Wed, 25 Oct 2023 | BUSINESS NEWS
Project Better Energy, a solar and renewable energy service provider based in Burton-on-Trent, is set to target organic and acquisitive growth after securing backing from private equity house Freshstream. The PE firm has acquired a stake in Project Better Energy from its shareholders, who are reinvesting in the business.
The company, which was founded in 2011, initially served the residential solar market, but has since expanded to provide products including electric vehicle chargers, off-peak power storage, air-sourced hot water cylinders and infrared heaters.
The firm has seen strong growth over its 12 years of operation and now offers a range of renewable services for both the residential and commercial property markets. It employs approximately 300 staff and generates around £100 million worth of sales per year.
The company’s Project Solar UK division has sold close to 40,000 solar energy systems since its inception, while the Project EV division has sold around 80,000 electric vehicle chargers to organisations across the commercial, residential and public sectors.
Project Better Energy founder and Chief Executive Simon Peat said that the backing of Freshstream would enable the company to continue its “ambitious growth strategy” and “to further accelerate our expansion plans, both organically and through acquisitions."
Freshstream director Gilles Gradassi said: "Following a series of legislative and policy commitments by governments in recent months and years to mitigate the impact of global climate change, there has never been a more important time to invest in solutions aimed at expanding clean power availability and energy efficiency.”
"Project Better Energy is one of the most exciting players in the UK green solutions market and the investment in the business demonstrates our commitment to supporting innovative, entrepreneurial companies solving complex issues, including the decarbonisation of the economy.”
Project Better Energy’s shareholders were advised during the investment process by David Gardner, Jack Ford and Stuart Lees of KBS Corporate.
David Gardner commented: "PBE has successfully introduced a complete service offering to the green energy market. The business has built on its initial solar offering for the direct-to-consumer market and is now exploring relationships with national housebuilders and commercial leaders to deliver a variety of energy-efficient applications.”
"With evolving regulations across the UK, including the mandatory laws relating to the installation of EV charging stations with all new properties, PBE is preparing to explore commercial opportunities at the right time."
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