UK-based myenergi has raised £30 million in a debt funding round provided by HSBC UK. According to the company, the new capital will be used to further expand operations, enhance production capabilities, and invest in R&D activities.
Founded in 2016, myenergi features two flagship products, the zappi electric vehicle charger, 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 number of standard PV systems, myenergi’s eddi power diverter, allows users to divert excess power back to their own heating systems, for example, and thus heating water on 100% self-generated green energy.
The company reports annual sales in excess of £50 million last year, employs close to 450 individuals, and has an annual turnover rate of more than 180% over the past three years.
“Over the last four years, HSBC has supported the business with various financial solutions to facilitate our ever-increasing growth. The introduction of the new funding facility will enable us to accelerate our business development strategy and support us in the next chapter of our amazing journey,” commented myenergi co-founder and CEO Lee Sutton.