Heat network technology providers, Evinox and Minibems, announced on Monday, March 13, that they are merging and receiving growth capital from Amsterdam-based SET Ventures. The companies didn’t disclose the exact amount of funding.
The combined company will trade as Evinox Group with over 100 employees working from offices in Chessington and Bournemouth in the UK and a manufacturing facility in Brasov, Romania.
With the capital, both companies will solidify their position in smart heat network technology, resulting in increased energy efficiency and cost savings for both heat network operators and residents.
The partnership
The companies say that the partnership will ensure that heat networks can achieve their goal of reducing the carbon intensity by 1 ton per apartment each year in existing networks.
Heat networks, also known as district heating systems, supply heat to one or multiple buildings from a central source, such as a boiler or heat pump.
Additionally, it allows for the incorporation of heat pumps as a low-carbon heat source.
Evinox: Providing communal & district heating solutions.
Based out of Surrey, the UK, Evinox provides end-to-end equipment and services to heat network operators.
The company has developed remotely connected heat interface units (HIU) designed for easy installation, operation, and maintenance.
Evinox has supplied over 15,000 units for projects across the UK, including prestigious developments such as Battersea Power Station, London City Island, and Riverlight.
“This is a powerful step to address the pressing needs of our industry for effective decarbonisation solutions,” says Terry Mahoney, Managing Director of Evinox.
“By combining our expertise and technology, we can offer a comprehensive range of products and services that guarantee energy efficiency. We are looking forward to the opportunities this merger will bring for our customers and the industry,” adds Mahoney.
Minibems: Sustainable heat networks
Minibems has developed advanced control technology that optimises the operation of heat
networks in real-time, using algorithms to predict and optimise heat flow to meet demand.
Minibems says by improving network efficiency, energy consumption, carbon emissions, and costs of heat network operators and residents can be reduced by more than 50 per cent.
“We are thrilled to be partnering with Evinox to offer a complete solution for heat network operators,” says Minibems CEO Simon Gunter, who will continue as Executive Chairman of the combined entity.”
“Combining Evinox smart HIUs with Minibems optimisation technology will help heat network operators to maximise efficiency and reduce the energy bill to residents.”
SET Ventures
Based out of Amsterdam, SET Ventures invests in companies with sustainable solutions leading the systemic change of how energy is generated, distributed, stored, and consumed in sectors
such as distributed infrastructure, energy retail, buildings, mobility, and industry as well as enabling technologies.
“Since our original investment in Minibems in 2019, we have been excited about the magnitude of the problem to solve in how we heat buildings,” says Anton Arts, Managing Partner at SET Ventures.
“This business combination creates the undisputed leader that will boost the efficiency of heat networks and achieve emission reductions at scale. We are pleased to support these visionary management teams to achieve their ambition together,” adds Arts.
