L&G takes 36% stake in heat pump firm Kensa17th April 2020
UK: Legal & General Capital has taken a 36% stake in ground source heat pump manufacturer, The Kensa Group.
Kensa says the investment will advance its heat pump research and development programme, expand Kensa Contracting’s district heating shared ground loop array installations, and fund zero-cost heating infrastructure through Kensa Utilities.
Legal & General invests its capital in clean energy assets, businesses and technologies which will help accelerate the UK’s progress to a low-cost, low-carbon economy. The partnership with Kensa complements Legal & General’s existing clean energy investment portfolio, which now includes low carbon heat, transport and power generation. Legal & General says its investment supports the partnership’s ambition to form part of the UK’s solution to reaching net zero carbon emissions by 2050.
Kensa Group CEO Simon Lomax said: “This is a significant investment not only for Kensa, but also for the low carbon economy and our region. Legal & General’s support will deliver vital employment opportunities in Cornwall and bolster UK manufacturing in the wake of Covid-19, as attentions return to combatting the effects of climate change and meeting the UK’s 2050 net zero carbon target.
Legal & General’s partnership with Kensa coincides with the completion of a new 1000m2 manufacturing and office facility on its current site at the former Mount Wellington Mine in Cornwall.
“Together with the delivery of our expanded manufacturing premises, Kensa’s partnership with Legal & General aims to install 50,000 ground source heat pumps in the mid-term; a weighty contribution to quickly tackling carbon emissions, air pollution and fuel poverty,” said Lomax.
Established in 1999, the Kensa Group currently comprises three divisions: manufacturer Kensa Heat Pumps, installation business Kensa Contracting and infrastructure asset company Kensa Utilities.
James Standley continues as MD of Kensa Heat Pumps with Matthew Trewhella as MD of Kensa Contracting.