- Heatio, a Liverpool-based clean tech company, has been awarded £1.2m funding to help homeowners improve heat efficiency and save on energy bills.
- The funding, part of the Net Zero Innovation Portfolio scheme, introduces an Energy as a Service solution for heat pumps, solar PV, and battery storage.
- Heatio is also involved in providing a fixed-rate green mortgage to incentivize homeowners to retrofit their homes with low carbon technologies.
- These initiatives aim to make alternative energy sources more accessible to lower-income households and reduce the UK’s carbon emissions from housing.
- Heatio’s innovative Home Energy Management Solution suggests energy-efficient technologies based on individual household energy usage patterns and property characteristics.
Funding Secured: Liverpool Clean Tech Company Heatio Awarded £1.2m
In a recent interview conducted during the 2024 Innovation Week, Liverpool-based clean tech company Heatio unveiled its success in securing a substantial £1.2 million in funding. This funding, allocated through the Net Zero Innovation Portfolio (NZIP) Green Home Finance Accelerator (GHFA) scheme by the Department for Energy Security & Net Zero, marks a significant milestone for the company’s efforts to revolutionize the clean energy sector.
Revolutionizing Clean Energy Technology
Heatio, co-founded by Thomas Farquhar, is dedicated to breaking down barriers hindering the widespread adoption of renewable technologies. Their primary focus lies in providing access to clean and affordable energy solutions, aiming to make a tangible impact on reducing carbon emissions and promoting sustainability. Farquhar emphasized the importance of enabling mass-scale deployment of renewable technologies to achieve their ultimate goal of ensuring clean energy accessibility for all.
The funding received by Heatio will support two key initiatives geared towards enhancing heat efficiency in residential properties while simultaneously reducing energy costs for homeowners. The first initiative introduces an innovative Energy as a Service (EaaS) solution, a subscription-based model designed to eliminate upfront costs associated with adopting technologies such as heat pumps, solar PV, and battery storage. Through a strategic partnership with E.ON and Energy Systems Catapult, around 350 households in the North West of England will be among the first to benefit from this cutting-edge service, set to launch in the upcoming Spring season.
Related Video
Farquhar highlighted the novelty of such a subscription-based approach within the UK market, drawing parallels with conventional asset finance models. He emphasized the importance of simplifying the financial aspects of clean energy adoption to make it more accessible and appealing to consumers, likening it to a subscription service that grants access to energy savings rather than owning the physical assets outright.
Pioneering Sustainable Financing Solutions
The second project spearheaded by Heatio involves a collaboration with Perenna Digital Bank and Energy Systems Catapult to offer a unique 20-30 year fixed-rate green mortgage scheme. This initiative rewards homeowners who invest in retrofitting their properties with low carbon technologies such as heat pumps, solar PV, and battery storage by offering preferential interest rates on their mortgages. By incentivizing energy-efficient upgrades through financial benefits, this innovative financing option aims to drive widespread adoption of clean technologies in residential settings, ultimately leading to reduced carbon emissions and enhanced energy efficiency.
Farquhar elaborated on the significance of this green mortgage approach, emphasizing its proactive stance in encouraging homeowners to embrace sustainability measures rather than merely rewarding those who are already efficient. By offering tangible financial incentives for adopting clean energy solutions, the initiative aims to motivate a broader segment of the population to engage in eco-friendly practices and contribute to the nation’s carbon reduction targets.
Empowering Consumers for a Sustainable Future
With the UK’s housing sector responsible for a substantial portion of the country’s total emissions, decarbonizing residential properties emerges as a crucial endeavor in advancing the nation’s sustainability goals. Heatio’s projects are strategically designed to make alternative energy sources more accessible to individuals with varying income levels and limited capital resources. Central to both initiatives is the Heatio Flexx Home Energy Management Solution, a data-driven platform that provides personalized energy profiles and tailored recommendations for energy-efficient technologies based on individual household needs and usage patterns.
Farquhar emphasized the pivotal role of removing financial barriers for consumers in driving energy efficiency and promoting the adoption of low-carbon technologies. By introducing innovative financing solutions and subscription-based models that mitigate upfront costs and facilitate long-term savings, Heatio aims to democratize access to clean energy solutions and empower consumers to make sustainable choices for their homes.
The funding secured by Heatio represents a pivotal step in the company’s journey towards catalyzing positive change in the clean tech industry. By pioneering innovative financing solutions and promoting sustainable energy practices, Heatio is poised to play a significant role in accelerating the UK’s transition towards a net-zero future. As the company continues to innovate and expand its impact, the prospect of a greener, more sustainable future beckons closer on the horizon.
