Freshstream has invested in Project Better Energy, a solar and renewable energy service provider, acquiring a strategic stake from the company’s shareholders, who are reinvesting alongside Freshstream.
Based in Burton-upon-Trent, Project Better Energy was founded in 2011 by Chief Executive Officer Simon Peat, an electrical engineer who spotted an opening in the residential solar market.
The company has since expanded its product range to include off-peak power storage, electric vehicle chargers, air-sourced hot water cylinders and infrared heaters, providing a diversified range of green solutions across both the residential and commercial property sectors.
The business has experienced significant growth over the last 12 years and now employs approximately 300 people across its divisions and generates around £100m worth of sales on an annual basis.
It has also become one of the leading players in the domestic renewable energy sector in the UK, with nearly 40,000 solar energy systems sold and installed through its Project Solar UK division since inception.
The company’s Project EV division has sold to date approximately 80,000 electric vehicle chargers across the residential, commercial and public sectors, such as local councils and the NHS, as well as major retailers including B&Q and Arnold Clarke.
The company has also established relationships with major British housebuilders and Housing Associations, helping to install EV charging points at newbuild developments and to build and convert energy efficiency properties via Project CÜRV.
With Freshstream’s support, Simon Peat will continue to lead the business through an accelerated phase of growth, expanding the product range and customer footprint as demand for its services continues to grow.
Project Better Energy is the 6th investment in Freshstream’s first independent fund, which closed earlier this year having raised €762 million. The business joins other portfolio companies DeterTech, Bella Figura Music, Big Motoring World, Nafinco and MCR, which are all entrepreneurial and founder led businesses.
Simon Peat, CEO of Project Better Energy, said: “We are thrilled to be teaming up with Freshstream and look forward to working together as we continue our ambitious growth strategy. Their expertise and investment will enable us to further accelerate our expansion plans, both organically and through acquisitions.”
Gilles Gradassi, director at Freshstream, 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.
“Reaching net zero will not be achievable without private capital investment and we are confident that Simon will continue to find innovative, cost-effective solutions to support consumers, businesses and local authorities through the energy transition and make a real difference.”
