Renewable energy installer acquired to support home decarbonisation revolution
Hometree, a residential energy services company, has acquired Sheffield-based renewable energy installer, IMS Heat Pumps.
Hometree was founded in 2015 with an initial focus on home emergency breakdown and insurance.
It has since expanded into renewable installations and financing, positioning itself to become a key partner for homeowners looking for low-carbon home energy solutions.
It now has over 100,000 customers who rely on it to keep their homes running smoothly with emergency heating, plumbing, electrical repairs and maintenance plans, which are delivered by a nationwide network of over 5,000 engineers and installers.
In addition, through its Hometree Finance division, the company has a portfolio of residential heat, solar and battery leases which it finances and owns, so homeowners can benefit from lower energy bills, without the upfront cost of installation.
With targets set to have 600,000 heat pumps installed in the UK by 2028, Hometree says it aims to capitalise on this by acquiring IMS Heat Pumps.
The deal means IMS Heat Pumps will gain access to a wider customer base, along with a suite of financing products and insurance services.
It will also enable Hometree to bolster its engineering force and re-train more of its 5,000 engineers to be able to install, repair and maintain renewables.
Hometree founder and CEO, Simon Phelan, said: “I’m incredibly excited to be partnering with Emma Bohan and the IMS team and look forward to helping them scale the company significantly.
“If the UK is to achieve its net zero ambition, we will need an army of installers right across the country and we’re committed to bringing together these skills, supported by financing and in-life repair and maintenance services, to make Hometree the first choice for homeowners who want to do the right thing by the planet.”
Bohan, managing director of IMS Heat Pumps, said: “We’ve been installing heat pumps for over 25 years and we’ve watched the renewable home energy industry grow and grow in that time.
“By partnering with Hometree, we can bring our specialist expertise to many more homeowners and look forward to working closely with the Hometree team to drive uptake of sustainable heating solutions across the country.”
Since it was founded, Hometree has raised more than £85m in funding and recently secured its first debt facility from funds and accounts managed by BlackRock to support its acquisition strategy.
It is also backed by one of Europe’s largest asset managers in Legal & General Capital, alongside a range of specialist energy investors including Energy Impact Partners, Inven Capital and 2150.
