A renewable energy firm in Gloucestershire is looking to crowdfund £3m to help accelerate the installation of ground source heat pumps across the 海角视频 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 low-carbon 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 now 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 海角视频 government supporting this energy transition through regulatory changes we are focused on how we can support its implementation.
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“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.”
Richard O’Brien, corporate finance manager at Triodos Bank 海角视频, added: “It’s been exciting to see the success RHHL has achieved in the last couple of years, and they are well positioned to be at the forefront of this energy transition.
“We’re really pleased to offer our investors the opportunity to support such a company in its ambitions and to help to reduce the 海角视频’s carbon emissions, which all help in the road towards net zero.”
RHHL generates income through payments under the Government’s Renewable Heat Incentive (RHI) scheme for each of the projects.
After installation the firm leases and maintains a customer’s renewable heat system for 20 years before passing ownership on to the client. Residents receive hot water and heating and pay for the electricity to power the pumps.
A ground source heat pump performs the same role as a boiler in a central heating system but uses ambient renewable heat from the ground rather than burning fossil fuel to generate heat.
They are considered to generate lower carbon emissions as they are designed to use less electricity to run than the heat they produce.
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