We sell ready-to-build heat projects.
We’re a development business. We take on the early risk, such as the heat supply, offtake, consent, grid and design, and sell the project once that risk is gone. Our value sits in the pipeline and the stakes we keep, not just in annual turnover.
What “ready to build” means
Seven things are in place before we offer a project to a buyer. An eighth, grant funding, is secured whenever we can get it.
Heat supply agreement
Signed with the data centre, covering volumes, temperatures, availability and the price of the heat.
Heat offtake agreements
Signed or firm agreements with the buyers: the hospital, leisure centre, housing provider or factory.
Land and pipe route rights
The energy centre site secured, plus wayleaves and easements along the pipe route.
Planning consent
For the energy centre and the network.
Electricity connection
Grid capacity agreed for the heat pumps that lift the heat to network temperature.
Detailed design and costs
Designed far enough for contractors to price it.
Financial model
Revenues, costs and returns a fund can diligence.
Grant funding, ideally
Green Heat Network Fund support secured. It covers up to 50% of eligible costs.
How we make money
Illustrative ranges, not forecasts. Actual figures depend on each project’s size, structure and buyer.
| Stream | What it is | Typical range |
|---|---|---|
| Development premium | Paid when we sell a ready-to-build project: 5–15% of construction cost. | £150k–£1m point-to-point £1m–£10m district |
| Development services | Feasibility studies, heat recovery design and planning support. Early cash flow. | £20k–£200k per job |
| Retained stake | We keep part of each project we sell, for long-term dividends and portfolio value. | 10–20% equity |
| Ongoing fees | Asset management, performance monitoring and a per-MWh royalty on heat supplied. | Per project |
| Construction management | Overseeing delivery on the buyer’s behalf. | A few % of build cost |
| Owned projects, later | Owning compute and heat projects ourselves, once we have a track record. | — |
Premium per project sold
Point-to-point schemes cost roughly £2–10m to build. District networks cost £20–100m and up.
- Point-to-point~£2–10m build£150k–£1m
- District network~£20–100m+ build£1m–£10m
Turnover trajectory
Services first, then project sales. Over time, the value of our retained stakes should exceed annual turnover.
- Years 1–2services, small fees£0.2–1m
- Years 3–5first project sales£2–10m
- Years 5+portfolio at scale£10–30m+
Illustrative. The hatched bar is open-ended.
Valued on pipeline, not turnover
A development business is worth the projects it has at each stage and the stakes it keeps, as well as the fees it earns this year.
Show as a table
| From | To |
|---|
Pipeline by stage
We report projects against the ready-to-build checklist, so you can see how far each one is from sale.
Retained stakes
10–20% of every project we sell builds a portfolio of long-life infrastructure income.
Point-to-point first
12–24 month projects prove the model and bring in early premiums before district networks, which take 3–5 years.
Templates at scale
Standard contracts, energy centre designs and site screening let us develop several projects across the UK at once.
Talk to us about the pipeline.
We're early-stage and founder-led. If you invest in heat networks or infrastructure development, we'd like to show you how we screen and de-risk projects.