One of the UK’s leading providers of sustainable energy systems received £3.6m of investment from BGF in August 2014.
Established in 2005, Ecovision installs heat pump, solar panels, biomass and gas boilers in thousands of homes, businesses and community buildings across the UK, from stately homes such as Castle Howard through to single bedroom city apartments. Over 5,000 systems have been installed by the company since 2005. Ecovision operates nationwide with its head office located on The Prince of Wales’ Highgrove Estate in Gloucestershire.
An additional focus for the business is Hassle Free Boilers (HFB). Launched in 2013, HFB offers customers a state of the art, energy-efficient, Vaillant gas boiler which saves them up to 40% on their gas bills but requires no upfront cost.
BGF’s growth capital investment, which includes follow-on funding, is being used to scale up the HFB offering to create a significant installed base of boilers with contractual revenues, as well as a scaling up Ecovision’s Air Source Heat Pumps (“ASHP”) offering. ASHP can replace energy from oil, LPG and electric heaters and allow a significant reduction in fuel bills and CO2 emissions.
Ecovision is led by successful entrepreneur Peter Randall who, prior to Ecovision, was one of the co-founders of Telco/ISP Telinco which was subsequently sold for $250m in 2000 and then merged with Tiscali. Randall remained as Tiscali’s COO in Milan following the deal.