven modes. Hot water fired machines are used for process cooling, industrial and comfort air-conditioning.
A popular application of hot water fired machines is Charge Air Cooling of DGs & Gas Turbines. The
machines typically find application in cases where the hot water source is already present, as part of an
industrial or commercial process. Hot water fired chillers are generally used in industries such as Chemicals,
Pharmaceuticals, Paper, Textiles, Captive Power Plants, Steel, Hotels & Hospitals, Restaurants, Software
Parks, Offices, Educational Institutions, and Museums
Fuel Driven Vapour Absorption Machine

The company’s Fuel Driven Vapour Absorption Machines possess a furnace where a variety of liquid or
gaseous fuels could be fired to drive the vapour absorption cooling process. Direct fired vapour absorption
machines find their application in hotels, restaurants, cineplexes, offices, shopping malls, school buildings or
industries where steam or hot water is not generated.
Exhaust Vapour Absorption Machine

Thermax’s exhaust vapour absorption machines (Trigenie) utilise waste heat in the form of engine exhaust as
well as coolant directly, which helps in making air-conditioning almost free of cost and reduces the initial
capital cost of the system. The machines are installed in various malls, multiplexes and commercial
establishments and are finding favour in industrial segments, where a number of customers are opting for self-
power generation.
Super Large Vapour Absorption Machines

Thermax’s super large vapour absorption machines could utilize various heat sources such as steam, hot
water, fuel and exhaust individually or simultaneously in any combination. The super large vapour absorption
machine is especially designed to address large cooling needs arising from rapid growth, urbanization and
district cooling.
Ammonia Vapour Absorption Machine

Thermax’s Ammonia vapour absorption machine could utilize various heat sources such as steam, hot water,
fuel and exhaust. The machines are used for serving the negative chilling demand. Thermax Ammonia vapour
absorption machine find applications in industries such as chemicals, pharmaceuticals, dairies, ice production,
food processing and cold storage

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THERMAX EUROPE LTD.

2, Studio Court, Queensway, Bletchley, Milton Keynes, MK2 2DG, UK
Phone: (+44) 1908 378 914, Fax: (+44) 1908 379 487
SOURCES: www.thermax-europe.com and other secondary online sources
BUSINESS PROFILE
Thermax Europe Ltd. (Thermax Europe), a subsidiary of Thermax Ltd., is involved in providing heating and
cooling solutions, using absorption technology and boilers. The company also provides ion exchange resins,
for water and process applications. Thermax Europe’s products include hot water chiller, steam driven chiller,
gas fired chiller, and exhaust gas fired chiller. The chillers are installed with a unique auto de-crystallization
circuit to eliminate any chances of crystallization. The chillers are provided with state of the art PLC based
control panel with unique display, user friendly interface and data-logging. The company is accredited with
ISO 9001, ISO 14001 and ISO 18001certifications.

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THERMOTECH GREEN PRODUCTS LTD.

Adept NR Complex, 7th Floor, Ka-5/2, Jagonnathpur, Bashundhara Road, Badda
Dhaka-1229, Bangladesh
Phone: 88-02-8418017, Fax: 88-02-8418016
SOURCES: http://thermotechgp.com and other secondary online sources
BUSINESS PROFILE
Thermotech Green Products Ltd. (TGP), established in 2011, is involved in the business of Air
Conditioning (Comfort & Industrial), Waste Heat Recovery, Co-Generation Process Cooling, and
Chilling. TGP is a successor company of SAF International. The company’s foreign business
partners include LG Electronics, Spacco Cooling Tower Industries, and German-Thai Boiler
Engineering Cooperation Ltd.

