ESB Novusmodus, the €200m ($250m) corporate venturing fund of Ireland-based power utility ESB, has led a £12.1m ($20m) investment in Geothermal International to partly help the heat pump maker company acquire a peer. 

ESB Novusmodus has invested £8.6m and other investors, including SSE Ventures, the corporate venturing fund of local utility Scottish & Southern Energy that is now managed by Scottish Equity Partners, have invested £3.5m.

Geothermal, which is Europe’s largest designer and installer of ground source heat pump (GSHP)…

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