Thermondo gets new majority shareholder from Canada

Canadian infrastructure investor Brookfield acquires a majority stake in German heating installer Thermondo. The transaction still has to be approved by the authorities.

Since 2012, the start-up Thermondo has been fighting for the energy turnaround by enabling lower CO2 heating. The company claims to have more than 20,000 customers. Now Brookfield Infrastructure from Canada has taken a majority stake, subject to regulatory approval. Thermondo plans to use the money to expand its customer base.

"As our platform grows, the barriers to low-carbon heating for homeowners will be significantly reduced," said Philipp Pausder, co-founder and CEO of Thermondo, which has 440 employees across Germany. Pausder will remain with the company as managing director and shareholder, Brookfield's senior vice president Louis Socha is looking forward to the collaboration and hopes big things for Thermondo: "With its digital processes and innovative products, Thermondo is well positioned to become a leader in this space in Europe, and we look forward to supporting its continued growth." Brookfield invests globally in infrastructure projects in the energy, transportation and data sectors. It sees itself as an asset manager and aims to deliver a long-term return on equity of up to 15 per cent, which can be distributed to shareholders.