Dandelion Energy has just raised $70 million to expand its ground source heat pump business to more places in America.
, Dandelion Energy has just raised an additional $70 million to expand its business from a group of investors including Breakthrough Energy Ventures and Lennar, one of the largest homebuilders in America, among others.
“There is a lot of understanding that heat pumps are going to be a big part of the solution” to decarbonizing buildings, Sachse said. “Investors are trying to understand how they might play in the heat pump space.”Like most tech companies, Dandelion’s basic idea was sound, but was there a market for ground source heat pumps, which cost roughly double what a normal oil-fired heating system costs? To find out, Dandelion zeroed in on Westchester county between New York City and Connecticut.
Thus far, Dandelion mostly retrofits existing homes and it has created a less invasive drilling rig to fit into customer yards. But it still has to confront the challenge of timing. Homeowners who recently paid for fossil fueled heating equipment are not eager to rip it out and replace it before it breaks. And when heating equipment does break, people generally want the quickest and easiest replacement.
The Inflation Reduction Act gives households a 30% tax credit for ground source heat pumps while third party owned systems get a 40% credit if they meet the criteria for domestic manufacturing. Prior to the IRA, third party owned heat pumps could only access a much lower tax credit. Faster payback equates to an increase in demand.
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