tepeo raise £10.5m in Series A funding for Zero Emission Boiler production
tepeo has secured £10.5 million in Series A Funding to fuel the next stage of growth and bring us a step closer to transforming the way homes are heated.
BGF, the UK and Ireland’s most active growth capital investor, is leading the round and is joined by tepeo’s existing investors Clean Growth Fund (CGF), Bonheur and Renewable Environmental Investments Ltd, all backing the future of clean, green and affordable home heating.
Johan du Plessis, founder and CEO of tepeo, said:“In the last twelve months we have launched our first ZEB and received an overwhelming amount of interest from consumers. We’ve tripled the size of the business and built a solid foundation for scale. This investment from BGF and our existing investors will enable us to scale-up our manufacturing and commercial operations, to offer ZEBs to more and more people across the UK and to start making meaningful progress on decarbonising heating.
A ZEB is a simple, low carbon, plug ‘n’ play boiler replacement for consumers and will increasingly play a critical role in reducing the cost of the energy transition and stabilising the electricity networks.”
How does the ZEB work?
The ZEB’s smart tech automatically heats a thermal core at the cheapest and greenest times of day, taking into account the customer's electricity tariff, grid carbon intensity forecast, and customers’ preferences for how carbon or cost conscious they want their ZEB to be. From Spring 2023 the ZEB will also be able to charge on excess solar electricity generated by a home’s solar PV that would otherwise have to be exported to the grid for a low price.
The benefits of a ZEB stretch beyond carbon reduction, tackling local air pollution by eliminating the emission of particulates and other pollutants from domestic boilers. ZEBs have been designed to provide Demand Side Response (DSR) and flexibility services such as frequency response to Distribution Network Operators and National Grid, thereby supporting the needs of an increasingly low carbon electricity grid.
Dennis Atkinson, Investor at BGF, said:
“We are excited to be investing in tepeo, and in doing so, supporting the UK transition to a low carbon economy. tepeo is at the forefront of the urgent activity being undertaken to reduce emissions from households and their innovative technology has an important role to play in the electrification of heating. tepeo’s ability to store and discharge heat in a cost-effective manner will also prove crucial in delivering this transition in an efficient way, at a time when energy costs are of crucial importance to consumers. We look forward to working with Johan and his talented team and supporting tepeo to achieve its full growth potential.”
The Tepeo Team Summer 2022
The funding will enable the development of tepeo’s Wokingham head office, growing production, R&D, assembly and commercial teams, as well as expanding sales across the UK.
The goal is to decarbonise domestic heating and provide grid stability services that will support the deployment of further renewable generation across the national grid.
Heat your home, not the planet.
