Edition 2026-07-21 · Covering July 13 to July 19, 2026
Heat pumps eat the boiler market
Tuesday, July 21, 2026
Read what happens in climate tech, and watch where the wind blows
SIROCCO · Money In
Where the money went
A quieter week, and the capital went to installers rather than inventors.
- $140M
WarmworkHeat
A heat-pump installation roll-up raised to buy nine regional HVAC contractors. The technology risk here is zero; the labor risk is everything.
Read more → - $31M
GridpostGrid
Distribution transformers, built in a factory that did not exist eighteen months ago, sold into a four-year backlog.
Read more →
BORA · Building
What got built
Two shipments and one very large hole in the ground.
- 🏠
WarmworkHeat
Passed 100,000 installed units across the UK and Ireland, roughly a fifth of the national run rate.
Read more → - 🕳️
DeepboreGeothermal
Finished a 4.2km pilot shaft in Finland at 40% under budget, which nobody in geothermal has said out loud this decade.
Read more →
ETESIAN · The Pattern
The pattern
The bottleneck moved from parts to people.
Labor bottleneckAnalysis
Both of this week's meaningful rounds bought workforce, not IP. When capital starts paying for crews, the sector has left the demonstration phase whether or not it enjoys the change.
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Elsewhere this week
Elsewhere
One more, worth a look.
IMO fuel levyShipping
The levy passed committee. Ammonia bunkering projects that looked ten years early are suddenly financeable.
Read more →