Utrecht-based HeatTransformers, a startup that specialises in heat pump installation, announced on Tuesday that it has raised €15M in a Series A round of funding led by Energy Impact Partners.
Existing investors Fair Capital Partners’ Impact Fund and ENERGIIQ also participated in the round.
HeatTransformers says the capital will enable it to cement its market-leading position in the Netherlands, launch operations in Germany and the UK, and scale up its workforce.
Stijn Otten, Co-Founder and Director of HeatTransformers, says “We’re thrilled that influential climate-tech investors Energy Impact Partners have chosen to invest in our mission to scale up heat pump adoption across the continent, to drastically reduce our costly and environmentally-damaging gas dependence and give Europe the gas freedom it needs.”
European heat pump market is at tipping point
The funding comes at a time when the European heat pump market is at a tipping point with the gas supply crisis.
The Dutch company reports heat pump sales rose nearly 38 per cent in Europe last year, replacing roughly 4 billion m3 of natural gas and avoiding about 8Mt of CO2 emissions.
As governments look to ensure affordable, sustainable, and reliable energy supplies for residential buildings, a wide array of initiatives incentivising the installation of heat pumps are underway in Europe.
HeatTransformers: Specialised in heat pump installation
Founded in 2018 by Stijn Otten and Gijs van Vrede, HeatTransformers is the first digital company fully focused on the sales, advice, installation, and service of heat pumps.
“Since launching in 2018, we’ve seen an overwhelming growth in the interest in heat pumps, which are the essential key to unlocking the cost-efficient decarbonisation of heat in our homes,” says Otten.
The company has created a two-sided, digital-first platform that guides consumers through the entire process, from initial interest and technical advice to installation and post-installation service consisting of maintenance service, online monitoring and optimisation of all heat pumps.
“HeatTransformers is the only one-stop-shop in Europe fully focused on heat pump advice, installation, optimisation, and maintenance delivering at scale,” adds Otten.
HeatTransformers also provides access to a large installation capacity via its own installers and third-party partners.
The company’s model has attracted global energy companies, heat pump producers, and installers as committed partners, including Engie, Bosch, BDR Thermea Group, and dozens of local and national installers.
The Investor
Energy Impact Partners LP (EIP) is a global investment firm leading the transition to a sustainable future.
With over $3B in assets under management, EIP invests globally across venture, growth, credit, and infrastructure, and has a team of over 80 professionals based in its offices in New York, San Francisco, Washington D.C., Palm Beach, London, Cologne, and Oslo.
“The unprecedented demand for heat pumps in Europe is good news for the energy transition, security of supply and consumers,” says Matthias Dill, CEO of Energy Impact Partners Europe.
“As the Netherlands paves the way for the heat pump market and HeatTransformers is a leading player there, it is perfectly placed to play a significant role in the decarbonisation of heat across the continent. We look forward to working together to drive this transformation,” says Dill.
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