Utrecht-based HeatTransformers has raised €15 million in Series A funding to accelerate European heat pump installation by launching operations in Germany and the UK, and also increase its workforce.
The round was led by Energy Impact Partners and includes existing investors Fair Capital Partners’ Impact Fund and ENERGIIQ.
HeatTransformers brings its customers from the enquiry stage right through to supply and installation 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,” said Stijn Otten, co-founder and Director of HeatTransformers. “HeatTransformers is the only one-stop shop in Europe fully focused on heat pump advice, installation, optimisation and maintenance delivering at scale. 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”.
HeatTransformers says heat pump sales rose nearly 38% in Europe last year, replacing roughly 4 billion m3 of natural gas and avoiding about 8Mt of CO2 emissions - with this new funding it intends to scale to meet the growing demand.
“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 decarbonisation of heat across the continent. We look forward to working together to drive this transformation”.
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