CH670540413AC
TRANE, INC.
1 Centennial Avenue, Piscataway, New Jersey 08854, USA
Phone: (732) 652-7100
SOURCES: www.trane.com and other secondary online sources
Key Executives
Jay Allison, President
Douglas Cohn, Chief Executive Officer
John Hodson, Chief Financial Officer
BUSINESS PROFILE
Trane Inc., (Trane), a brand of Ingersoll Rand, is a leading global provider of indoor comfort
solutions and services. Trane is the world's largest producer of the massive chillers in commercial
air conditioning systems. Trane offers a broad range of energy-efficient heating, ventilation and air
conditioning (HVAC) systems; dehumidifying and air cleaning products; service and parts support;
advanced building controls and financing solutions. Trane’s product line includes gas furnaces; oil
furnaces; heat pumps; all-in-one systems; coils; ductless systems; air conditioners; and system
components. Trane provides various system components such as thermostats & controls, home
automation, humidifiers, and air handlers. Trane’s products find use in commercial, residential,
institutional and industrial markets and in homes. The company’s facilities are located in 400
locations that are spread over 100 countries worldwide. The company operates 29 production
facilities. The company competes with Johnson Controls Inc., Lennox International Inc., and
Goodman Manufacturing Company LP.
In 2012, Trane launched the Thermography service to identify hidden problems in a chilled water
system in order to improve overall HVAC system performance. Further in the same year, Trane
introduced the next generation of IntelliPak™ I unitary rooftop systems in configurations from 20
tons to 130 tons. In addition, Trane introduced CLCF Climate Changer™ for building comfort and
energy efficiency.
Ingersoll Rand is a world leader in creating and sustaining safe, comfortable and efficient
environments.
Trane Residential Products
Heating Systems
Gas furnaces, Oil furnaces, Heat pumps, All in one systems, Coils, Ductless systems, Geothermal
Cooling Systems
Air conditioners, Heat pumps, and all in one systems

CH670540413AC
System Components
Thermostats & controls, Home automation, Humidifiers, Air cleaners, Air handlers
Trane Commercial Products

Unitary, SureFit™ Coils, OEM Compressors
Chillers
Absorption Liquid Chillers, EarthWise™ CenTraVac™ Centrifugal Liquid Chillers, Compressor
Chillers, Helical Rotary HVAC Liquid Chillers, Scroll Air-Cooled Chiller Systems, Cooling Towers,
HVAC Refrigerant Monitors
Airside and Terminal Devices

Custom Commercial Air Handlers, Cataloged Commercial HVAC Air Handlers, Make-Up Air Gas
Heating Systems, HVAC Coils, Ventilation Fans, Air Handler Options, Air Cleaning Options, Blower
Coil Air Handler, HVAC Fan Coil Units, Heating Units, Electric Wall Fin, Unit Ventilators, Variable Air
Volume Units

CH670540413AC
VOLTAS LTD.
Voltas House, 'A' Block, Dr. Babasaheb Ambedkar Road,
Chinchpokli, Mumbai 400 033, India
Phone: 022-66656 666, Fax: 022-66656 311
SOURCES: www.voltas.com and other secondary online sources
2013 Sales: INR 16,115.7 million (Q1) Sales

52680
(in INR million)

51180
2011 Sales: INR 51,768.3 million 49680
2010 Sales: INR 47,574.7 million 48180
46680
(Fiscal Year Ends in March) 2010 2011 2012
Key Executives
Ishaat Hussain, Chairman
A.K. Joshi, President
Anil George, Chief Financial Officer and Executive Vice President (Corporate Affairs)
M. Gopi Krishna, Chief Operating Officer and Executive Vice Presidents
Emmanuel David, Chief Human Resources Officer and Executive Vice President
Sanjay Johri, Managing Director
Nasser Munjee, Director
N. N. Tata, Director
J. S. Bilimoria, Director
S. N. Menon, Director
Nani Javeri, Director
R. N. Mukhija, Director
V. Deshpande, Director
BUSINESS PROFILE
Voltas Ltd., (Voltas) is one of the world's premier engineering solutions providers and project
specialists. The company is a leader in forklift trucks, manufactured to in-house design. Voltas is
one of India's leading providers of integrated end-to-end solutions in electro-mechanicals and
refrigeration. The company manufactures one of India's leading air conditioner brands. The
company designs and manufactures industrial equipment, cooling appliances and materials
handling equipment. The company manages and executes electro-mechanical projects, including
air conditioning and refrigeration. The company sources, installs and services diverse technology-
based systems serving Indian industry through representation of global technology leaders. The
company possesses total capability in the manufacture of room/split air conditioners, industrial air
conditioning and refrigeration equipment, water coolers, commercial refrigerators, visicoolers and
freezers, as well as fork-lift trucks, cranes, warehousing and construction equipment. The
company's product line includes Textile Machinery, Mining & Construction Equipment, Materials
Handling Equipment, HVAC&R Products, Air Conditioners, Commercial Refrigeration Products, and

