Rendesco, the developer and operator of clean heat networks, has raised £6 million in a fresh funding round co-led by the Clean Growth Fund, Eurazeo’s Smart City Fund, and Aviva Ventures. An existing investor of Rendesco, Copley Point Capital, took part as well.
- Rendesco was founded in 2012 by Alastair Murray. The company claims itself as the top independent developer and operator of clean heat in the UK. Rendesco creates, installs, and manages low-carbon systems that use ground-source technology to supply hot water and heat sustainably to homes and other structures.
“The completion of this funding means Rendesco is incredibly well capitalized, in parallel to the significant capital available to deploy into capex costs via Last Mile Heat. Their collective expertise and support will be invaluable as we pursue our ambitious growth plans, rapidly expanding our clean heating solutions to reach millions of homeowners and making a major and much-needed dent in the UK's carbon reduction efforts,” said Alastair Murray, CEO of Rendesco.
The funding round was co-led by three VCs:
- the UK Clean Growth Fund, that invests in early-stage climate tech startups with an initial investment of £500,000 and £3 million.
- French Eurazeo, a global investment company with a ticket size ranging between €30 million and €200 million.
- London-based Aviva Ventures, which invests in early-stage digital companies and has a ticket size of €30 million and €250 million.
The funding will speed up Rendesco's goals for innovation and growth, which include lowering energy costs for consumers, decarbonizing heat on a large scale, and offering a low-carbon solution for gas grid infrastructure. Additionally, it will make it possible to expand its climate technology capabilities.
