- myenergi, the green technology company, secures a £30 million investment from global firm Energy Impact Partners (EIP).
- EIP, renowned for backing decarbonization efforts, sees myenergi as a key player, joining the company board.
- The investment aims to support myenergi’s global expansion and enhance its position in the home energy management sector.
myenergi continue rapid growth in the green technology sector with a £30 million investment
myenergi has secured a £30 million investment from global investment firm Energy Impact Partners (EIP). This injection of funds aims to fuel myenergi’s ambitious global expansion plans. From here, they will solidify their position as a leading provider of home energy management and green technology solutions.
At the heart of myenergi’s success are its innovative eco-friendly products. These include the Zappi electric vehicle charge point, the Eddi power diverter, and the Libbi smart home battery. These offerings have propelled the company’s growth. They reported an impressive average annual growth rate of 125% over the past three years. That’s culminated in a substantial £53.8 million turnover since 2016.
Lee Sutton and Jordan Brompton, the founders and majority shareholders, welcome Nazo Moosa from EIP, Sir Terry Leahy, and Peter Richardson onto the board.
Nazo Moosa, Managing Partner, EIP, said:
“Transportation is responsible for nearly a quarter of the global energy-related CO2 and road transport makes up the lion’s share of it. EIP targets the largest sources of greenhouse gas emissions.
We are proud to back Lee and Jordan who have built a truly unique company in the climate sector that is both growing rapidly and is profitable. Zappi is already one of the leading charger brand in the UK and Ireland and with the success of its Libbi energy storage product, we believe myenergi is in pole position to become the leading home energy management provider.”
This new investment builds on myenergi’s previous financial backing of £30 million from HSBC earlier this year. This facilitated company expansion and restructuring efforts. The investment will empower myenergi to broaden its product portfolio. They will invest in crucial grid services like demand-side response, and enhance customer support services.
Jordan Brompton, Co-Founder, myenergi, commented:
“As we transition to a net zero future, it’s vital for consumers to be given easy and convenient ways to make the shift away from fossil fuels towards clean, green, renewable energy. We are really excited by the investment from EIP, which will help to bring our eco-smart products into more households, enabling our customers to monitor, manage and maximise their home energy, as well as reducing their emissions, streamlining their energy bills and ultimately empowering them to become more energy independent.”
myenergi has big plans with Jefferies acting as their financial advisor. They will develop next-generation products, support individual home energy transitions, and empower consumers to achieve greater energy independence. This move strengthens myenergi’s position in the market and marks a significant step toward a more sustainable energy future.
Lee Sutton, Co-Founder, myenergi said:
“We are delighted to have found an investor in EIP that truly understands our purpose, mission, vision and values. With the team’s extensive support, we will be able to further expand the products and services offered within our home energy ecosystem, making our solutions available to even more consumers worldwide.
The investment will help to deliver our next generation of product development and innovation, including our planned growth in grid services – such as demand side response, allowing us to better support our customers in undertaking their own home energy transition. We will also be investing in service excellence to ensure that our customers benefit from the best frontline support.”