CH670540413AC
Water Coolers and Dispensers. Voltas' sales and service operations cover in-house manufactured
products, including air conditioning equipment, materials handling and warehousing solutions, and
unitary cooling products; and products of principals represented, including textile machinery,
warehousing and cargo handling equipment, and mining and construction equipment.
Voltas operations are organized into three independent business-specific clusters, namely Electro-
Mechanical Projects and Services, Engineering Products and Services, and Unitary Cooling
Products. Voltas offers engineering solutions for a wide spectrum of industries in areas such as
heating, ventilation and air conditioning, refrigeration, electro-mechanical projects, textile machinery,
mining and construction equipment, materials handling equipment, water management & treatment,
cold chain solutions, building management systems, and indoor air quality. The company operates
overseas offices in UAE (Abu Dhabi, Dubai), Bahrain, Qatar (Doha), Kingdom of Saudi Arabia
(Jeddah) and Singapore. The company operates manufacturing units at Thane, Dadra and
Pantnagar. The company’s branch/area offices are located in Ahmedabad, Baroda, Bangalore,
Calicut, Coimbatore, Chandigarh, Delhi, Ghaziabad, Indore, Jaipur, Jamshedpur, Kochi, Kolhapur,
Lucknow, Ludhiyana, Madurai, Panjim, Pune, Secunderabad, Surat, Tirupati, Tirupur, Vijaywada
and Visakhapatnam. The company undertaken and executed prestigious high-value projects in the
Middle East, Far East and South East Asia, CIS countries, Africa and India. The company is
accredited with ISO 9001 – 2000 certification.
Voltas was established in 1954.
SALES DATA
First Quarter Sales Comparison: 2013 Vs. 2012

(In INR million)
Year Sales % Change

2013 16,115.7 19.75
2012 13,457.5 -
First Quarter Sales Comparison by Business Segment (2013 Vs. 2012) - Electro -
mechanical Projects and Services, Engineering Products and Services,
and Unitary Cooling Products for Comfort and Commercial use (In INR million)

Electro - mechanical Projects and Services 7,413.0 6,768.8 9.52
Engineering Products and Services 1,065.5 972.5 9.56
Unitary Cooling Products for Comfort and Commercial use 7,543.8 5,625.3 34.10
Others 103.6 97.7 6.04
Eliminations (10.2) (6.8) 50.00
Total 16,115.7 13,457.5 19.75

CH670540413AC
Annual Sales Comparison: 2010-2012 (In INR million)
Year Sales % Change

2012 51,750.2 (0.03)
2011 51,768.3 8.81
2010 47,574.7 -
Annual Sales Comparison by Geographic Region (2012 Vs. 2011) – India

and Middle East (In INR million)

India 33,256.0 34,686.5 (4.12)
Middle East 17,891.3 16,317.2 9.65
Others 602.9 764.6 (21.15)
Total 51,750.2 51,768.3 (0.03)
Annual Sales Comparison by Business Segment (2012 Vs. 2011) - Electro - mechanical
Projects and Services, Engineering Products and Services, and Unitary Cooling
Products for Comfort and Commercial use (In INR million)

