myenergi, a manufacturer of eco-smart home technology in the UK, secured a £30 million (~$36.49 million) investment from Energy Impact Partners (EIP). The investment will help the company’s growth and internationalization plans. The company had raised another debt financing earlier this year from HSBC.
“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 maximize their home energy, as well as reducing their emissions, streamlining their energy bills, and ultimately empowering them to become more energy independent,” commented Founder Jordan Brompton.
Lee Sutton and Jordan Brompton founded UK-based Myenergi in 2016 with the purpose of removing the barriers to a greener future, including the technological, behavioral, and financial challenges relating to the fast adoption of smart energy products, setting the company on a mission to pioneer a simple transition to renewable energy.
“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,” said founder Lee Sutton.
Jefferies, a leading global full-service investment banking and capital markets firm, acted as Sole Financial Advisor to myenergi.
According to Mercom’s 1H And Q2 2023 Funding and M&A Report for Storage & Smart Grid, VC funding in Smart Grid companies in 1H 2023 was 32% higher, with $986 million compared to the $746 million raised in 1H 2022.