Ashden winner, Geothermal International gains £12 million investment
Geothermal International, who won an award from us in 2009 for its work installing ground-source heat pumps, has just won £12 million in investment to expand its work. The investment was led by ESB Novusmodus who has invested £8.6m, whilst other investors, including SSE Ventures, have subscribed for new shares to the tune of £3.5m. The capital will be used to fund growth in the UK market, finance the acquisition of Endurant Energy in the US, and support on-going international expansion.
Based in Coventry, Geothermal International is one of Europe’s largest designers and installers of Ground Source Heat Pump (GSHP) systems.
Brian Davidson, CEO of Geothermal International said:
“We are delighted with the investment from ESB Novusmodus... With our latest acquisition in the US, the beginning of the renewable heat incentive in the UK, and further regulatory benefits on the horizon, it is an exciting time for Geothermal International and for the industry as a whole.”
Space heating accounts for a significant proportion of Europe’s carbon footprint. As governments increase their focus on reaching carbon emissions targets at the lowest possible cost, Geothermal expects a continued trend towards low cost emission reduction technologies such as GSHP. And they are well placed to take advantage of this expanding market.