Evinox and Minibems merge with an investment from SET Ventures

Evinox and Minibems are merging due to receiving growth capital from SET Ventures. This capital injection enables the two companies to enhance energy efficiency and cost savings for heat network operators and residents.

Heat networks, also known as district heating systems, supply heat to one or multiple buildings from a central source, such as a boiler or heat pump. These systems are becoming increasingly popular to decarbonise heat, however, they can be inefficient and costly to operate.

Evinox provides a full range of equipment and services to heat network operators. The company has pioneered remotely connected heat interface units (HIU) designed for easy installation, operation and maintenance. Evinox has also supplied over 15,000 units for projects across the UK, including for developments such as Battersea Power Station, London City Island and Riverlight.

Minibems has developed advanced control technology which optimises the operation of heat networks in real-time, using algorithms to predict and optimise the flow of heat to meet demand. By vastly improving network efficiency, energy consumption and carbon emissions, costs for heat network operators and residents can be reduced by more than 50%.

“This is a powerful step to address the pressing needs of our industry for effective decarbonisation solutions,” says Terry Mahoney, Managing Director of Evinox. “By combining our expertise and technology, we can offer a truly comprehensive range of products and services that guarantee energy efficiency. We are looking forward to the opportunities this merger will bring for our customers and for the industry as a whole.”

“We are thrilled to be partnering with Evinox to offer a complete solution for heat network operators,” says Minibems CEO Simon Gunter, who will continue as Executive Chairman of the combined entity. “Combining Evinox smart HIUs with Minibems optimisation technology will help heat network operators to maximise efficiency and reduce the energy bill to residents.”

“Since our original investment in Minibems in 2019, we have been excited about the magnitude of the problem to solve in how we heat buildings,” says Anton Arts, Managing Partner at SET Ventures. “This business combination creates the undisputed leader that will boost the efficiency of heat networks and achieve emission reductions at scale. We are pleased to support these visionary management teams to achieve their ambition together”.

This partnership ensures that heat networks can fulfil their commitment to decarbonise heat, by reducing the carbon intensity by 1 ton per apartment each year in existing networks, as well as by enabling the use of heat pump pumps as a low-carbon source of heat. In the UK alone, over £500 million in government funding has been made available to drive adoption to 20% of building stock.