12 Apr 2023
Legal & General Capital (LGC), a clean energy transition investor and the alternative investment arm of Legal & General Group, has invested £12.5 million, across three companies—Cambridge Electric Cement (CEC), Hometree, and SunRoof—and increased its existing investment in Sero Technologies, as part of its commitment to decarbonise the residential sector. These partnerships demonstrate the breadth of LGC’s investments into decarbonising residential real estate, from reducing construction emissions through to offering the technology and support needed to retrofit existing housing stock.
LGC invests in the energy transition, supporting the scale up of innovative businesses that deliver solutions to reduce carbon emissions throughout the economy. Over the past six years, its investments have focused on decarbonising power, transportation, and the built environment.
Over half (59%) of UK households view more investment in energy efficient homes as an attractive option to address the cost-of-living crisis. LGC's long-term investment support aims to ensure both the successful scale-up of innovative new companies and technologies, and lasting benefits to households as the UK and Europe navigate a new energy landscape and the transition to net-zero.
John Bromley, Managing Director – Clean Energy, Legal & General Capital: “Housing is a major contributor to carbon emissions and requires some of the most radical and immediate overhauls of any industry. The UK has some of the poorest-built housing stock in Europe when it comes to energy efficiency, but the scale of this challenge also provides a huge opportunity for investors and innovators to develop and scale up leading tech to decarbonise UK homes. This will generate not just environmental but also economic benefits by stimulating jobs and growth in the green economy across the UK, not just in the industrial heartlands.
In the face of that challenge, I’m delighted to welcome three new Clean Energy partners to Legal & General Capital and increase our investment in Sero—all of which will accelerate the development and deployment of solutions that will help reduce carbon emissions at speed and at scale. We have partnered with these businesses in recognition of their unique and innovative positions within their respective markets and their potential for growth. We look forward to working with our new partners as they accelerate their growth in order to address the climate crisis.”
LGC’s investments into Cambridge Electric Cement (CEC), Hometree, and SunRoof are the latest in its commitment to investing in businesses, technologies, and innovators that support the transition to net zero—and a natural evolution for its Clean Energy portfolio, whose partners include:
LGC also joined other leading cleantech accelerators and investors in the UK to form a coalition to help inform and shape a new initiative, called Cleantech for UK. This initiative aims to pave the way for a new generation of global cleantech champions in the UK by establishing a dialogue between the UK’s policy-making community and those living the reality of creating, incubating, investing in and scaling cleantech companies. Cleantech for UK is powered by Cleantech Group and supported by Breakthrough Energy.
 Acquisition of BeWarm is subject to regulatory approval
 Legal & General Rebuilding Britain Index (RBI), March 2023
Established in 1836, Legal & General is one of the UK's leading financial services groups and a major global investor, with over £1.2 trillion in total assets under management* of which 39% is international. We have a unique and highly synergistic business model, which continues to drive strong returns. Legal & General provides powerful asset origination and management capabilities directly to clients, which also underpin our leading retirement and protection solutions. We are a leading international player in Pension Risk Transfer, in UK and US life insurance, and in UK workplace pensions and retirement income. Our purpose is to improve the lives of our customers and create value for our shareholders. Through inclusive capitalism, we are investing in long-term assets, such as real estate and infrastructure, that can help build a better society for the future.
*as at HY 2023
Legal & General Capital (LGC) is Legal & General Group’s alternative asset platform, creating assets for Legal & General Retirement and third-party clients in order to achieve improved risk-adjusted returns for our shareholders. LGC has built its capabilities in a range of alternative sectors, including in residential property; specialist commercial real estate; clean energy; alternative credit; and venture capital, which are all supported by long-term structural growth drivers, meet a financing gap and respond to a scarcity of supply that is underpinned by enduring societal needs.
Its purpose is to invest society’s capital for society’s benefit. Investing in the real economy and supporting the Group’s focus on climate and inclusive capitalism, LGC’s investments create jobs, change lives and contribute towards a net zero carbon future.
Legal & General has invested over £29bn in levelling-up regional economies, including through major UK-wide regeneration schemes and has recently made a commitment to enable all its new homes to operate at net zero carbon emissions from 2030.