Western Morning News

Big investment in Cornish technology company


MULTINATIO­NAL financial services giant Legal & General has invested heavily in a Cornish technology company, kick-starting a huge expansion.

Ground source heat pump specialist Kensa Group said the deal with Legal & General will strengthen its market position, grow its research and developmen­t department and allow it to install 50,000 of its ground source heat pumps in the mid-term.

Legal & General has acquired a 36% stake in the Kensa Group and said it aims to speed up the UK’s progress to a low-cost, low-carbon economy. The Truro-based company is the UK’s largest manufactur­er and installer of ground source heat pump technology, and the only integrated supplier and one of the most developed and effective for delivering homes with the lowest operationa­l carbon emissions.

Legal & General said its investment in Kensa presents an opportunit­y to partner with a market leader at a time when growth in the sector is accelerati­ng rapidly.

Alongside offering an alternativ­e low carbon heat solution to existing and new build houses across the UK, the partnershi­p opens up Kensa’s products to Legal & General’s extensive ecosystem, as it works with local authoritie­s, the Government and key industry players.

Within Legal & General’s extensive housing platform, which spans build-to-rent, build-to-sell, later living and affordable housing, as well as modular constructi­on, plans are already under way to make all its new housing stock operationa­lly net carbon neutral by 2030. As part of this, its later living business, Inspired

Villages Group, is in advanced discussion­s with Kensa to install ground source heat pumps alongside other low carbon initiative­s.

Simon Lomax, chief executive of the Kensa Group, said: “This is a significan­t investment not only for Kensa, but also for the low carbon economy and our region. Legal & General’s support will deliver vital employment opportunit­ies in Cornwall and bolster UK manufactur­ing in the wake of Covid-19 as attentions return to climate change and the UK’s 2050 net zero carbon target.”

 ?? Bob Greaves Photograph­y ?? > Kensa Group has partnered with Legal & General to strengthen its market-leading position
Bob Greaves Photograph­y > Kensa Group has partnered with Legal & General to strengthen its market-leading position

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