Cornwall-based technology company Kensa Group has secured its biggest-ever investment.
The ground source heat pumps company has received £70m of funding from Octopus Energy's generation arm and Legal & General Capital. Not only is it the biggest investment made in ground source technology in Britain but it will allow Kensa to expand and install 50,000 ground source heat pumps a year by 2030.
In a statement the group said "the move will drive down costs of heat pumps and reduce reliance on polluting gas boilers". The UK is targeting 600,000 heat pump installations a year by 2028 as part of wider efforts to decarbonise the heating industry and realise its net-zero ambitions.
In addition, Kensa expects its growth to create more than 7,000 green jobs in the UK by 2030.
Read more: E.On Next, Good Energy and Octopus Energy pay £8m over compensation failures
Zoisa North-Bond, chief executive of Octopus Energy Generation, said: “The heat pump revolution is off to a flying start: it’s a tried and tested replacement for gas boilers and can drive down consumers’ energy bills for good.
“Backing Kensa will help rapidly expand Britain’s fast-growing ground source heat pump economy. This is a huge milestone for our exciting new energy transition fund, as we invest in ambitious companies rolling out tech to turbocharge the clean energy shift.”
Kensa's chief executive, Dr Matthew Trewhella, added: “This is a monumental moment for ground source heat pumps. This investment will help unlock Kensa’s vision of a mass transition to low carbon heating by replacing the gas grid with its 21st-century equivalent – an ambient temperature heat network.
“We’re extremely proud to partner with Octopus Energy and Legal & General Capital who show incredible leadership in bringing about our low carbon energy future.”
Read next:
Cornwall-based Wildanet announces major move into Devon creating 60 new jobs
Cornwall Council to receive £22m of government funding to develop green energy site
Gloucestershire plant hire firm expands range with £1.5m investment
New facility at Bristol film and TV studio The Bottle Yard wins top sustainability award
Like this story? Why not sign up to get the latest South West business news straight to your inbox.
