Stallingborough-based eco-smart home technology manufacturer myenergi has secured a £30m funding package from HSBC UK to support the development and production of innovative smart home energy products.
The funding will be used to expand the company’s operations, enhance its production capabilities, and invest in research and development to create new and innovative products that meet the evolving needs of consumers, including electric vehicle chargers and batteries for storing energy.
Lee Sutton, myenergi co-founder and Chief Executive, said: “The new financing facility from HSBC UK will enable us to further accelerate our growth and innovation in smart home technology.
“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.”
Frances Howell, Midlands Head of Corporate Banking at HSBC UK, added: “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, optimising renewable energy usage to create eco smart homes while putting British manufacturing back on the world stage.”
Founded in 2016 by Lee Sutton and Jordan Brompton, myenergi’s technology has been a huge hit with consumers. The company has grown to almost 450 employees, and annual sales last year broke the £50m barrier. Myenergi’s headquarters in Stallingborough is currently undergoing a major transformation, with a new 65,000 sq. ft. production facility under construction to expand capacity to meet demand.
Myenergi’s mission is to create smart home solutions that are both affordable and sustainable, helping to reduce carbon emissions and energy consumption. Its flagship products, the zappi electric vehicle charger and eddi solar power diverter, are intelligent electric vehicle chargers and energy monitors that allow users to manage their energy usage and costs more efficiently.
The company’s success in developing innovative solutions for smart homes has led to its rapid growth and expansion, with myenergi being a market leader in the UK and having a significant international export business. The business has also been identified as one of the UK’s 10 fastest-growing private companies with an average annual turnover growth of more than 180 per cent over the past three years.
