Heat Geek, a sustainable energy startup, has announced a €4.3 million seed funding round, bringing the total raised in 2023 to €4.9 million to power its mission to decarbonise homes via heat pump technology on a national scale. The round was led by Transition, with participation from Triple Point Ventures. Other investors include angels Ed Broussard, Rob Harris, Jeff Twentyman, Akta Raja and Stewart Seigel plus 15 of the most experienced Heat Geeks from across the country.
Nearly half the gas consumed in the UK each year goes on heating. Electric heat pumps use electricity rather than burning gas or oil. They are also highly efficient and consume around a fifth of the energy of a gas boiler for the same heat output.
Just 25,000 heat pumps were fitted in private homes last year, but with a government ambition of 250,000 a year by 2025 the issue of insufficient qualified installers needs to be addressed. Currently, there are 120,000 qualified gas engineers in the UK, yet only 3,000 qualified heat pump installers and experts calculate the country will need 27,000 by 2028 to hit current government targets.
Founded in 2022 by Adam Chapman (Heat Geek’s original founder and Chief Geek), Aadil Qureshi (ex Apple and IBM) and Matthew Gunn (ex JP Morgan), Heat Geek’s new digital platform provides heating engineers with a “business-in-a-box”, empowering them with award-winning training, innovative technology and a pipeline of paying customers that have been pre-qualified using Heat Geek’s proprietary property intelligence algorithms.
Co-founder and CEO Aadil Qureshi said: “At the heart of our business is a shared obsession with empowering everyone in the UK to upgrade their home and save money every month. But one of the biggest issues facing mass uptake of heat pumps is a lack of skilled installers. Our solution is simple – train thousands of existing heating engineers and give them the skills, knowledge and tools to unlock the support for thousands of homeowners wanting to decarbonise their homes and save money on their energy bills.”
A key factor in Heat Geek’s proposition and success to date is the creation and growth of the community of installers, which has 80,000 social media subscribers and 1,000 trained installers across the UK. All Heat Geek certified installers will soon be given access to the digital platform, featuring unique tools such as a digital surveying and system design process, a training and community hub, MSC certification, plus an end-to-end digital journey for homeowner – all of which ensures the company continues to offer the highest efficiency Heat Pump installations in the country.
The Heat Geek community is deeply involved with the development of the digital platform, ensuring the technology is built in absolute consideration of their needs as engineers and business owners. This co-development culminated in bringing on-board 15 of the community as shareholders of the company, ensuring the voice of the most important stakeholder is continuously integrated as the organisation scales.
Heat Geek has already established a number of significant partnerships; a partnership with OVO Energy was launched in September and Heat Geek has now also partnered with Resi, a digital-first renovation and extension service, to provide their homeowners with heat pumps as they renovate their homes.
Kristian Branaes, partner at lead investor Transition, commented: “Decarbonising heat is one of the biggest opportunities within climate today, but the market is held back by the lack of qualified installers. Heat Geek is the only company we’ve seen across Europe and the US that has a credible plan for how the industry can transform from within – by building on the incredible community that Adam and the Heat Geeks have already created and using technology to help it scale.”
Manuel Antunes, investor at Triple Point Ventures, added: “We found in Heat Geek the only heat engineering solution that is truly holistic and that allows installers to scale their operations to the extent the climate transition requires us to. From training to quoting, from design to performance monitoring, Heat Geek allows engineers to focus on what they love – installing great heating systems.”
Read the orginal article: https://www.eu-startups.com/2024/03/london-based-heat-geek-secures-e4-3-million-to-fuel-a-heat-pump-revolution-in-the-uk/
