Heat Geek’s €4.3 Million investment ignites heat pump revolution to decarbonize homes

The sustainable energy startup Heat Geek has raised €4.3 million in a seed fundraising round, bringing the total amount raised in 2023 to €4.9 million, to support its goal of using heat pump technology to decarbonize homes across the country.

Triple Point Ventures participated in the financing led by Transition. Along with 15 of the nation’s most seasoned Heat Geeks, other investors include angels Ed Broussard, Rob Harris, Jeff Twentyman, Akta Raja, and Stewart Seigel.

Heating Transition Imperative

In the UK, heating accounts for about half of all gas consumption annually. Electric heat pumps do not burn gas or oil; instead, they run on electricity. In addition, they are very energy-efficient, using about a quarter of the energy of a gas boiler to produce the same amount of heat.

The government aims to install 250,000 heat pumps annually by 2025, yet only 25,000 heat pumps found their way into private homes last year, highlighting the urgent need to address the shortage of skilled installers. Though there are currently 120,000 certified gas engineers in the UK, there are only 3,000 certified heat pump installers, and experts predict that by 2028, the nation will require 27,000 to meet current government expectations.

Related Content: Sustainable Technology Vision Unleashed – Everphone Picks €270M

The company’s new digital platform offers heating engineers a “business-in-a-box,” equipping them with cutting-edge technology, award-winning training, and a pipeline of paying clients who have been pre-qualified thanks to Heat Geek’s in-house property intelligence algorithms.

Aadil Qureshi, co-founder and CEO, stated:

“At the core of our business is a shared obsession with empowering everyone in the UK to upgrade their home and save money every month. However, a major obstacle to the widespread use of heat pumps is the scarcity of knowledgeable installation. Our plan is straightforward: we will teach thousands of current heating experts and provide them with the resources, know-how, and tools they need to help thousands of homeowners who wish to reduce their energy costs and decarbonize homes.

Installation Community Empowerment

The development of the installation community, which now boasts 1,000 certified installers nationwide and 80,000 social media followers, has been crucial to Heat Geek’s concept and success to date. The digital platform, which will soon be available to all Heat Geek certified installers, will include special tools like a digital surveying and system design process, a training and community hub, MSC certification, and an end-to-end digital journey for homeowners. These tools will guarantee that the company will continue to provide the most efficient Heat Pump installations in the nation.

The Heat Geek community is actively involved in the digital platform’s development, ensuring that their needs as engineers and business owners are taken into full account while developing new technology. As a result of this co-development, 15 members of the community became shareholders of the business, guaranteeing that the voice of the most significant stakeholder will always be included as the organization grows.

Statements

Kristian Branaes, a partner at lead investor Transition, said:

“Decarbonizing heat is one of the biggest opportunities within climate today. But, there’s a lack of qualified installers in the market. The industry can change from within, and Heat Geek is the only business in the US and Europe that we have seen with a workable plan. Further, they want to expand on the amazing community that Adam and the Heat Geeks have already established and use technology to help it grow.”

Investor at Triple Point Ventures Manuel Antunes continued, saying:

“We found in Heat Geek the only truly holistic heat engineering solution that allows installers to scale their operations to the extent that the climate transition requires us to. Heat Geek provides engineers with everything they need to concentrate on what they do best — installing excellent heating systems — from design to performance monitoring, from training to bidding.”

Image Credit: Heat Geek