Rendesco Secures £6 Million Investment for Clean Heat Technology Expansion

Rendesco, a developer and owner-operator of clean heat networks, has recently secured a substantial investment of £6 million to expand its operations in the UK and European energy markets. The funding, led by Clean Growth Fund, Eurazeo’s Smart City fund, and Aviva Ventures, alongside existing investor Copley Point Capital, will provide crucial support for Rendesco’s growth and innovation plans in reducing consumer energy bills and decarbonising heat at scale.

This investment will also facilitate the company’s expansion of its climate technology capabilities, with a specific focus on the development of more intelligent and consumer-centric home energy management systems. Rendesco aims to offer a low-carbon alternative to gas grid infrastructure and contribute to the UK’s transition to a decarbonized economy.

As a leading innovator in the crucial challenge of decarbonizing heat in buildings, Rendesco’s networks are poised to enable households to reduce their energy bills and save over 100,000 tonnes of CO2 annually at scale. This comes at a pivotal moment as the UK finalizes its proposals to decarbonize heat in buildings and phase out gas boilers in new homes by 2025.

The success of securing this investment is a testament to Rendesco’s track record of collaborating with leading property developers to design and install low-carbon and low-cost ground source heat networks. The company currently operates low-carbon heat networks that supply clean heat and hot water to thousands of homes across the UK.

Furthermore, the investment will support Rendesco’s joint venture with Last Mile Infrastructure, Last Mile Heat, which aims to significantly increase access to future-proofed heating. This partnership has already developed a pipeline of £150m worth of clean heat infrastructure, which will enhance the efficiency and affordability of Rendesco’s clean heat networks.

A recent announcement by Rendesco also highlighted its involvement in designing and installing the UK’s largest water-source heat network at Welborne Garden Village, providing clean heating and cooling to 6,000 new homes. This ground-breaking technology serves as a blueprint for providing clean heat networks to housing developments at scale and offers a game-changing solution for future homeowners.

Alastair Murray, CEO and founder of Rendesco, expressed his pleasure in welcoming Clean Growth Fund, Eurazeo, and Aviva Ventures as investors in the company. He emphasized that the funding would enable Rendesco to significantly expand its clean heating solutions and contribute to the UK and Europe’s carbon reduction efforts.

Susannah McClintock, investment partner at Clean Growth Fund, highlighted the importance of Rendesco’s heat network solutions in delivering cost-effective and efficient low carbon heat, essential for the transition away from gas to renewable alternatives. She also expressed the firm’s commitment to supporting early-stage entrepreneurs in tackling the climate change crisis.

In conclusion, Rendesco’s successful funding round marks a significant milestone in its efforts to advance the development and deployment of clean heat networks. The company’s vision to replace gas heating with clean heat networks and reduce carbon emissions associated with heating aligns with the growing global imperative to address climate change.