Triple Solar raises 10 million growth capital

17 January 2023

Triple Solar, portfolio company of Participatiefonds Duurzame Economie Noord-Holland (PDENH), has attracted a major new shareholder: pension fund ABP. The shareholders have jointly invested 10 million in the fast-growing PVT heat pump and panel manufacturer in this investment round. This will enable the company will also remain at the forefront of the energy transition in the coming years.

Vlnr: Ward Wolters (DOEN), Rutger van Wersch (APG), Laurens Wouda (APG), Jeroen Schreurs (APG), Dominique Dijkhuis (Executive Director Investment and Finance ABP), Cees Mager CEO Triple Solar, Erik Schut (Enfuro), Renate van Drimmelen COO, Anthony Viellevoije (PDENH), Jorrit Lootsma CMO and Frank van Maanen CTO.

ABP - through its asset manager APG together with the current shareholders: Participatiefonds Duurzame Economie Noord-Holland (PDENH), DOEN Participaties, Enfuro Ventures and both founders - is investing in further increasing Triple Solar's impact on the energy transition. Triple Solar will use the capital to further roll out their unique heat pump system internationally, expand production capacity and develop new energy-efficient products and services.

Anthony Viellevoije, Investment Director of PDENH, said: 'PDENH first invested in Triple Solar in 2018 because even then we strongly believed in the team's vision and execution capability. In the meantime, following an influx of talent into the organisation and recent developments in the energy markets, our conviction has been further strengthened that Triple Solar has a winning product-market combination on its hands that can make significant impact in the fight against climate change.

Further without gas

Replacing natural gas with electric heat pump heating is part of the government's drive to make the housing stock in the Netherlands substantially more sustainable. To meet the goals of the Paris Climate Agreement and the Dutch Climate Accord, 1 million Dutch households must be equipped with a heat pump for heating homes by 2030 at the latest.

Cees Mager, CEO and founder of Triple Solar: 'ABP was our preference from the start in the search for a new partner. This gives us the unique opportunity to use the pension savings of a large group of Dutch people to make our country more sustainable with products that will make a difference in both new and existing buildings.'

ABP is investing in Triple Solar through the ABP Nederlands Energie Transitiefonds (ANET), which was set up specifically to invest in promising companies focusing on (technological) solutions for the Dutch energy transition.

Dominique Dijkhuis, executive director of pension fund ABP: "With this investment, ABP can contribute to making the built environment in the Netherlands more sustainable and ensure a good return for our participants. The built environment is responsible for almost 40 per cent of the total CO₂-emissions worldwide. So reducing fossil fuel consumption here too is crucial for the energy transition. This investment allows this beautiful Dutch company Triple Solar to grow and together we can increase our impact on the energy transition."

About Triple Solar:

Triple Solar is the inventor of the PVT heat pump panel and PVT heat pump, which can sustainably supply a home with heat, hot tap water and electricity. Completely without gas, or hybrid, in all seasons, 24 hours a day. More than 5,000 homes at home and abroad are now connected to a Triple Solar system.
triplesolar.eu

About ABP:

Stichting Pensioenfonds ABP (ABP) is the industry-wide pension fund for employers and employees of government and educational institutions in the Netherlands. ABP has 3.1 million members and 480 billion euros (as of 30 November 2022) in assets available. The investment is made through the ABP Netherlands Energy Transition Fund (ANET), set up to invest in projects and companies with innovative solutions for energy transition. With ANET, ABP is fulfilling the commitment of the financial sector, including pension funds, to contribute to financing the energy transition in the Netherlands.www.abp.nl

About DOEN Participations:

DOEN Participations has been investing in innovative, sustainable and social startups for more than 25 years. The organisation's ambition is to make the world a greener and more social place. Therefore, impact is central to all investments. The company is fully owned and managed by the DOEN Foundation. DOEN Foundation was set up by the National Postcode Lottery.  https://participaties.doen.nl

About PDENH: 

PDENH was set up by the province of North Holland with the aim of boosting the sustainable economy in North Holland. The fund invests in companies and projects focusing on energy transition, circular economy and sustainable mobility. The fund has a size of €85 million and has invested in more than 30 companies and initiatives since its inception. PDENH is managed by KplusV and Startgreen Capital. www.pdenh.nl