Green energy firm expands with seven-figure deal

A Cornish ground source heat pump company is investing in its growth with a seven-figure working capital funding package.

Based in Truro, The Kensa Group manufacture and install ground source heat pumps and own heat pump networks taking the responsibility away from developers and homeowners.

Ground source heat pumps provide a low carbon, highly sustainable alternative to gas heating systems.

The funding, which includes the first green trade loan facility from HSBC UK in the South West region, will support the manufacturing and distribution of ground source heat pumps across the UK as demand continues to increase.

Kensa is responsible for installing over half of the ground source heat pumps installed across the country each year. The funding package will assist the continued growth of the already 200 plus strong team as Kensa continues to expand. It will also help to boost market expansion and the rapid growth of the heat pump industry, helping the UK towards its target of installing 600,000 heat pumps a year by 2028.

Mel Adderley, group finance director at The Kensa Group, said: “We’re thrilled to be expanding the business and continuing to invest in its growth with the help of HSBC UK. The whole heat pump industry, including Kensa, is scaling dramatically while working to reach the government’s net-zero targets. Funding like this allows us to significantly step up our efforts as we continue to prepare for further rapid growth.

“HSBC UK has been a great support during this time of growth and development. We have banked with HSBC UK for many years and are really pleased with this new innovative funding solution that Christopher and the wider relationship team have structured for the group.”

Christopher Hudson, corporate banking relationship director at HSBC UK, said: “I am thrilled to support the growth plans of Kensa Group through this multi-million funding package. Kensa Group are at the forefront of driving change through their innovative ground source heat pump solutions that support the decarbonisation of homes by providing more sustainable means of how households heat their homes. I look forward to seeing Kensa’s growth and being there to support them along that journey.”

Kensa Group was established in 1999,  is privately owned and headquartered in Truro, Cornwall with offices in Exeter and Bradford.

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