Electro - mechanical Projects and Services 31,832.1 30,411.3 4.67
Engineering Products and Services 4,121.1 5,638.3 (26.91)
Unitary Cooling Products for Comfort and Commercial use 15,388.0 15,607.5 (1.41)
Others 427.1 126.2 238.43
Eliminations (18.1) (15.0) 20.67
Total 51,750.2 51,768.3 (0.03)
Annual Sales Comparison by Geographic Region (2011 Vs. 2010) – India and
Middle East (In INR million)

India 34,686.5 27,758.3 24.96
Middle East 16,317.2 17,830.9 (8.49)
Others 764.6 1,985.5 (61.49)
Total 51,768.3 47,574.7 8.81

CH670540413AC
Annual Sales Comparison by Business Segment (2011 Vs. 2010) - Electro - mechanical
Projects and Services, Engineering Products and Services, and Unitary Cooling
Products for Comfort and Commercial use (In INR million)

Electro - mechanical Projects and Services 30,411.3 31,134.1 (2.32)
Engineering Products and Services 5,638.3 4,680.3 20.47
Unitary Cooling Products for Comfort and Commercial use 15,607.5 11,386.7 37.07
Others 126.2 391.1 (67.73)
Eliminations (15.0) (17.5) (14.29)
Total 51,768.3 47,574.7 8.81
Textile Machinery
Spinning Machinery
Bale Plucker LA23; Vario Clean LB9/2 integrated spinning system; Unimix LB7-4 Combined
blending & cleaning machine; Flexi Clean LB5/6; Fine Feed LA 7/5; Card LC 300A-V3; Card LC
333; Draw Frame LD2; Combing System; Digital Auto-Leveller Draw Frame LRSB 851; LFS 1660
Speed Frame; F 4200 Speed Frame; LR60 Ring Frame; LR60/AX Ring Frame with Auto Doffer;
RoCoS Compact Spinning System; Assembly Winder LAW 3; Ring Doubling Machine LRD
Spinning accessories
Lakshmi Card Clothing products; Cardroom Accessories; Gravita Traverse Wire Sharpener; Restore
Flats Grinding Machine; Lakshmi Ring Travelers products; Lakshmi Electrical Drivers products;
KLIL; Kalsofte spinning mill management ERP solutions; ALIL
Knitting Machinery & Accessories

Terrot Basic Machines – Jersey / Fleece /Terry / Rib / Interlock; Terrot Striper machines – Jersey /
8-lock / Full jacquard; Terrot Special Machines – Mini jacquard / Electronic jacquard; Steiger Flat
knitting machinery; Klueber / Klueber Madol lubricants; Memminger Knitting Accessories
Processing, Finishing, Accessories

Jet fabric dyeing machines; Soft-flow fabric dyeing machines; Jiggers - High temperature and
Atmospheric; Fully automated yarn dyeing machines and pressure dryers; Loose stock bleaching
and dyeing plants; Laboratory and small scale production dyeing machines; Continuous and
discontinuous tumblers; Beam dyeing machines for yarn and fabric; Heat recovery units; Control
technology for individual dyeing machines and total plants; Fully automated plants and centralised
overhead systems; Dyehouse planning and design

CH670540413AC
Fabric Dyeing
Luft-roto plus SII; Eco master; Roto master; Air-stream; Soft-TRD SII; Soft-TRD DS XL; Jigger; HT-
Beam dyeing machine; HP- Batcher; Mini-soft; Lab master; Eco-flow 95; Soft 100
Yarn Dyeing
Eco-bloc; Eco-bloc Quattro; Material carrier; Pressure dryer; Hank master
Tumbler
Tumbler T150; Tumbler T310
Supplementary Equipment
Liquid chemical supply - MPS-L; Dyestuff dissolving station- MPS-D; MPS colourmatic; Power
granulates dissolving system-MPS-S; Heat recovery system
Hollow Screw Heat Exchanger

Holoflite; Self cleaner; Variocleaner
Brueckner Textile Technologies GmbH & Co. KG

