Blackfinch Ventures, part of the Blackfinch Group, has invested £300,000 in Adia Thermal, a UK startup.
According to a company statement, Adia’s patent-pending hardware and software solution allows heat pumps to be retrofitted into homes without the need for extensive pipework or lengthy installation processes. Adia said its technology enables installation by regular boiler engineers “in as little as three days”, and even during boiler breakdowns.
Blackfinch stated that its Energy Transition EIS Portfolios provide investors with access to pioneering startups developing technologies that enable “cleaner, more efficient energy generation, storage and distribution”.
Dr Reuben Wilcock, head of ventures at Blackfinch, said: “Adia is the perfect example of what our Energy Transition EIS aims to achieve. The company is solving a real world challenge with an innovative, scalable solution that supports the decarbonisation of the built environment. By investing in companies like Adia, we’re delivering value to investors while addressing critical infrastructure needs in the transition to net zero.”
Luke Hodgkinson, CEO of Adia Thermal, added: “Over 60% of UK boiler sales come from breakdowns, and by then it’s too late to get a heat pump, as current installation timescales are approximately four weeks or more. With Adia Thermal, a heat pump can be fitted in three days – as quickly and easily as a gas boiler – saving homeowners thousands of pounds, and letting them switch to greener heating without months of planning. This investment from Blackfinch will help us scale our solution and bring the benefits of clean heating to many more homes across the UK.”