HeatTransformers raises €15 million Series A to accelerate European heat pump installation
Energy Impact Partners leads the round, seeing unprecedented policy and market tailwinds driven by European energy crisis
4 April 2023
HeatTransformers, a Netherlands-based company leading in the acceleration of heat pump installations, announced today the closing of its €15m Series A, led by Energy Impact Partners (“EIP”), a global venture capital firm supporting the transition to a sustainable future. The investment round enables HeatTransformers to cement its market-leading position in the Netherlands, scale-up its workforce and launch operations in Germany and the UK.
As governments look to ensure affordable, sustainable and reliable energy supplies for residential buildings, a raft of initiatives incentivizing the installation of heat pumps are underway in Europe. HeatTransformers addresses the traditional challenges of heat pump adoption through a 2-sided digital platform which connects a far-reaching network of heat pump producers and installation services with consumers to meet rising consumer demand and enable the market to reach its significant potential. HeatTransformers’ model has attracted global energy companies, heat pump producers and installers as committed partners, including Engie, Bosch, BDR Thermea Group and dozens of local and national installers.
The platform supports consumers across the full journey of heat pumps, from digital-led responses to initial interest and technical advice, to installation and post-installation service consisting of maintenance service, online monitoring & optimisation of all heat pumps. This digital-led approach is backed up by HeatTransformers’ dedicated team of specialists, including its own heat pump installation workers and an academy designed to further increase the skills of HeatTransformers’ installation partners. Already an established market-leader in the Netherlands, EIP’s investment will support HeatTransformers to scale further and accelerate the adoption of heat pumps across the European market.
"Since launching in 2018, we've seen an overwhelming growth in the interest in heat pumps, which are the essential key to unlocking the cost-efficient decarbonisation of heat in our homes,” said Stijn Otten, Co-Founder and Director of HeatTransformers. "We're thrilled that influential climate-tech investors Energy Impact Partners have chosen to invest in our mission to scale up heat pump adoption across Europe, to drastically reduce our costly and environmentally-damaging gas dependence and give Europe the gas freedom it needs”.
The European heat pump market is at a tipping point, with the gas supply crisis, rising consumer bills and a favourable policy environment in European countries creating significant market tailwinds. Heat pump sales rose nearly 38% in Europe last year, replacing roughly 4 billion m3 of natural gas and avoiding about 8Mt of CO2 emissions. The production of heat pumps has been substantially scaled, to meet rising demand.
“The unprecedented demand for heat pumps in Europe is good news for the energy transition, security of supply and consumers”, said Matthias Dill, CEO of Energy Impact Partners Europe. “As a leading player in the Netherlands heat pump market, which is a leading market across Europe, HeatTransformers is perfectly placed to play a key role in decarbonisation of heat across different markets. We look forward to working with HeatTransformers to drive this transformation.”
HeatTransformers will gain access to EIP’s global coalition of over 50 forward-looking corporations focussed on the advancement of technologies accelerating global decarbonization, including major energy companies EDF, EWE, and Fortum. EIP’s coalition collaborates by sharing insights, investing in innovative and transformative businesses, and amplifying entrepreneurs' growth through dedicated partnerships.
About HeatTransformers
HeatTransformers was founded in 2018 in the Netherlands to give Europe freedom from gas. It is the first digital company fully focussed on the sales, advice, installation and service of heat pumps. HeatTransformers has installed thousands of heat pumps from Europe’s top suppliers. The company has developed a 2-sided, digital-first platform that facilitates the full consumer process from interest to installation. On the other side, it provides access to a large installation capacity through both HeatTransformers’ own installers and third party partners. Through this platform, HeatTransformers has managed to effectively tackle the issues that are traditionally associated with switching existing homes (retrofit) from fossil fuel heating systems to heat pumps.