To continue leading the energy revolution in the upcoming years, Triple Solar, an Amsterdam-based designer, and manufacturer of the PVT heat pump and related PVT heat pump panels announced the raise of €10M in growth investment.
A pension fund, ABP, a new investor, made the transaction through its asset manager, APG. Along with the two founders, Cees Mager and Terence van Buuren, the round included previous backers Participatiefonds Duurzame Economie Noord-Holland (PDENH), DOEN Participaties, and Enfuro Ventures.
According to Triple Solar, the money will be used to increase production, create new energy-efficient products and services, and continue to market its heat pump system abroad.
“With this investment, ABP can help make the built environment in the Netherlands more sustainable and secure a solid return for our participants,” says Dominique Dijkhuis, executive director of pension fund ABP.”
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“Nearly 40% of all CO2 emissions worldwide are caused by the built environment. Therefore, cutting back on the use of fossil fuels is also essential for the energy transition. Together, we can have a greater impact on the energy transition as our investment enables the growth of the excellent Dutch firm Triple Solar,” Dominique Dijkhuis continued.
Triple Solar, a company founded in 2009 by Cees Mager and Terence van Buuren, seeks to have the greatest impact possible in lowering CO2 emissions from heating houses. The company’s goal is to raise consumer knowledge of household energy efficiency and, as a result, create clever solutions for the sustainable energy sector.
The PVT heat pump and PVT heat pump panel, which can sustainably supply a home with heat, hot water, and electricity, 24/7, throughout the year, were developed by Triple Solar. Already, 5,000 homes—both local and foreign—are linked to a Triple Solar system.
The government of the Netherlands wants to switch from natural gas heating to electric heat pumps to greatly boost the sustainability of the country’s housing stock. To achieve the objectives of the Dutch Climate Agreement and the Paris Climate Agreement, one million Dutch homes must have heat pumps installed by 2030 at the latest.
Pensioenfonds Stichting ABP is a pension fund for the Dutch government and educational institutions employers and workers. 3.1 million members and €480 billion in accessible assets make up the company.
Through the ABP Nederlands Energietransitiefonds (ANET), which was established to invest in projects and businesses with cutting-edge solutions for the energy transition, the investment is made.
“In the quest for a new partner, ABP was our priority from the start,” explains Cees Mager, CEO, and founder of Triple Solar. With the help of ABP, we have an exceptional chance to continue improving the sustainability of our nation by using the pension funds of a significant portion of the Dutch population.
For more than 25 years, DOEN Participaties has made investments in social, sustainable, and innovative enterprises. The organization’s goal is to create a greener, more sociable planet. The impact is therefore at the heart of all of its investments. Stichting DOEN is the only owner and manager of the business. Initiated by the Nationale Postcode Loterij, Stichting DOEN.
PDENH was created by the province of North Holland to foster a sustainable economy in this area. The fund supports organizations and projects focused on the circular economy, environmentally friendly transportation, and energy transition. PDENH has invested in over 30 companies and projects totaling €85M in financing.
“PDENH originally invested in Triple Solar in 2018 because we highly believed in the team’s vision and executive skills,” says Anthony Viellevoije, Investment Director at PDENH.”
Anthony Viellevoije added, “The idea that Triple Solar has a successful product-market combination on its hands and can have a big impact in the battle against climate change has been further enhanced as a result of recent changes in the energy markets and an influx of talent into the organization.
Image Credit: Triple Solar