Stephen Lake, CEO of Jetson Home Inc., a heat pump installation business, poses for a photograph next to the work trucks at their office in North Vancouver, B.C, on Oct. 24. The idea for Jetson dates to Mr. Lake’s time as an adviser to the Creative Destruction Lab accelerator’s climate technology stream in Vancouver.Stephen Lake was pegged for greatness early on. In 2011, the self-assured Scarborough, Ont.
Heat pumps are considered a key technology for improving energy efficiency in buildings and transitioning to a low-carbon economy. An alternative to natural gas, oil and other less efficient electric heating options that is more cost effective over the long term, they work by compressing heat from outside air or ground sources and transferring it into a building. They also provide cooling in the summer by removing thermal energy to the exterior.
Meanwhile, Jetson has hired veteran installers and is developing a standardized process so crews can do jobs in one day. The idea, Mr. Lake said, is to charge well below the typical cost charged by other HVAC installers, which can run upwards of $20,000. Jetson’s rate for a detached Vancouver-area home is $12,000 plus GST, which could net out to a cost of under $2,000 to homeowners after rebates, depending on the jurisdiction.
He concluded many climate issues didn’t need “another 10 years of deep research and technical breakthroughs” but instead simply required overcoming obstacles that kept proven emissions-lowering technologies from wider deployment. But the trio convinced these skeptics that if they got everything right Jetson could shake up an established sector and dramatically expand the market. Well-funded European companies were pursuing similar opportunities, including 1KOMMA5° GmbH, Octopus Energy Ltd. and Aira Group AB. Mr. Winterfield’s fund eventually invested US$2-million as part of a US$5-million seed financing by Jetson.