TLDR:
- Rendesco raises £6 million to expand operations and develop solutions in UK and European energy markets
- New investment led by Clean Growth Fund, Eurazeo, and Aviva Ventures
Rendesco, a leading clean heat network developer, has secured £6 million in funding to fuel its growth and innovation plans in the UK and European energy markets. The investment, led by Clean Growth Fund, Eurazeo’s Smart City fund, and Aviva Ventures, comes at a time of increasing demand for clean heat technology as the UK transitions to a decarbonised economy. This funding will support Rendesco in reducing consumer energy bills, decarbonising heat at scale, and providing a low-carbon alternative to gas grid infrastructure.
The company’s networks are poised to help households cut their energy bills and save over 100,000 tonnes of CO2 per year, at scale. Rendesco’s work aligns with the UK’s efforts to decarbonise heat in buildings, with a focus on eliminating gas boilers from new homes by 2025. The investment will also enable Rendesco to broaden its climate technology capabilities, including more intelligent and consumer-centric home energy management systems.
Rendesco already collaborates with leading property developers in the UK, such as Cala Homes and Telford Homes, to design and install low-carbon ground source heat networks. The company operates heat networks supplying clean heat and hot water to over 8,000 homes across the UK. Additionally, Rendesco has a joint venture with Last Mile Infrastructure, Last Mile Heat, which focuses on providing cost-effective ground source heat solutions in housing developments.
The capital from this funding round will drive innovation to enhance the efficiency and affordability of Rendesco’s clean heat networks, allowing for larger-scale deployment compared to air source heat pumps. The company’s recent projects, including the UK’s largest water-source heat network at Welborne Garden Village, demonstrate its commitment to providing clean heat networks at scale while reducing carbon emissions associated with heating.
Rendesco’s CEO, Alastair Murray, expressed excitement about the funding, highlighting the company’s capitalization for aggressive growth plans. Investors like Clean Growth Fund, Eurazeo, and Aviva Ventures are enthusiastic about supporting Rendesco’s mission to accelerate the transition to clean heat solutions in the UK and Europe, contributing to carbon reduction efforts.
