Renewables specialist in deal that extends reach
NORTH Tyneside renewable energy installer Geowarmth has been acquired by a growing London business.
Hometree, the challenger residential energy services company, has snapped up the North East company to support the home decarbonisation revolution. With targets to have 600,000 heat pumps installed by 2028, Hometree is capitalising on the switch to renewables with the acquisition of Geowarmth, which has pioneered renewable energy solutions across the North East and North West of England since 2004.
Geowarmth will in turn get access to Hometree’s customer base and its suite of financing products and insurance services to deliver more value to its customers.
Meanwhile, the acquisition will enable Hometree to bolster its engineering force and re-train more of its 5,000 engineers to be able to install, repair and maintain renewables.
Hometree founder and CEO Simon Phelan said: “I’m incredibly excited to be partnering with John Withers and the Geowarmth team look forward to helping them scale the company significantly. If the UK is to achieve its net zero ambition, we will need an army of installers right across the country and we’re committed to bringing together these skills, supported by financing and in-life repair and maintenance services, to make Hometree the first choice for homeowners who want to do the right thing by the planet.”
John Withers, CEO of Geowarmth said: “I’m immensely proud of the progress we have made in the past 20 years to become a recognised installer of low-carbon energy solutions.
“I am delighted we are now part of Hometree, which will allow us to reach more people and help more homes transition to renewable energy.”
Hometree was advised by Interpath Advisory, providing financial and tax due diligence with legal advice from CMS. Newcastle-based RG Corporate Finance advised John Withers and Geowarmth and legal advice was provided by Newcastlebased Clarke Mairs.
Nick Johnson, CF Partner at RGCF, said: “It was great to work with John and we are excited to see Geowarmth fulfil its potential with Hometree.”