Octopus Energy and Legal & General to invest in ground source heat pumps
Legal & General Capital and Octopus Energy’s generation arm are turbocharging Britain’s heat pump rollout by investing £70 million in the country’s leading manufacturer and installer of ground source heat pumps, The Kensa Group.
£70m investment to scale ground source heat pump business Kensa Group
Further demonstrating Legal & General Capital’s dedication to scaling innovative businesses that reduce emissions
Next step in Octopus’ drive to replace polluting gas boilers with heat pumps
Investment will create 7,000+ green jobs in Britain by 2030
This marks the biggest investment ever made in ground source tech in Britain. It will allow Kensa to rapidly expand and install 50,000 ground source heat pumps a year by 2030. The move will drive down costs of heat pumps and reduce reliance on polluting gas boilers.
The UK is targeting 600,000 heat pump installations a year by 2028 as part of wider efforts to decarbonise the heating industry and realise its net-zero ambitions. Unlocking investment through deals like this will help rapidly grow the country’s heat pump industry, meet net zero targets and deliver jobs. Kensa expects its growth to create more than 7,000 green jobs in the UK by 2030.
By harnessing freely available heat energy in the ground or water, electrically powered ground source heat pumps work like a fridge in reverse. They produce around four units of clean heat for every one unit of electricity they consume, making them much more efficient than gas boilers. They’re recognised by the Government as a key solution to tackling heating emissions and weaning the country off gas.
This investment will make heat pumps even more accessible to more properties, including retrofits for social housing, terraced housing, and non-domestic buildings. As part of the deal, finance will be provided to offer house builders, housing associations, and non-domestic customers Kensa’s ‘Networked Heat Pumps’ solution at a lower cost. This effectively creates a new renewable energy asset class – kick-starting growth towards a sector that could exceed £1bn by 2030.
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