The funding comes shortly after myenergi secured £30m in debt finance from UK lender HSBC, as the company looks to bring its eco-smart products into more households.
Energy Impact Partners (EIP), a US-based investment firm that focuses on the energy transition, has made a £30m (€34.5m) investment in British smart home energy technology producer myenergi.
Founded in 2016 by Lee Sutton and Jordan Brompton, myenergi produces a range of ‘eco-smart’ home energy solutions, including the market-leading zappi charger, the world’s first solar-compatible EV charger. It also produces the eddi power diverter and the libbi smart home battery.
Nazo Moosa, managing partner at Energy Impact Partners Europe, will join the myenergi board alongside Terry Leahy, former chief executive officer at UK supermarket giant Tesco, and Peter Richardson, former chief operating officer at British high-tech home appliance producer Dyson.
“Transportation is responsible for nearly a quarter of the global energy-related CO2 and road transport makes up the lion’s share of it,” Moosa said. “EIP targets the largest sources of greenhouse gas emissions,” she added.
Moosa said she was “proud” to back “a truly unique company in the climate sector that is both growing rapidly and is profitable”.
22 million cars off the road
Founded in 2015, EIP aims to speed up the transition to clean energy by investing in new and emerging climate technologies and solutions. It currently has more than $4bn in assets under management.
Last year, its portfolio companies enabled reductions of more than 11 million metric tonnes of global carbon emissions, with projected lifetime reductions of 103 million metric tonnes. That’s akin to taking almost 22 million cars off the road for a year, the company said in its 2023 Impact & ESG Performance report.
Global financing of decarbonisation technologies exceeded a record-breaking $1trn last year, according to data gathered by Bloomberg News. This included an 11% year-on-year jump in energy transition investment in the US to $141bn.
Moving towards net zero
As the UK moves towards a net zero future, it is “vital for consumers to be given easy and convenient ways to make the shift away from fossil fuels towards clean, green, renewable energy”, said Brompton of myenergi.
The investment from EIP “will help to bring our eco-smart products into more households, enabling our customers to monitor, manage and maximise their home energy, as well as reducing their emissions, streamlining their energy bills and ultimately empowering them to become more energy independent”, Brompton said.
Earlier this year, myenergi secured £30m in debt finance from UK lender HSBC.