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) systems, said it would buy US-based Endurant Energy as part of its international expansion and as the American comapny designs and installs combined heat and power (CHP) systems. Bertrand Gautier, Novusmodus partner, said: “Geothermal International is the clear leader in both the UK and European GSHP sectors and is well positioned in international markets to expand rapidly.”

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