Hometree acquires energy installer IMS Heat Pumps

TV presenter Kevin McCloud with system installed by IMS Heat Pumps

Hometree, the fast-growing residential energy services company, has acquired Perth and Sheffield based renewable energy installer IMS Heat Pumps.

Founded in 2015 to focus on home emergency breakdown and insurance, Hometree has since expanded into renewable installations and financing.

It has more than 100,000 customers served by a nationwide network of 5,000 multi-trade engineers and installers.

In addition, through its Hometree Finance division, Hometree has the largest portfolio of residential heat, solar and battery leases in the UK.

With demand set to surge for renewable energy installations, Hometree is in a prime position to accelerate the change from gas boilers to heat pumps and other renewable forms of technology across the UK.

As the UK phases out gas boilers in new homes by 2035, many consumers are investing in renewable energy sources to power their homes including heat pumps, solar panels and electric batteries.

Hometree is capitalising on this switch to renewables by acquiring IMS Heat Pumps, which has pioneered heat pump installations across England and Scotland since 1997.

IMS Heat Pumps will gain access to Hometree’s customer base, its suite of financing products and insurance services. 

Emma 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.” 

Hometree founder & 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.”

Since it was founded, Hometree has raised more than £85 million and recently secured its first debt facility from funds and accounts managed by BlackRock to support its acquisition strategy.

Hometree is also backed by one of Europe’s largest asset managers in Legal & General Capital, alongside a range of leading specialist energy investors including Energy Impact Partners, Inven Capital and 2150.

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