Clean Growth Fund provides follow on funding for tepeo
Clean Growth Fund is delighted to provide further investment for tepeo as part of its £10.5m Series A funding round. 17% of all UK carbon emissions come from heating our homes and Clean Growth Fund is committed to supporting innovative technologies that help to move the world away from burning fossil fuels.
Designed and made in the UK, tepeo’s Zero Emission Boiler (ZEB®) is a direct replacement for a gas, oil, LPG and electric boilers and has revolutionised the way that we heat our homes. Instead of using fossil fuels, its patented technology is powered by electricity and automatically heats its thermal core during the cheapest and greenest times of the day to efficiently store heat until it is needed. The ZEB’s smart technology provides heat to both the water and central heating system, reduceing home owner utility bills.
This has been a year of expansion for tepeo. The company has tripled in size and has taken up new office space to make way for its growing team, which now stands at over 30 staff members. This latest investment will enable tepeo to scale-up manufacturing and commercial operations to be able to offer more and more ZEBs to consumers across the UK.
Other investors in the round include Business Growth Fund (BGF), Bonheur and Renewable Environmental Investments Ltd. Clean Growth Fund first invested in the UK startup in July 2021.
Stephen Price, investment director, at The Clean Growth FundFund Investment Director, Stephen Price, said: “We’ve been extremely impressed with the progress that tepeo has made since our first investment and we’re very pleased to be investing further and continuing our support for this exciting young company. The decarbonisation of domestic heating is a huge challenge that must be overcome to achieve Net Zero and we firmly believe that tepeo’s products will play a significant role in delivering a solution.”
Johan du Plessis, founder and CEO of tepeo, said: “In the last twelve months we have launched our first ZEB and received an overwhelming amount of interest from consumers. We’ve tripled the size of the business and built a solid foundation for scale. This investment from BGF and our existing investors will enable us to scale-up our manufacturing and commercial operations, to offer ZEBs to more and more people across the UK and to start making meaningful progress on decarbonising heating. A ZEB is a simple, low carbon, plug ‘n’ play boiler replacement for consumers and will increasingly play a critical role in reducing the cost of the energy transition and stabilising the electricity networks. This funding is a clear vote of confidence in the enormous size of the opportunity ahead of us and our plans for expansion in order to address it.”