Amsterdam-based Triple Solar, a designer and manufacturer of the PVT heat pump and corresponding PVT heat pump panels, announced that it has raised €10M in growth funding to remain at the forefront of the energy transition in the coming years.
The investment came from a new investor ABP, a pension fund, which invested through its asset manager APG. The round also saw participation from existing investors Participatiefonds Duurzame Economie Noord-Holland (PDENH), DOEN Participaties, and Enfuro Ventures, and the two founders, Cees Mager and Terence van Buuren.
Capital utilisation
Triple Solar says that the funds will be used to further roll out its heat pump system internationally, expand production capacity, and develop new energy-efficient products and services.
Dominique Dijkhuis, executive director of pension fund ABP, says, “With this investment, ABP can contribute to making the built environment in the Netherlands more sustainable and ensure a good return for our participants. The built environment is responsible for almost 40 per cent of the total CO2 emissions worldwide. Therefore, here too reducing fossil fuel consumption is crucial for the energy transition. This investment allows this fine Dutch company Triple Solar to grow, and together we can increase our impact on the energy transition.”
Heating without gas
Founded in 2009 by Cees Mager and Terence van Buuren, Triple Solar aims to achieve maximum impact in reducing CO2 emissions from heating homes. The company wants to increase public awareness of energy efficiency at home and hence develop smart solutions for the sustainable energy industry.
Triple Solar is the creator of the PVT heat pump and the PVT heat pump panel, which can sustainably supply a home with heat, hot water, and electricity, 24/7, throughout the year. More than 5,000 residences, both domestic and overseas, are already connected to a Triple Solar system.
To significantly increase the sustainability of the Netherlands’ housing stock, the government aims to replace natural gas heating with electric heat pumps. By 2030 at the latest, one million Dutch houses must have heat pumps installed in order to meet the goals of the Paris Climate Agreement and the Dutch Climate Agreement.
Investors supporting Triple Solar
Stichting Pensioenfonds ABP is a pension fund for employers and employees of government and educational institutions in the Netherlands. The firm has 3.1 million members and €480B in assets available. The investment is made through the ABP Nederlands Energietransitiefonds (ANET), which was set up to invest in projects and companies with innovative solutions for the energy transition.
Triple Solar CEO and founder, Cees Mager says, “In the search for a new partner, ABP was our preference from the outset. ABP gives us the unique opportunity to use the pension savings of a large group of Dutch people to continue making our country more sustainable with products that will make a difference in both new and existing buildings.”
DOEN Participaties has been investing in innovative, sustainable and social startups for over 25 years. The organisation’s ambition is to make the world a greener and more social place. Therefore, impact is central to all its investments. The company is fully owned and managed by Stichting DOEN. Stichting DOEN was set up by the Nationale Postcode Loterij.
The province of North Holland established PDENH and aims to promote a sustainable economy in this region. The fund backs businesses and initiatives centred on the circular economy, sustainable transportation, and energy transition. With a funds volume of € 85M, PDENH has invested in over 30 businesses and projects.
Anthony Viellevoije, Investment Director at PDENH, says, “PDENH first invested in Triple Solar in 2018 because we strongly believed in the team’s vision and executive ability. In the meantime, following an influx of talent into the organisation and recent developments in the energy markets, our belief has been further strengthened that Triple Solar has a winning product-market combination on its hands that can make a significant impact in our fight against climate change.”
