Octopus Energy Group has announced a strategic investment in heat pump manufacturer firm Renewable Energy Devices (RED). They are aiming to make high quality and cost effective heat pumps for customers of United Kingdom. The investment deal is likely to create more than 100 jobs over the next two years.
Octopus is determined that the new deal is a significant step in stepping up the production of heat pumps. Moreover, the increased production will also generate plenty of new employment opportunities in Craigavon. In addition, the new production will assist in creating more green jobs within the United Kingdom. According to the announcement last week, the investment will result in adding more than 100 new jobs within the next couple of years.
Octopus aim to reduce greenhouse gas emissions
Heat pumps plays a key role in removing fossil fuels from home heating. The increased usage of heat pumps is necessary meet the target of net zero greenhouse gas emissions by 2050. Octopus has already invested in heat pumps and are committing around £10m in research and the training of installers. Moreover, Octopus will utilize Craigavon factory to produce more than 1,000 heat pumps a month by the end of this year. RED’s existing factory in Craigavon will see a significant expansion following the investment.
“This agreement will involve major investments into heat pump manufacturing, creating valuable green jobs across the UK and helping increase our energy security by getting more homes off gas, and drive down costs for customers. Like the original Ford, we’re planning to scale production every year, cutting costs even further and making heat pumps affordable for everyone.” Greg Jackson, founder and chief executive of Octopus referred to this investment as “Model T moment” for the heat pumps.
RED has high hopes with new partnership
Dr. Jason Cassells is the founder of Renewable Energy Devices and he started the company in 2014. The idea was to bring highly efficient renewable energy heating products and solutions to the marketplace. Moreover, he wanted to make green energy accessible to everyone. “With Octopus’ financial backing, industry knowledge and tech expertise combined with our heat pump know-how, this dream will finally become reality. We’re at the cusp of a clean heating revolution.” Dr. Jason Cassells said in his statement.
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