January 17, 2023
Triple Solar, a portfolio company of the Sustainable Economy Fund North Holland (PDENH), has attracted a major new shareholder: pension fund ABP. In this investment round, the shareholders together invested 10 million in the fast-growing PVT heat pump and panel manufacturer. This will allow the company to remain at the forefront of the energy transition in the coming years.
From left to right: Ward Wolters (DOEN), Rutger van Wersch (APG), Laurens Wouda (APG), Jeroen Schreurs (APG), Dominique Dijkhuis (Executive Director of Investments and Finance at 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 is investing via its asset manager APG, together with current shareholders: Sustainable Economy Fund North Holland (PDENH), DOEN Participaties, Enfuro Ventures, and both founders – in further increasing Triple Solar’s impact on the energy transition. Triple Solar is using 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: ‘PDENH first invested in Triple Solar in 2018 because we already strongly believed in the team’s vision and execution capabilities. In the meantime, following an influx of talent into the organization and recent developments in energy markets, our conviction has been further strengthened that Triple Solar has a winning product-market combination that can make a significant impact in the fight against climate change.’
Moving forward without gas
Replacing natural gas with heating via an electric heat pump aligns with the government’s aim to significantly increase the sustainability of the housing stock in the Netherlands. To meet the goals of the Paris Climate Agreement and the Dutch Climate Agreement, at least 1 million Dutch households must be equipped with a heat pump for home heating by 2030.
Cees Mager, CEO and founder of Triple Solar: ‘ABP was our preference from the start when searching for a new partner. This gives us the unique opportunity to further increase the sustainability of our country through the pension savings of a large group of Dutch people, using products that will make a difference in both new construction and existing buildings.’
ABP is investing in Triple Solar via the ABP Netherlands Energy Transition Fund (ANET), which was specifically established for investments 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 the sustainability of the built environment in the Netherlands and ensure a good return for our participants. The built environment is responsible for nearly 40 percent of total CO2 emissions worldwide. Therefore, reducing the consumption of fossil fuels here is also crucial for the energy transition. This investment allows this great 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 provide a home with heat, hot tap water, and electricity. Completely gas-free, or hybrid, in all seasons, 24 hours a day. More than 5,000 homes in the Netherlands 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 participants and 480 billion euros (as of November 30, 2022) in assets available. The investment is made via the ABP Netherlands Energy Transition Fund (ANET), established for investments in projects and companies with innovative solutions for the energy transition. Through ANET, ABP fulfills the commitment of the financial sector, including pension funds, to contribute to the financing of the energy transition in the Netherlands.www.abp.nl
About DOEN Participaties:
DOEN Participaties has been investing in innovative, sustainable, and social startups for more than 25 years. The organization has the ambition to make the world greener and more social. Therefore, impact is central to all investments. The company is fully owned and managed by Stichting DOEN. Stichting DOEN was established by the National Postcode Lottery. https://participaties.doen.nl
About PDENH:
PDENH was established by the Province of North Holland with the aim of stimulating the sustainable economy in North Holland. The fund invests in companies and projects focusing on the 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
