"A pair of former Dyson engineers have raised millions of pounds to bring a battery-powered electric boiler to market, positioning it as a lower-cost, lower-disruption alternative to heat pumps for millions of UK homes. Wiltshire-based Luthmore was founded in 2022 by Craig Wilkinson and Martin Gutkowski, both ex-Dyson engineers who previously worked together on projects including the vacuum maker's abandoned electric car programme."
"The start-up has now raised £12.4m in total funding, including a recently closed and heavily oversubscribed £5.5m round. Backers include housing developers, residential management companies, plumbing groups and high-net-worth individuals, alongside a £1m investment from the British Business Bank via the South West Investment Fund, delivered by The FSE Group. As part of its next growth phase, Luthmore has also appointed Hervé Dehareng, a former senior innovation director at Dyson, as chief executive."
"Unlike heat pumps, which often require significant insulation upgrades, larger radiators and outdoor units, Luthmore's boiler is designed as a near drop-in replacement for a gas combi. The unit is the same size as a standard boiler and uses lithium iron phosphate (LFP) batteries to store electricity when it is cheaper - such as overnight or from solar panels - and release it at higher power during peak demand."
Luthmore was founded in 2022 by Craig Wilkinson and Martin Gutkowski, former Dyson engineers. The start-up has raised £12.4m in total funding, including a recently closed £5.5m oversubscribed round and a £1m investment from the British Business Bank via the South West Investment Fund. Hervé Dehareng has been appointed chief executive; he previously led global launches at Dyson and held senior roles at Accenture. The product is a battery-powered electric boiler that fits the same space as standard gas combi boilers and targets small and medium-sized homes. The system uses LFP batteries to store cheap electricity and deliver high-power hot water and heating without tanks or radiator upgrades.
Read at Business Matters
Unable to calculate read time
Collection
[
|
...
]