ClimateTicker

thermondo

54Mixed / Improving· Provisional
0 followersHeat pump installation·Berlin, Germany·Founded 2012
www.thermondo.de

Germany's largest heat pump and heating installer, with over 1,000 employees and more than 50,000 systems installed; has stopped selling new gas boilers to focus entirely on heat pumps.

54/100
Mixed / Improving· Provisional

ClimateTicker Green Score · how it's calculated

Greenwashing risk: lowData confidence: medium

Why it's on ClimateTicker

Thermondo is a genuine climate mitigation play: it installs heat pumps and solar PV in German homes, directly displacing fossil-fuel boilers, and sold its last gas system in February 2024. The core business model structurally avoids emissions at the point-of-use, though the impact is bounded by the carbon intensity of the German grid and the fact that most of its 50,000+ installed base are legacy systems, not yet heat pumps. Absent SBTi targets, CDP disclosure, or independently verified lifecycle emissions data, the climate credentials are operationally real but not formally substantiated at the corporate level.

mitigationThermondo earns revenue primarily through the sale and installation of heat pumps and PV systems (≈85% of turnover, with typical projects priced €25,000–€45,000 before subsidies), supplemented by recurring income from maintenance subscriptions (Thermondo365), instalment financing (thermondo flex), and bundled green electricity tariffs.

Commitments & Certifications

other: No SBTi, CDP, B-Corp, or equivalent certification identified ↗

Controversy & Greenwashing Watch

lowLegacy installed base skews to gas, not heat pumps

Of thermondo's 50,000+ installed systems, only ~9,000 are heat pumps, meaning the majority of its customer base still operates fossil heating that thermondo installed and continues to service.source ↗

lowContinued servicing of fossil heating systems post-sales exit

After halting gas boiler sales in February 2024, thermondo confirmed it would continue to service and maintain existing fossil fuel systems, meaning it retains revenue exposure to fossil infrastructure.source ↗

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