This article deals with improving waste heat transformation in heat-using thermotransformers. Based on the directives of the European Commission on refrigeration equipment requirements, the possibility of using carbon dioxide (R744) in heat-using thermotransformers was evaluated. The possibility of the effective use of heat-using thermotransformers operating within the Chistyakov–Plotnikov cycle in the heat pump mode was assessed. As a result, a comparative analysis was performed with existing modern plants for combined cycles with an expander, for the expansion of CO2 in saturated steam, a suction gas heat exchanger (SGHE), and a compressor–expander unit. The design schemes with a throttling device and an SGHE were selected for a comparative analysis. As a result, calculation models for evaluating the operating parameters for the initial and proposed design schemes were developed. These models allow for evaluating thermodynamic and mode parameters for heat-reducing thermotransformers. They also allow for ensuring energy efficiency indicators and conversion factors for each cycle. Overall, the dependencies for the cycle conversion ratio for the pressure increase stage in the compressor were obtained for various under-recovery rates. Moreover, the cycle conversion ratios for the proposed design schemes were obtained depending on the discharge pressure of the first compressor. The proposed design schemes allow for increasing the energy efficiency of heat-using thermotransformers by an average of 23%, depending on the suction pressure in the compressor.