The company intends to use the proceeds to scale up the HFB offering to create an installed base of boilers with contractual revenues, as well as a scaling up its Air Source Heat Pumps (ASHP) offering. ASHP can replace energy from oil, LPG and electric heaters and allow a reduction in fuel bills and CO2 emissions.
Established in 2005 and led by Peter Randall, Ecovision installs heat pump, solar panels, biomass and gas boilers in thousands of homes, businesses and community buildings across the UK, from castles to single bedroom city apartments.
Over 5,000 systems have been installed by the company since inception. Ecovision operates nationwide and is forecast to generate revenues of over £20m and in the next three years is expected to install over 30,000 new boilers. In May last year, it sold its Free Photovoltaic business of over 4,000 Solar systems to Aviva, returning the investment and a premium to their investors.