Myenergi, a manufacturer of eco-smart home technology in the UK, has secured a £30 million (~$34 million) funding package from HSBC UK to support its development and production of smart home energy products.
The funding will help the company to expand its operations, enhance its production capabilities, and invest in research and development. The company aims to create solutions that help consumers manage their energy usage and costs more efficiently while reducing their carbon emissions and energy consumption.
Founded in 2016, myenergi offers two flagship products, the zappi electric vehicle charger, which is fairly self-explanatory, and the eddi solar power diverter, a device and system that allows users to manage their self-produced energy (PV or wind systems). Rather than exporting excess power generation back to the grid as is fairly common in any standard PV systems, the eddi power diverter allows users to divert extra power back to their heating systems, for example, and thus heating water on 100% self-generated green energy.
The company reported annual sales of over £50 million last year, employs close to 450 individuals, and has a yearly turnover rate of more than 180% over the past three years.
Frances Howell, Midlands Head of Corporate Banking at HSBC UK, said: “myenergi is a great example of a British business that is leading the way in developing smart home technology, helping people make the transition to renewable energy in their homes. This deal will allow the development of new green technologies, optimizing renewable energy usage to create eco-smart homes while putting British manufacturing back on the world stage.”
According to Mercom’s Q1 2023 Funding and M&A Report for Storage and Smart Grid. Corporate funding in Smart Grid came to $1.1 billion in 18 deals in Q1 2023, a 42% decrease compared to $1.9 billion in 23 deals in Q4 2022. In a YoY comparison, funding in Q1 2023 increased by 230% compared to $331 million in Q1 2022. Recently, Veloce Energy, a provider of hardware and software infrastructure solutions for EV charging and storage, announced the closing of its initial Series A funding round. Itochu and Ecliptic Capital led the investment round.