West heat pump firm in £3m crowdfund call

A RENEWABLE energy firm in Gloucestershire is looking to crowdfund £3 million to help accelerate the installation of ground source heat pumps across the UK in efforts to reduce carbon emissions.

Cheltenham-based Renewable Heat Holdings Limited (RHHL) is one the biggest owners and operators of heat pump systems in the country, overseeing more than 70 projects which generate more than 17,000 MWh of renewable heat per year.

The investment campaign, run via Triodos Bank, follows the Government’s announcement of regulatory changes to encourage lowcarbon heating systems, including the banning of gas boilers in new homes 2025. RHHL, formerly known as Rendesco, said the rule changes presented a “significant opportunity” and it is currently exploring working with a range of clients for future work, both current and new.

The company previously raised crowdfunded investment through Triodos in 2018 to install 50 heat pump installations in new-build retirement homes. The firm said it would be repaying its initial bond and raising new capital to position it for its next phase of its growth.

The new seven-year bond will pay investors 5% gross interest per year, with a minimum investment of £50. Existing bondholders have had the opportunity to roll over their investment in the new bond.

Alastair Murray, director and founder of RHHL, said: “Low-carbon heating is critical to the fight against climate change and with the UK government supporting this energy transition through regulatory changes we are focused on how we can support its implementation.

“Triodos crowdfunding investors can be a part of this journey with us, supporting our desire to change the way homes are heated that helps to protect the planet and its people.”