Hometree, which was founded in 2015, has over 100,000 customers and a nationwide network of more than 5,000 engineers and installers. The company initially focused on home emergency services but has expanded into renewable installations and financing. In addition, through its Hometree Finance division, Hometree boasts the UK’s largest portfolio of residential heat, solar, and battery leases.

The acquisition of IMS Heat Pumps, involved in heat pump installations since 1997, will allow Hometree to accelerate the transition from gas boilers to heat pumps. This aligns with the UK’s phase-out of gas boilers in new homes by 2035 and targets set to have 600,000 heat pumps installed by 2028.

IMS Heat Pumps will gain access to Hometree’s customer base, its suite of financing products and insurance services so that it can deliver even more value to its customers. Meanwhile, the acquisition will enable Hometree to bolster its engineering force and re-train more of its 5,000 engineers to be able to install, repair and maintain renewables – a key consideration given that reports have suggested that the country needs 30,000 heat pump installers to meet its targets.

Hometree founder & CEO Simon Phelan said: “I’m incredibly excited to be partnering with Emma Bohan and the IMS team and look forward to helping them scale the company significantly.

“If the UK is to achieve its net zero ambition, we will need an army of installers right across the country and we’re committed to bringing together these skills, supported by financing and in-life repair and maintenance services, to make Hometree the first choice for homeowners who want to do the right thing by the planet.”

Emma Bohan, managing director of IMS Heat Pumps, said: “We’ve been installing heat pumps for over 25 years and we’ve watched the renewable home energy industry grow and grow in that time.

“By partnering with Hometree, we can bring our specialist expertise to many more homeowners and look forward to working closely with the Hometree team to drive uptake of sustainable heating solutions across the country.”

Since it was founded, Hometree has raised over £85 million in funding and recently secured its first debt facility from funds and accounts managed by BlackRock to support its acquisition strategy. Hometree is also backed by one of Europe’s largest asset managers in Legal & General Capital, alongside a range of specialist energy investors including Energy Impact Partners, Inven Capital and 2150.