Tuesday 16 May 2023

Octopus Energy, Legal & General heat pump investment breaks records

Octopus Energy's generation arm and Legal & General Capital have announced a £70 million investment in the manufacturer of ground source heat pumps The Kensa Group.

Ground source heat pumps utilise freely available heat energy from the ground or water, operating like a reverse fridge.

This investment aims to accelerate the country's heat pump rollout, allowing Kensa to install 50,000 ground source heat pumps annually by 2030 and reducing reliance on gas boilers.

The government targets 600,000 heat pump installations per year by 2028 to achieve decarbonisation goals.

Zoisa North-Bond, Chief Executive Officer of Octopus Energy Generation, expressed excitement about supporting Kensa's expansion, emphasising the role of ground source heat pumps in driving down energy bills and advancing the clean energy transition.

Dr Matthew Trewhella, Chief Executive Officer of The Kensa Group, highlighted the investment's significance in transitioning to low carbon heating and replacing the gas grid with an ambient temperature heat network.