Hometree, a London, UK-based residential energy services company, received a Debt financing from BlackRock.
The amount of the deal was not disclosed.
The company intends to use the funds to expand operations and development efforts.
Led by CEO Simon Phelan, Hometree is a residential energy services company that accelerates the transition to net zero homes through the change from gas boilers to heat pumps and other renewable forms of technology across the UK. By buying up independent energy installers across the country including North Shields-based Geowarmth and Kent-based The Little Green Energy Company, the company intends to bolster its engineering force. Its latest acquisitions bring the total number of companies Hometree has acquired to seven.
The companies will gain access to Hometree’s customer base, its suite of financing products and insurance services, so they can deliver value to their customers. Meanwhile, the acquisitions will enable to bolster its engineering force and re-train more of its 5,000 engineers to be able to install, repair and maintain renewables.
Since it was founded, Hometree has raised over £85M in funding.
Commenting on the news, Simon Phelan said: “Our mission has always been to support homeowners to decarbonise their homes, and this funding from BlackRock gives us the capacity to increase our scale at pace through M&A“.
FinSMEs
18/04/2024