Knitted fabrics; Tubular fabrics; Overstretching of tubular fabrics; Slitting of tubular fabrics;
Relaxation; Compacting; Open-width; Relaxation; Stentering, drying and heat-setting; Sanforizing;
Woven fabrics; Stentering, drying and heat-setting; Continuous dyeing; Sanforizing
Non-woven & technical textiles
Dilo
Dilo non-woven / technical line equipment; Dilo Systems Alpha Line; Dilo Systems EPMC
HyerPunch; Dilo Systems HPLC Technology Hyperlacing; Dilo Systems Profi-Line CVI; Dilo
Machines Crosslapping-needling products; Dilo Machines needle looms; Dilo Spinnbau Clean card
concept; Dilo Spinnbau FiberLofter; Dilo Spinnbau VentoFeed; Dilo Spinnbau product range; Dilo
Temafa fiber opening & blending products; Dilo Temafa product range
Plant Technologies
Glass fibre fabric; Glass mesh fabric; Light protection; Tarpaulin coating & billboards; Artificial
leather; Floor coverings; Artificial grass carpet; Nonwovens
Materials Handling Equipment

Forklifts; warehousing equipment
HVAC&R Products
Ductable split units; Packaged units; Reciprocating chillers; Energy Efficient Air-cooled screw chiller;
Energy Efficient Water-cooled screw chiller; Low-temperature refrigeration systems; Co-generation

CH670540413AC
Vapour Absorption Machine (VAM); Variable Refrigerant Flow System (VRF); Fabricated Duct
Weathermate; Direct Fired Vapour Absorption Machines; Voltas Supervisory Control & Data
Aquisition system (VSCADA); Voltas Modular Air Handling Unit
Solutions
Single-window solutions
HVAC; Electricals & Instrumentation; Public health engineering; Indoor Air Quality (IAQ); Fire
protection & security systems; Cold chain & process refrigeration; Integrated Building Management
Systems (BMS); Water & sewage treatment; Mechanical & allied jobs
SUBSIDIARIES
Indian Subsidiaries
Simto Investment Co., Ltd.
Auto Aircon (India) Ltd.
Agro Foods Punjab Ltd.
Westerwork Engineers Ltd.
Universal Comfort Products Ltd.
Rohini Industrial Electricals Ltd.
Foreign Subsidiaries
Voltas Netherlands BV
Voice Antilles NV
Weathermaker Ltd.
Saudi Ensas Company for Engineering Services WLL
Lalbuksh Voltas Engineering Services and Trading LLC
Voltas Oman LLC

CH670540413AC
YANTAI MOON GROUP CO., LTD.

No.80 Xishan Road, Yantai Shandong Province, China
Phone: 086-535-6697166, Fax: 086-535-6252302
SOURCES: www.yantaimoon.com and other secondary online sources
Employees: 5000 (E)
Key Executive: Yu Yuanb, President
BUSINESS PROFILE
Yantai Moon Group Co. Ltd., (Moon Group) is a large scale industry enterprise engaged in such
leading industries as complete sets of industry refrigeration plant, central air-conditioning, castings,
sealing materials, and thermo electric cogeneration circulating fluid bed boiler, high parameter
valves, Heat Exchanger, plastic section and pipe materials. Moon Group is dedicated to the
innovation of refrigeration and air-conditioning equipment. The company’s solutions are widely used
in various fields such as Commercial refrigeration: logistics, poultry processing plant, aquatic
product processing, foodstuff, sauce, vegetable & fruit, beverage, brewery, milk & dairy products
and bio-products; Industrial refrigeration: chemical industry, hydroelectricity, coal, pharmacy, special
gas, low temperature simulation, steel industry and paper making; Temperature control: commercial
and civil building, foodstuff processing plant, industry shop, and precision equipment processing
plant. Moon Group established joint ventures with Dunham-Bush, Ebara to provide Central Air-
conditioning Series Products. The company’s products are exported to Japan, U.S.A, Singapore,
HongKong, Korea, Israel, Taiwan and other parts of the world, over 70% of yield are exported.
Yantai Ishikawa Gasket Co., Ltd, a holding subsidiary under Yantai Moon Group, mainly produces
sealing boards, sealing gasket, internal combustion engine cylinder gasket. Yantai Moon Plastic
Co., Ltd., a holding subsidiary of Moon Group owns extrusion lines from Germany, Italy, and
Australia for multi-model plastic tubes section. Yantai Hyundai Moon Heavy Industries Co., Ltd is a
joint venture invested by Yantai Moon Group and Hyundai Heavy Industries, mainly manufacturing
CFBC boiler for congeneration and power equipment. The company also owns the ability from
design, manufacture, installation, commissioning to turn-key project services. The company’s main
products include machine tool castings, power generation castings, compressor castings, engine
castings, general machinery and other type of castings. Moon Group is also focused to
environmental protection. The company is accredited with ISO9001 certification.
The company was founded in 1956.

