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Colorado company expands to meet expected demand for electric heat pumps, stoves

BOULDER, CO, Nov. 14, 2022 — A Front Range home-electrification company is expanding its team and service area in anticipation of increased demand due to high natural gas prices and federal incentives to switch to electric heat pumps and stoves.

After closing a $3.5 million round of funding in September, Boulder-based Elephant Energy, which has focused on the Denver-Boulder corridor since 2021, plans to expand into Fort Collins starting in January. The company is also looking to expand outside Colorado next year but hasn’t yet confirmed those markets.

Amid expectations that its installations will more than double this winter compared with fall 2022, Elephant Energy plans to more than double its full-time team of eight by the second quarter of next year. It is also expanding its team of contractors.

The expansion comes as natural gas prices have skyrocketed. In the United States, prices rose sharply earlier this year as consumption grew faster than production as the nation exported more liquefied natural gas to Europe to replace supplies from Russia amid the war in Ukraine.