The cleantech company has received funding that will allow the business to pursue rapid growth in the UK and Australia, while opening opportunities to scale outwards with its unique offering in new markets.
The green energy supplier uses its artificial intelligence platform and cutting-edge virtual power plant technology to optimise solar-connected battery storage. It learns about a customer’s energy usage and makes informed decisions about how to store, manage and distribute solar energy to minimise their energy bills.
The investment announced today was completed in December 2020 and will help the growth of the business over the coming months and years.
Social Energy is also expanding its offering, using its AI to manage other electrical products in the home, including hot water tanks and EVs.
While Social Energy’s ground-breaking renewable energy offering is currently available in the UK and Australia, the business has plans for global expansion that include continental Europe, North America and Asia. Further overseas expansion will follow on from the company’s successful launch in Australia in November 2020.
Social Energy is available to those that are new to the world of solar panels and battery storage, and those that already have solar panels installed. While it currently has over 6000 customers, there are one million homes in the UK and 2.5 million homes in Australia that already have solar panels.
Stuart Lammin, Principal at CarVal Investors, will join the board of Social Energy with immediate effect.
Richard Smith, CEO, Social Energy, said:
“Following the success of our UK and Australia launches over the past two years, CarVal Investor’s involvement in the next stage of our story is an exciting development. We are delighted to have a partner on board who is heavily focused in the renewable sector and has complementary businesses across the globe.
“CarVal’s 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.”
Stuart Lammin, Principal, CarVal Investors, said:
“We 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. We have a strong commitment to the clean energy sector and supporting companies that can help drive us to a carbon-free future.”
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