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Propflo secures grant from Innovate UK to accelerate shift to net zero

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  • 12/05/2023
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Propflo secures grant from Innovate UK to accelerate shift to net zero
Proptech firm Propflo has been awarded an Innovate UK grant to work with lenders to help them adopt a “joined-up portfolio approach to energy efficient retrofitting”.

The engagement phase will last until June, after which demonstration projects in the competition will be funded with up to £1.5m each. The project is part of a £5m Small Business Research Initiatives competition from Innovate UK to “accelerate the shift to a net zero economy”.

Propflo said that lenders faced barriers in supporting homeowners and landlords with energy efficiency upgrades.

This includes unclear investment case, fragmented processes, lack of ongoing engagement after retrofitting, little automated verification and monitoring that could support green securitisations.

Propflo’s existing solution includes a portfolio checker, enhanced EPC certification, a retrofit tool for customers for direct quotes from national installer partners, a hub for ongoing customer engagement as well as verification and impact monitoring for lenders and customers.

The project will build upon this existing offering to “develop a market leading, data-driven portfolio approach to assessing and defining appropriate pathways for upgrading of larger building portfolios, targeting decarbonisation and creating market demand certainty”.

Luke Loveridge, founder and CEO at Propflo, said: “This project will help lenders and landlords meet looming regulatory changes including mandatory C ratings for rented properties. However, forward-thinking lenders will see this as an opportunity to ultimately help them win and retain more business by adding value for their customers beyond energy efficiency.”

Ying Tan, lead investor and non-executive director at Propflo, added: “Current solutions in the market are only partially meeting the needs of lenders and their customers. Propflo’s current offering addresses many gaps having been developed with industry knowledge, and this project will create a market leading solution that complements this offering.

“With mortgages in the UK being heavily intermediated, this project could also be of real interest to brokers who are in key positions to support people at critical times.”

If you’re a lender or other stakeholder and interested in knowing more about the project, please email comms@propflo.co.uk.

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