Clean Growth Fund exits Rendesco as it secures £100 Million investment to accelerate clean heat network rollout
- Clean Growth Fund’s early investment helped establish Rendesco as the UK’s leading independent clean heat operator
- Clean Growth Fund exits as Rendesco secures £100 million to scale its low carbon heating roll out
- New funding enables Rendesco to deliver Heat as a Service across new build and retrofit developments
- Provides capital to accelerate rollout, as Future Homes Standard comes into force, and demand for clean heat surges
Rendesco Limited, the UK’s leading clean heat network developer and operator, announces a £100 million commitment from Pioneer Point Partners, the sustainable infrastructure investment firm. The investment marks a significant step in Rendesco’s development, enabling the Company to directly finance and own the heat networks it installs. This new business model allows housebuilders to access a fully funded, end-to-end clean heat solution with no upfront capital cost, while homeowners will benefit from low-carbon, efficient and affordable heating, protected from gas price volatility.
Rendesco works with leading UK residential developers, including Cala Homes and Telford Homes, and operates networks supplying clean heat and hot water to more than 10,000 homes. Rendesco owns the full delivery chain for its heat networks, from design and in-house geothermal drilling, through to in-home installation and ongoing operation. This end-to-end ownership dramatically reduces the cost of delivering clean heat; which, together with utility-style funding, enables housebuilders to install ground source heat networks at a lower cost than other low-carbon solutions, and significantly reduce energy bills for the households served.
The announcement comes as the UK heating market reaches a critical inflection point. Heating currently accounts for approximately one third of UK carbon emissions, with domestic energy bills remaining high and volatile after years of dependence on imported gas. The Future Homes Standard, which requires all new-build homes to be fitted with low-carbon heating, is now reshaping the new build market, while the Warm Homes Plan is driving growing demand for retrofit. Together, these create the regulatory conditions for fast and sustained growth in the clean heat market. Rendesco is well-placed to capitalise on both.
Pioneer Point’s investment also reflects growing institutional conviction in the UK heat transition and builds on the firm’s established track record investing in sustainable infrastructure across Europe.
Exiting investors Clean Growth Fund together with Aviva Ventures and Eurazeo have supported Rendesco through its growth phase and helped establish the Company as the UK’s leading independent clean heat operator. With Pioneer Point entering as its new majority shareholder, Rendesco is now positioned for its next stage of growth.
Susannah McClintock, Investment Partner, Clean Growth Fund, said:
“Clean Growth Fund’s mandate is to accelerate innovative British businesses that can deliver significant CO₂savings at scale, and our investment in Rendesco exemplifies this. Rendesco’s pioneering heat pump networks are 3–4x more efficient than traditional systems. Its end-to-end business model — designing, owning and operating heat networks in-house — enables a Heat-as-a-Service offering that overcomes the upfront cost barriers that have historically slowed clean heat adoption.
With heating responsible for approximately a third of UK carbon emissions, the need for scalable, affordable clean heat solutions has never been greater, and this £100m investment will enable Rendesco to rapidly expand its low carbon networks across new build and retrofit, delivering meaningful carbon savings as well as accelerating momentum behind the government’s Future Homes Standard and heat pump rollout.
This is precisely the kind of high-impact British success story that Clean Growth Fund exists to back: a company delivering meaningful climate impact while creating skilled green jobs across the UK. Weare very proud to have been part of their journey and wish them every success following our exit.”
Alastair Murray, CEO and Founder of Rendesco, said:
“The UK is experiencing the biggest change to how we heat our homes in a generation, and this is vital to protect homeowners from energy price volatility and end our reliance on foreign energy sources. Rendesco’s smart heat pump-led networks are the best solution for new build homes, and our retrofit solution can now deliver the same quality of service into the millions of existing homes that need to move off gas. Pioneer Point Partners brings a deep understanding of sustainable infrastructure and the conviction to back it at scale. It’s a vote of confidence in our team and our solution, and it gives us the firepower to serve many more homes as the Future Homes Standard reshapes the market.”
About Rendesco
Rendesco is the UK’s leading independent clean heat network developer and operator. It finances, designs, installs and operates low-carbon heat networks using ground source heat pump technology for new build developments. The company brought its geothermal drilling capability in-house in 2024, supporting its position as the UK’s only fully integrated clean heat operator. Rendesco operates across the UK, providing heating and hot water to more than 10,000 homes and generating over 28GWh of sustainable energy annually. Further information is available at www.rendesco.com
About Clean Growth Fund
Clean Growth Fund is a specialist climate tech venture capital platform. It was set up in 2020 to invest in UK-based innovations that significantly reduce greenhouse gas emissions or improve resource efficiency across: power and energy systems, transport and mobility, industrial decarbonisation, buildings and the built environment, agrifood, circular economy.
https://www.cleangrowthfund.com For press queries contact: lisa.thornley@cleangrowthfund.com.
About Pioneer Point Partners
Established in 2008, Pioneer Point Partners is a leading European sustainable infrastructure investor, which has committed over €2.1bn to 23 investments to date. The firm is led by six Partners who collectively bring more than 150 years of private equity investment experience across Western Europe. Pioneer Point has an established investment strategy, focusing on lower mid-market, value-add investments in the energy transition and environment sectors across Western Europe.
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