Stallingborough, England-based myenergi, a smart home energy technology manufacturer, announced that it \secured £30M (approximately €34M) from Energy Impact Partners (EIP).
The announcement comes a few months after raising £30M (approximately €34M) debt from HSBC in April 2023.
myenergi says it will use the funds to support significant future growth and internationalisation.
As part of the equity investment, EIP’s Nazo Moosa, Managing Partner, EIP Europe, will join the myenergi board alongside Sir Terry Leahy, former CEO of Tesco and Peter Richardson, former COO of Dyson.
Lee Sutton, founder of myenergi says, “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..”
myenergi: Creating smart home solutions
Founded in 2016 by Lee Sutton and Jordan Brompton, myenergi’s mission is to create smart home solutions that are both affordable and sustainable, helping to reduce carbon emissions and energy consumption.
The company does this by manufacturing a range of ‘eco-smart’ home energy technologies.
Its flagship products, the zappi electric vehicle charger and eddi solar power diverter are intelligent electric vehicle chargers and energy monitors that allow users to manage their energy usage and costs more efficiently.
The company has witnessed an annual growth of 125 per cent for the past three years.
Currently, myenergi employs around 450 people and annual sales last year broke the £50M barrier.
Myenergi’s headquarters in Stallingborough is undergoing a major transformation, with a new 65,000 sq. ft. production facility under construction to expand capacity to meet demand.
The investor
EIP is a global investment firm focused on investing in the energy transition by supporting companies in developing solutions that will define the future of energy and climate. It includes mission-driven, high impact UK and European tech companies, like myenergi, that contribute to safer, more flexible and cleaner energy sources.
“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,” Moosa says.
“Zappi is already one of the leading charger brands 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,” adds Moosa.
Read the orginal article: https://siliconcanals.com/news/englands-myenergi-secures-34m/
