Renewable energy scale-up Social Energy has received a significant investment from fund manager CarVal听Investors.听听
The听CleanTech听company, based in听West Yorkshire,听has received funding that will allow the business to pursue rapid growth in the UK and Australia, while opening opportunities to scale in new markets听including continental Europe, North America and Asia.听
The green energy supplier鈥�s artificial intelligence platform and virtual power plant technology optimises听solar-connected battery storage,听learning听about a customer鈥檚 energy usage and making听informed decisions about how to store, manage and distribute solar energy to minimise their energy bills.听听听
Social Energy is also expanding its offering, using its AI to manage other electrical products in the home, including hot water tanks and EVs.听听
While it currently has听more than听6,000 customers, there are one million homes in the UK and 2.5m in Australia that already have solar panels听and could therefore adopt the technology.听听
Stuart听Lammin,听principal at听CarVal听Investors, will join the board of Social Energy with immediate effect.听听
“Following the success of our UK and Australia launches over the past two years,听CarVal听Investor鈥檚 involvement in the next stage of our story is an exciting development,鈥� said CEO Richard Smith.听
鈥�We are delighted to have a partner on board who is heavily focused in the renewable sector and has complementary businesses across the globe.听听听
鈥淐arVal鈥檚听expertise will be invaluable in scaling the business and we are excited about taking Social Energy to new markets, as well as growing our existing operations in the UK and Australia.鈥澨�听
Lammin听said:听鈥淲e are delighted to have completed our investment in Social Energy and are very much looking forward to helping to support their ambitions over the coming years.听听听
鈥�We have a strong commitment to the clean energy sector and supporting companies that can help drive us to a carbon-free future.鈥�听