Triple Solar raises 10 million euro in growth capital

News overview

Triple Solar, inventor of the PVT heat pump and the corresponding PVT heat pump panels, has attracted a major new shareholder with pension fund ABP, in order to remain at the forefront of the energy transition in the coming years.

Through its asset manager APG, ABP is investing, together with the current shareholders - Participatiefonds Duurzame Economie Noord-Holland (PDENH), DOEN Participaties, Enfuro Ventures and the two founders - in further increasing Triple Solar's impact on the energy transition. The funds will be used to further roll out the unique heat pump system internationally, expand production capacity and develop new energy-efficient products and services.

Replacing natural gas by heating with an electric heat pump is in line with the government's goal to make the housing stock in the Netherlands substantially more sustainable. In order to meet the targets of the Paris Climate Agreement and the Dutch Climate Agreement, 1 million Dutch households are to be equipped with a heat pump for heating homes by 2030 at the latest.

Cees Mager, CEO and founder of Triple Solar: "In the search for a new partner, ABP was our preference from the outset. ABP gives us the unique opportunity to use the pension savings of a large group of Dutch people to continue making our country more sustainable with products that will make a difference in both new and existing buildings."

Dominique Dijkhuis, executive director of pension fund ABP: "With this investment, ABP can contribute to making the built environment in the Netherlands more sustainable and ensure a good return for our participants. The built environment is responsible for almost 40 per cent of the total CO2 emissions worldwide. Therefore, here too reducing fossil fuel consumption is crucial for the energy transition. This investment allows this fine Dutch company Triple Solar to grow, and together we can increase our impact on the energy transition."

ABP is investing in Triple Solar through the ABP Nederlands Energie Transitiefonds (ANET), which was set up specifically to invest in promising companies focusing on (technological) solutions for the Dutch energy transition.

Anthony Viellevoije, Investment Director PDENH: "PDENH first invested in Triple Solar in 2018, because we strongly believed in the team's vision and executive ability. In the meantime, following an influx of talent into the organization and recent developments in the energy markets, our belief has been further strengthened that Triple Solar has a winning product-market combination on its hands that can make significant impact in our fight against climate change."