Myenergi, a provider of smart home energy technologies situated in Stallingborough, England, announced that it has received £30 million (about €34 million) from Energy Impact Partners (EIP). The news follows the acquisition of £30 million (about €34 million) in debt from HSBC in April 2023.
According to Myenergi, the monies will support considerable future expansion and internationalization. Nazo Moosa, Managing Partner, EIP Europe, will join the myenergi board together with Peter Richardson, a former COO of Dyson, and Sir Terry Leahy, a former CEO of Tesco, as part of the equity investment.
“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 home energy transition,” says Lee Sutton, founder of myenergi.
Myenergi: Developing solutions for smart homes
The goal of Myenergi, a company founded in 2016 by Lee Sutton and Jordan Brompton, is to develop smart home solutions that are both inexpensive and sustainable, thereby lowering carbon emissions and energy usage.
The business does this by producing various “eco-smart” home energy products.
Intelligent electric car chargers and energy monitors that help consumers more effectively control their energy use and expenditures are the company’s main products: the Zappi solar power diverter and the Eddi electric vehicle charger.
The previous three years have seen a yearly rise of 125% for the firm. Myenergi currently has 450 employees, and its yearly revenues last year exceeded £50 million. A new 65,000-square-foot production facility is being built at Myenergi’s Stallingborough headquarters to increase capacity and keep up with demand.
EIP is a multinational investment company that invests in the energy transition by helping businesses create solutions that will shape the future of energy and the environment. It features high-impact, mission-driven digital firms from the UK and Europe, like Myenergi, that help create safer, more adaptable, and greener energy sources.
“Road transport accounts for the lion’s share of almost one-fourth of the worldwide energy-related CO2 that transportation causes. According to Moosa, EIP focuses on the main generators of greenhouse gas emissions.
We think Myenergi is in a strong position to overtake Zappi as the top supplier of home energy management given the popularity of its Libbi energy storage product, which is already one of the top charger brands in the UK and Ireland, says Moosa.