Hometree speeds up home decarbonisation with IMS Heat Pumps merger

Perth-based renewable energy installer IMS Heat Pumps has been acquired by residential energy services firm Hometree for an undisclosed sum. Hometree, which was founded in 2015, has over 100,000 customers and a nationwide network of more than 5,000 engineers and installers. The company initially focused on home emergency services but has expanded into renewable installations and financing. Through its Hometree Finance division, Hometree boasts the UK’s largest portfolio of residential heat, solar, and battery leases.

The acquisition of IMS Heat Pumps, a company involved in heat pump installations since 1997, will enable Hometree to accelerate the transition from gas boilers to heat pumps. This move aligns with the UK’s phase-out of gas boilers in new homes by 2035 and the target set to have 600,000 heat pumps installed by 2028. IMS Heat Pumps will gain access to Hometree’s customer base, financing products, and insurance services, allowing them to provide even more value to their customers.

Additionally, the acquisition will empower Hometree to strengthen its engineering force. They plan to re-train more of their 5,000 engineers to install, repair, and maintain renewables. This is crucial as reports suggest that the country will need 30,000 heat pump installers to meet its targets. Simon Phelan, founder & CEO of Hometree, expressed his excitement about the partnership with Emma Bohan and the IMS team. He looks forward to significantly scaling the company to support the UK’s net zero ambition.

Emma Bohan, managing director of IMS Heat Pumps, shared her enthusiasm for the partnership as well. With over 25 years of experience in installing heat pumps, she believes that by partnering with Hometree, they can bring their specialist expertise to many more homeowners. Together, they aim to drive the uptake of sustainable heating solutions across the country.

Since its establishment, Hometree has raised over £85 million in funding and recently secured its first debt facility from funds managed by BlackRock to support its acquisition strategy. The company is also backed by Legal & General Capital, one of Europe’s largest asset managers, along with specialist energy investors such as Energy Impact Partners, Inven Capital, and 2150.