Clean Energy CASE STUDY: Phononic Goldman Sachs invested in Phononic, a global leader in solid-state cooling technology. The company seeks to Climate reform cooling using unique semiconductor technology to improve energy efficiency and reduce carbon emissions relative to traditional mechanical compression incumbents. Transition Through its technology platform, Phononic’s innovations could support the transformation of the ways data is communicated; automobiles "see"; grocers merchandise and deliver food; vaccines and drugs are stored and protected; At Goldman Sachs, we are committed to aligning our and residential houses and office buildings are cooled. business with a net zero by 2050 pathway, and we seek to drive decarbonization in the real economy, in partnership We believe Phononic furthers Goldman Sachs’ broader with our clients and companies that we invest in. Meeting sustainability commitments, and their solid-state technology the goals of the Paris Agreement and preventing the worst is delivering solutions that have not historically been impacts of climate change will require capital, innovation, available through legacy thermoelectric or compressor and coordination across both the public and private sector incumbents. Our investment aims to help grow and expand as businesses across regions and sectors seek to implement their capabilities to meet anticipated demand. low-carbon solutions — and communities everywhere adapt to an increasingly warming world. Phononic’s technology and products are important to the way we communicate; feed our families; safeguard and transport life-saving vaccines; and even shop for our favorite ice cream snacks. We believe that this investment is an important example of how innovation and capital can together help support transformative environmental impact. Sustainability Report 2021 Sustainability Issuance Report | Featured Investments 127