Signal · Tuesday, July 21, 2026

$140M

Warmwork

A heat-pump installation roll-up raised to buy nine regional HVAC contractors. The technology risk here is zero; the labor risk is everything.

Sources

From the edition

SIROCCOSIROCCO · Where the money went

Heat pumps eat the boiler market
  • WarmworkHeat

    Passed 100,000 installed units across the UK and Ireland, roughly a fifth of the national run rate.

  • FerrovoltBatteries

    The iron-air storage maker closed a Series C to finance its first gigafactory in Ohio, with two utilities pre-

  • HelioscapeSolar

    Interconnection-queue software, of all things, drew a growth round: Helioscape says it has moved 14 GW of proj

  • Cinder CarbonCarbon

    A biochar-to-cement play with an unusually boring pitch: it sells a cheaper clinker substitute and books the r