DANFOSS has bought the majority stake in Sheffield-based firm Eco Heat Pumps, which markets heat pumps in the UK.
Danfoss already delivers heat pumps to Eco Heat Pumps. Eco Heat Pumps will be the centre for all Danfoss UK activity in this sector and the company, now known as Danfoss Heat Pumps will be based at a new headquarters and stocking facility in Sheffield, with regional operations in Scotland and South West England.
Eco Heat Pumps' founder Phil Moore, will continue his role as managing director of the company and his 30 employees will remain with the company.
'We’ve made huge progress in a short time,” he said.
“Since we opened for business in 2003 our turnover has increased twenty fold and Thermia heat pumps now serve hundreds of projects from the South of England to the Western Isles. Schools, hospitals, industrial buildings and homes in both private and public sectors now benefit from low energy comfort with minimum CO2 production'.
Eco Heat Pumps is Danfoss' sixth acquisition within heat pumps in less than three years. Danfoss' goal is to be among Europe's leading players within the hydronic segment, i.e. heat pumps that supply hot water for households and central heating systems.
The average household saves 50-70% of the heating bill by replacing oil or gas burners with a heat pump.
Danfoss says European consumers are becoming seriously aware of the potential of heat pumps due to increased focus on CO2 and energy savings.
'The potential is enormous, but competition is also tough', said Nis Storgaard division president of Danfoss heating division.
He said 'We expect an annual market growth in Europe of approx. 30% in the years to come. It is essential to establish ourselves in the key markets, while the market is still emerging, and this is the rationale behind the agreement with Eco Heat Pumps.'
He added 'The British heat pump market is still new and relatively small, but we expect that also here we will experience substantial growth in demands in the coming years. The agreement with Eco Heat Pumps helps us strengthen our opportunity to take a leading position and get our share of future market growth.'