British manufacturer of smart energy technology for private homes, myenergi, has secured a £30 million investment to support significant future growth and internationalization from Energy Impact Partners (EIP). This follows the £30 million debt financing myenergi received from HSBC earlier this year to further drive expansion.
Lee Sutton and Jordan Brompton founded U.K.-based myenergi in 2016 with the goal of removing barriers to a greener future, including the technological, behavioral and financial challenges related to the rapid adoption of smart energy products. In doing so, the company committed to an easy transition to renewable energy.
myenergi has been recognized as one of the top 30 fastest-growing private companies in the country*, with an average annual growth rate of more than 125% over the past three years. It produces a range of "eco-smart" home energy technologies, including the industry-leading zappi solar compatible electric vehicle charging point, the eddi power inverter and the libbi smart home battery.
EIP is a global investment firm focused on investing in the energy transition by supporting companies developing solutions that will shape the future of energy and climate. This includes mission-driven, high-performance technology companies from the UK and Europe, such as myenergi, that are contributing to safer, more flexible and cleaner energy sources.
As part of the equity investment, Nazo Moosa, Managing Partner of EIP Europe, will join myenergi's board of directors, along with Sir Terry Leahy, former CEO of Tesco, and Peter Richardson, former COO of Dyson. "Transportation accounts for nearly a quarter of global energy-related CO2 and road transport accounts for the lion's share of it. EIP targets the largest sources of greenhouse gas emissions," Moosa said. "We are proud to support Lee and Jordan who have built a truly unique company in the climate sector that is both rapidly growing and profitable. zappi is already one of the leading charging station manufacturers in the UK and Ireland and with the success of their libbi home battery we believe myenergi is in pole position to become the leading provider of Home Energy Management systems."
Lee noted: "We are pleased to have found an investor in EIP that truly understands what we stand for, our mission, vision and values. The expanded team will allow us to further expand products and services within our home energy system, making our solutions available to even more consumers worldwide. The investment will help develop our next generation of products and innovations, including our planned growth in network services - such as DSR (Demand Side Response, ed.), which will allow us to better support our customers in their transition to more self-consumption and less reliance on the grid. We will also invest in service excellence to ensure our customers benefit from the best support."
Jordan added: "As we transition to a zero-emission future, it is essential that consumers are offered simple and convenient ways to make the switch from fossil fuels to clean, green, renewable energy. We are really excited about EIP's investment, which will help bring our eco-smart products to more households so that our customers can monitor, manage and maximize their home energy use, as well as reduce their emissions, streamline their energy bills and ultimately enable them to become more energy independent."
Jefferies, a leading global investment banking and capital markets firm, acted as sole financial advisor to myenergi.