In a significant move towards promoting renewable energy, Hometree, a prominent residential energy services firm, has recently acquired IMS Heat Pumps, a Perth-based company specializing in heat pump installations since 1997. The acquisition, which took place for an undisclosed sum, is set to accelerate the transition from gas boilers to heat pumps, aligning with the UK's ambitious targets of phasing out gas boilers in new homes by 2035 and installing 600,000 heat pumps by 2028.
Founded in 2015, Hometree has established itself as a leading player in the residential energy services sector, boasting a customer base of over 100,000 and a nationwide network of more than 5,000 engineers and installers. While the company initially focused on home emergency services, it has since expanded its offerings to include renewable installations and financing. Through its Hometree Finance division, the company now holds the UK's largest portfolio of residential heat, solar, and battery leases.
The acquisition of IMS Heat Pumps is a strategic move that will allow Hometree to leverage the expertise and experience of the Perth-based company, which has been at the forefront of heat pump installations for over two decades. By joining forces, Hometree aims to accelerate the adoption of sustainable heating solutions across the country, contributing to the UK's net-zero ambitions.
As part of the acquisition, IMS Heat Pumps will gain access to Hometree's extensive customer base, as well as its suite of financing products and insurance services. This will enable the company to deliver even more value to its customers, while also benefiting from Hometree's scale and resources. The acquisition will also allow Hometree to bolster its engineering force and re-train more of its 5,000 engineers to be able to install, repair, and maintain renewables – a crucial consideration given the reports suggesting that the country needs 30,000 heat pump installers to meet its targets.
Commenting on the acquisition, Hometree founder & CEO Simon Phelan expressed his excitement about partnering with Emma Bohan and the IMS team, stating, "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."
Emma Bohan, managing director of IMS Heat Pumps, also shared her enthusiasm about the partnership, saying, "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 its inception, Hometree has raised over £85 million in funding and recently secured its first debt facility from funds and accounts managed by BlackRock to support its acquisition strategy. The company is also backed by one of Europe's largest asset managers, Legal & General Capital, alongside a range of specialist energy investors, including Energy Impact Partners, Inven Capital, and 2150.
The acquisition of IMS Heat Pumps by Hometree marks a significant milestone in the UK's journey towards a more sustainable future. By combining their expertise, resources, and commitment to renewable energy, the two companies are well-positioned to drive the adoption of heat pumps and other sustainable heating solutions across the country, contributing to the global fight against climate change.
