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ESB Novusmodus leads £12m investment in Geothermal International

ESB Novusmodus has invested £8.6 million in Geothermal International along with other investors, including SSE Ventures, for new shares totalling £3.5m.
The capital will be used to fund growth in the UK market, finance the acquisition of Endurant Energy in the US, and support ongoing international expansion. Based in Coventry, the company is Europe's largest designer and installer of Ground Source Heat Pump systems.

Bertrand Gautier, Novusmodus partner, said: 'Geothermal International is a world class company with a superb future. It is the clear leader in both the UK and European GSHP sectors and is well positioned in international markets to expand rapidly. GI has set industry benchmarks as a pioneer in the large scale GSHP market, and we look forward to helping it to accelerate this growth.'

Brian Davidson, CEO of Geothermal International, said: 'We are delighted with the investment from ESB Novusmodus, a partner that understands the transformation we are effecting. With our latest acquisition in the US, the beginning of the RHI in the UK, and further regulatory benefits on the horizon, it is an exciting time for Geothermal International and for the industry as a whole.'

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22 December 2011

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