CH670540413AC
YAZAKI ENERGY SYSTEMS, INC.

701 E. Plano Parkway, Suite 305, Plano, Texas 75074-6700, USA
Phone: (469) 229-5443, Fax: (469) 229-5448
SOURCES: www.yazakienergy.com and other secondary online sources
Key Executive: Sadami Yazaki, President
BUSINESS PROFILE
Yazaki Energy Systems Inc. (YESI), a subsidiary of Yazaki Corp., is a leading supplier of non-CFC
based space cooling. YESI is a manufacturer of air-chilled commercial heating, ventilation, and air-
conditioning systems which do not use ozone-depleting CFCs, or chlorofluorocarbons. The company
manufactures climate-controlling products for use in schools, offices, hospitals, hotels, and industrial
facilities. The company also offers remote monitoring systems. The company developed a new
generation of absorption chiller-heaters with energy saving features and lower maintenance
requirements to lower the life cycle costs. The company’s product line includes Gas Fired Chiller-
Heaters, water fired chillers, and the Arotrend™ Remote Monitoring System. The company’s top
competitors include Trane Inc.; Ingersoll-Rand Climate Solutions; and UTC Climate, Controls & Security
PRODUCT PORTFOLIO
Gas Fired Chiller-Heaters
CH-K Series Gas Fired Chiller-Heater, and CH-MG Series Gas Fired Chiller-Heater
YESI’s Gas fired double-effect chiller-heaters, with cooling capacities of 30RT to 200RT, are
designed for commercial applications where chilled water and hot water are used in a central air
conditioning system. The Gas Fired Chiller-Heaters’ each modular chiller-heater unit serves a dual
purpose such as Cooling and heating, and the Cabinets are weatherproof and suitable for indoor or
outdoor installation. The Gas Fired Chiller-Heaters’ built-in control panel with microprocessor control
simplifies installation and maintenance, and an optional remote monitoring system is also available.
Water Fired Chillers and Chiller-Heaters
Water Fired SINGLE-EFFECT Chiller or Chiller-heater

YESI’s water fired single-effect chillers or chiller-heaters possess cooling capacities of 10, 20 and
30 tons of refrigeration and produce chilled water for cooling or hot water for heating in comfort air
conditioning applications.
Arotrend Remote Monitoring System

With the Arotrend™ Remote Monitoring System continuously monitoring the operating conditions of
YESI’s Chiller-Heaters. The Arotrend™ Remote Monitoring System utilizes a modem and phone line
to connect to the YESI’s Monitoring Center. Under normal operating conditions, data is collected at
regular intervals by the Arotrend™ monitoring unit and sent to YESI


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Absorption Chillers Global Market

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Report Title: Absorption Chillers

Date Published: 4/1/2013

Publisher: Global Industry Analysts

Permitted Use, Limitations on Use

ABSORPTION CHILLERS - A GLOBAL STRATEGIC BUSINESS REPORT 04/13

ABSORPTION CHILLERS - A GLOBAL STRATEGIC BUSINESS REPORT 04/13

ABSORPTION CHILLERS - A GLOBAL STRATEGIC BUSINESS REPORT 04/13

Key Players ........................................................... III-26 4f. RUSSIA .............................................................. III-38

