Rendesco Acquires Leading Geothermal Drilling Operation

Rendesco Acquires Leading Geothermal Drilling Operation

(London, 21 August, 2024):Rendesco has today announced the acquisition of ADP Group’s geothermal drilling operation following their successful fundraise earlier this year.

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Bringing ADP’s geothermal drilling operations under the same roof as Rendesco’s designers, project managers and engineers will dramatically lower the cost of delivering renewable heat.

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Tom Page, Managing Director of ADP Group, will join Rendesco as Head of Drilling. He will be replaced by Josh Creed, with Dave Telford joining the board as Operations Director.

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The acquisition follows the conclusion of Rendesco’s latest £6 million capital raise, led by Clean Growth Fund, Eurazeo, and Aviva Ventures. It also follows Rendesco’s announcement earlier this year that it is designing and installing the UK’s largest water-source heat network for Welborne Garden Village, which will provide clean heat, hot water, and cooling for 6,000 new homes.

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Alastair Murray, CEO of Rendesco said: “Our geothermal drilling operations enable communities to benefit from the heat stored locally in the ground to provide low-cost and low-carbon heating. In owning the end-to-end delivery of clean heat networks –the new substitute for gas grids – we will be dramatically reducing the cost to developers and residents alike. Tom and his team are a fantastic addition to Rendesco, sharing our customer-first approach and commitment to excellence.”

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“Our unique end-to-end approach enables us to offer training to our engineers and apprentices in a whole system approach.  Investing in highly skilled, multi-disciplinary green jobs is essential to meeting the scale of green heating demand.”

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Adrian Page, Founder andDirector of ADP Group, reflected on the milestone: “The sale of our geothermal division marks the successful conclusion of a journey that began with a vision to create a unit capable of drilling closed-loop geothermal boreholes quickly, efficiently & safely. This deal represents an exciting new chapter for both the geothermal division under Rendesco’s leadership and the continued growth of ADP Group’s GI division.”

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Tom Page, Rendesco’s new Head of Drilling, commented: “We have built a fantastic team, renowned for their industry expertise, commitment to quality and clean and orderly approach. I am excited to lead and grow this team as an integral part of Rendesco. Together, we are uniquely poised to reduce energy costs and continue driving the decarbonisation of heat at scale.”

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As part of the transition JoshCreed has been appointed Managing Director of ADP Group, with Dave Telford joining the board as Operations Director. ADP Group will also continue to maintain a presence in the geothermal market as exclusive UK distributor forElgin Separation Solutions, a leading mud-cleaning technology.

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