Lincolnshire tech manufacturer secures £30m to support smart home energy products

A Lincolnshire tech manufacturer has secured £30m funding package from HSBC UK to support the development and production of innovative smart home energy products.

myenergi creates smart home solutions that are affordable and sustainable, helping to reduce carbon emissions and energy consumption.

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.

Founded in 2016 by Lee Sutton and Jordan Brompton, the business has 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. The company has grown to almost 450 employees, and annual sales last year broke the £50m barrier.

Lee Sutton, co-founder, and chief executive myenergi, 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, MD, head of corporate Midlands at HSBC UK, added: “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.”

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