Company Announcements

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

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

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

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

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

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

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

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

While Dalrada’s innovative industrial and commercial heat pumps tackle large-scale heating and cooling needs, the Company’s entrance into the home heat pump market is an exciting revelation, made possible by securing exclusive distribution contracts from proven suppliers and builders.

For now, Dalrada expects to expand its distribution capabilities and grow its consumer base of home builders, general contractors, and individual home owners, while the Company continues developing its own proprietary machines that will further revolutionize the home heat pump industry.

“Revenues from our home heat pumps will be reflected in this quarter, ending June 30, 2024. We recommend our partners stay tuned for news and updates as we continue our journey in this promising market,” said Bonar.

About Dalrada Corporation

Dalrada Financial Corporation (OTCQB: DFCO) is a multi-national holding company that develops, manufactures, and sells a robust suite of products and services in the Clean Energy and Health Care sectors. Dalrada’s core segments include Dalrada Climate Technology, which offers cutting-edge heat pump technology for industrial and residential applications, and Genefic Specialty Pharmacy, which provides end-to-end prescription services as well as patient advocacy and support.

Dalrada Financial Corporation consistently drives innovation that delivers maximum impact, bringing increased value to its shareholders.

For more information, please visit www.dalrada.com, and follow us on LinkedIn, Facebook, Twitter, and YouTube.

Forward-Looking Statements

Statements contained in this press release, other than statements of historical fact, particularly statements relating to cost reductions and the anticipated pre-tax savings from the cost reduction program, restructuring costs, footprint rationalization, simplifying and streamlining our operations, reducing complexity, enhancing the speed of decision-making, leveraging our sourcing capabilities and the timing of implementation and completion of the cost reduction program, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs and assumptions of management based on information available to us at the time such statements are made. These statements, which are generally identifiable by the use of the words “will,” “believe,” “expect,” “intend,” “anticipate,” “estimate,” “forecast,” “project,” “plan,” and similar expressions, are subject to certain risks and uncertainties, are made as of the date hereof, and we undertake no duty or obligation to update them. Forward-looking statements are subject to the occurrence of many events outside the Company’s control and actual results and the timing of events may differ materially from those suggested or implied by such forward-looking statements due to numerous factors that involve substantial known and unknown risks and uncertainties. Factors that may impact the Company's success are more fully disclosed in the Company's most recent public filings with the US Securities and Exchange Commission ("SEC"), including its annual report on Form 10-K.

Media contact: Michael Eslinger (meslinger@dalrada.com)