Octopus Energy has acquired heat pump manufacturer Renewable Energy Devices (RED), as it targets cost reductions through expansion.
It will initially take a controlling interest in the firm based in Craigavon in Northern Ireland, ahead of full acquisition by the end of the year.
The multi-million pound partnership will see RED’s existing factory being significantly expanded, with an additional 100 engineering jobs created by 2024. The factory will be able to produce over 1,000 heat pumps a month by the end of 2022, and will continue to grow beyond this.
As well as increasing production, Octopus Energy is planning to incorporate its smart grid technology into the heat pumps, allowing them to take advantage of cheap energy when there is surging renewables on the grid, and reducing the load at peak times.
Additionally, by using the smart technology, homes that also have an electric vehicle charger or solar panels can enhance their efficiency. For example, solar panels can reduce the cost of running a heat pump by as much as 70%.
Read more: Current+
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