Pioneering eco-tech business Myenergi has secured a £30 million investment to support its global expansion aspirations.
New York-headquartered Energy Impact Partners has come on board as a new backer, with the high growth Grimsby operation joining a stable of clean power equity buy-ins. The global investment firm has a track record in supporting the energy transition, with an ethos of “investing in exceptional companies decarbonising the global economy”.
Myenergi’s flagship Zappi electric vehicle charge point, the Eddi power diverter, and the Libbi smart home battery are helping home owners clean up emissions, with the company having seen average annual growth of 125 per cent for the past three years - on a journey from zero to a £53.8 million turnover since 2016.
Read more:
- Warning over electric vehicle u-turn as PM waters down immediacy of Net Zero ambition
- £50m retail wins outlined as New England Seafood invests in Grimsby
Founders Lee Sutton and Jordan Brompton remain as majority shareholders, with EIP’s European managing partner, Nazo Moosa, joining them and Sir Terry Leahy, former Tesco chief executive, and Peter Richardson, former Dyson chief operating officer, on the board.
Ms Moosa 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 海角视频 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."
The investment follows on from a £30 million funding package secured with HSBC earlier this year to fuel expansion, with the company having built a significant manufacturing operation alongside its Stallingborough headquarters. It restructured this summer as sales slowed, with almost 100 jobs lost after a rapid ramp up, but the trajectory remains clear.
Most Read
Mr Sutton 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.”
Mrs Brompton added: “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.”
Jefferies, a leading global full-service investment banking and capital markets firm, acted as financial advisor to Myenergi.
EIP currently has more than $4 billion in assets under management, investing globally across venture, growth and credit, with a team of more than 80 professionals based in New York, San Francisco, Washington DC, Atlanta, Palm Beach, London, Cologne, Oslo and Singapore.