Last Mile Infrastructure and Rendesco form joint venture to provide ground and water source heat pump heating and cooling infrastructure to residential and commercial property developers across the UK.
Last Mile Infrastructure (Last Mile), one of the UK’s largest Independent Network Owners, has entered into an agreement with Rendesco, the heat pump specialist, to form a ground source and water source heat pump infrastructure joint venture, Last Mile Heat Networks (LMHN). Together they will provide housebuilders across the UK with a sustainable and cleaner energy option for heating properties. LMHN will own and manage the infrastructure, which will be designed and built by Rendesco.
Last Mile designs, installs, owns and operates multi utility networks, including gas, electricity, water and wastewater networks as well as smart meters connecting new build properties across the UK. It owns and operates more than 400,000 connections servicing residential and commercial customers and has a contracted order book of circa 390,000 connections. Last Mile is a portfolio company of Infracapital, the infrastructure equity investment arm of M&G.
Rendesco is an industry leader in the design, installation, operation and maintenance of heat pump infrastructure across the UK , focusing on large scale residential and commercial projects. Founded in 2012, it is one of the largest ground source heat pump (GSHP) installers in the market with 400+ bespoke heat pumps installed . Rendesco is also the largest owner and operator of ground source heat pump systems in the UK with over 66MW of renewable heating capacity across the country.
Both parties will bring highly complementary strengths to the joint venture. LMHN will combine Last Mile’s strong and well-established relationships with UK housebuilders, land and commercial property developers, as well as other third-party accredited installers of utility infrastructure, with Rendesco’s market leading heat pump design, installation and management expertise, and its own long-established developer relationships.
LMHN is part of Last Mile’s strategy of adding sustainable energy infrastructure capabilities to its offering and remaining a one stop shop for all of the last mile utility infrastructure needs of UK housing and commercial property developers. The joint venture will enable Last Mile to support its customers’ ambitions of lowering the carbon footprint of the domestic and commercial properties they develop as well as UK government’s 2050 net zero carbon emissions target.
For Rendesco , this joint venture is part of its growth strategy allowing it to build on its market-leading position offering renewable heat as a service for commercial and residential property.
Mike Pearce, CEO of Last Mile Infrastructure Group, said:
“We are delighted to enter this partnership and look forward to working closely together. Rendesco is highly complementary to the existing Last Mile businesses, adding another string to its bow. The joint venture means that we are very well placed to capitalise on the sizeable and growing opportunities available in the UK GSHP connections market whilst enhancing our sustainability offering to customers.”
Alastair Murray, Co-Founder and Managing Director of Rendesco, said:
“The Rendesco team is excited about the joint venture with Last Mile. It will enable us to grow the business through Last Mile ’s network and provide even more customers with our high-quality heat pump installations . We look forward to working together and expanding our customer base while our dedicated staff continue to provide an exceptional service in installation and maintenance.”
If you require any further information, please contact:
Tom Murray/Guy Bates/Jordan McCulla
+44 20 7353 4200
Last Mile Infrastructure
+443300 587 711
Tom Lloyd/Fran Roddy-Watts
About Last Mile Infrastructure Group
The Last Mile Infrastructure Group is one of the UK’s largest Independent Network Owners, owning and operating more than400,000 connections servicing residential and commercial customers. It invests in essential infrastructure connecting new buildings across Great Britain generating long-life assets which are installed to the highest industry level. Last Mile has a proven track record and expertise in the financing, ownership, operation, maintenance, sale, design, build and adoption of last-mile infrastructure including gas, electricity, water, wastewater, district heating and fibre optic telecommunications networks.
Rendesco was established in 2012 and is headquartered in Cheltenham. It specialises in heat pump technology and is an industry leader in design, installation, operation and maintenance across the UK. It focuses on large scale residential and commercial projects. It is one of the largest ground source heat pump (GSHP) installers in the market, with 400+ bespoke heat pumps installed . Rendesco is also the largest owner and operator of GSHP in the UK, with over 66MW of renewable heating capacity across the country.