Octopus Energy Generation and Legal & General Capital are investing £70 million ($88 million) in The Kensa Group, a U.K. manufacturer and installer of ground-source heat pumps.
This marks the largest investment ever made in ground-source technology in Britain. It will allow Kensa to rapidly expand and install 50,000 ground-source heat pumps each year by 2030 in a move to drive down costs of heat pumps and reduce reliance on polluting gas boilers. The new investment, which is expected to close in the third quarter of the year, will make heat pumps accessible to more properties, including retrofits for social housing, terraced housing and non-domestic buildings.
“This is a monumental moment for ground-source heat pumps,” said Matthew Trewhella, CEO of The Kensa Group. “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