ABSORPTION CHILLERS - A GLOBAL STRATEGIC BUSINESS REPORT 04/13

ABSORPTION CHILLERS - A GLOBAL STRATEGIC BUSINESS REPORT 04/13

ABSORPTION CHILLERS - A GLOBAL STRATEGIC BUSINESS REPORT 04/13

ABSORPTION CHILLERS - A GLOBAL STRATEGIC BUSINESS REPORT 04/13

ABSORPTION CHILLERS MCP-6705

INTRODUCTION, METHODOLOGY & PRODUCT DEFINITIONS

STUDY RELIABILITY AND REPORTING LIMITATIONS

ABSORPTION CHILLERS - A GLOBAL STRATEGIC BUSINESS REPORT 04/13

ABSORPTION CHILLERS MCP-6705

DATA INTERPRETATION & REPORTING LEVEL

ABSORPTION CHILLERS - A GLOBAL STRATEGIC BUSINESS REPORT 04/13

ABSORPTION CHILLERS MCP-6705

Quantitative Techniques & Analytics

PRODUCT DEFINITIONS AND SCOPE OF STUDY

ABSORPTION CHILLERS - A GLOBAL STRATEGIC BUSINESS REPORT 04/13

ABSORPTION CHILLERS MCP-6705

Time is Ripe for Absorption Chillers

An Overview of Global Absorption Chiller Market

ABSORPTION CHILLERS - A GLOBAL STRATEGIC BUSINESS REPORT 04/13

ABSORPTION CHILLERS MCP-6705

Focus on Energy Efficiency Drives Demand for Absorption Chillers

ABSORPTION CHILLERS - A GLOBAL STRATEGIC BUSINESS REPORT 04/13

ABSORPTION CHILLERS MCP-6705

Positive Implications for Absorption Chillers Market

ABSORPTION CHILLERS - A GLOBAL STRATEGIC BUSINESS REPORT 04/13

ABSORPTION CHILLERS MCP-6705

Environmental Concerns Drive Business Case for Absorption Chillers

ABSORPTION CHILLERS - A GLOBAL STRATEGIC BUSINESS REPORT 04/13

ABSORPTION CHILLERS MCP-6705

ABSORPTION CHILLERS - A GLOBAL STRATEGIC BUSINESS REPORT 04/13

ABSORPTION CHILLERS MCP-6705

TABLE 1: Global Solar Air Conditioners Market (2012): Percentage Breakdown of

Type % Share 12.87 2.15

Recession Dents Growth in the Chiller Market

The Current State of Europe’s Debt Crisis: At Bursting Point?

ABSORPTION CHILLERS - A GLOBAL STRATEGIC BUSINESS REPORT 04/13

ABSORPTION CHILLERS MCP-6705

ABSORPTION CHILLERS - A GLOBAL STRATEGIC BUSINESS REPORT 04/13

ABSORPTION CHILLERS MCP-6705

Italy 118 Greece

ABSORPTION CHILLERS - A GLOBAL STRATEGIC BUSINESS REPORT 04/13

ABSORPTION CHILLERS MCP-6705

Impact of Europe’s Debt Crisis: A Review

ABSORPTION CHILLERS - A GLOBAL STRATEGIC BUSINESS REPORT 04/13

ABSORPTION CHILLERS MCP-6705

Asia-Pacific Continues to Lend Traction to the Market

TABLE 3: Absorption Chillers as Percentage of Total Chillers Market (2011): Breakdown

Region % Share % Share

Asia & Oceania 8.76 Asia & Oceania

Rest of world 3.14 0 1.9 3.8 5.7 7.6 9.5

ABSORPTION CHILLERS - A GLOBAL STRATEGIC BUSINESS REPORT 04/13

ABSORPTION CHILLERS MCP-6705

Robust Increase in Sales of Centrifugal Chillers - A Cause for Concern

Lack of Awareness - Major Concern

Technology Developments to Bring New Opportunities