International Retail Energy Supplier Social Energy Receives "Significant Investment" From Fund Manager, Which Will Support Expansion To North America
Social Energy Focuses On Retail Plans Which Optimize Solar/Storage Via AI, Hub & App
January 27, 2021 Email This Story Copyright 2010-21 EnergyChoiceMatters.com
Reporting by Paul Ring • email@example.com
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Social Energy, a retail energy supplier which offers an AI powered platform and energy storage service in the U.K. and Australia, and which is described as a renewable energy scale-up, has received a "significant investment" from fund manager CarVal Investors.
The funding will allow the company to pursue rapid growth in the U.K. and Australia, while opening opportunities to scale outwards with its offering in new markets.
Specifically, Social Energy said that it has plans to expand its services to North America, in addition to continental Europe and Asia
Social Energy described itself as, "an energy supplier focused on making solar panels and battery storage deliver bigger savings for homeowners."
"Together with its customers, it can change energy for the better by creating market-leading green energy tariffs, all delivered through powerful yet easy to use apps," Social Energy said
Social Energy further described its service as follows: "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."
In the U.K., Social Energy offers a retail energy plan ("tariff" in U.K. market terms) that is designed to make savings and pass on credits for customers who have solar panels and have purchased a battery and hub powered by Social Energy.
Concerning its offering in Australia, Social Energy states on its website, "We're a new kind of energy retailer, designed especially for homes with solar panels and battery storage - helping you to get the best savings for your system! We pay you up to 4X more [versus an average market Feed in Tariff rate] for the solar energy that you don't use at home, so you can live greener and save more. Our clever technology connects to your battery, enabling us to make the most out of the energy you don't use, all whilst giving you access to powerful insights and full realtime solar and battery system monitoring."
Social Energy said that it is also expanding its offering, using its AI to manage other electrical products in the home, including hot water tanks and EVs.
Social Energy currently has over 6,000 customers
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," Smith said
CarVal Investors is described as an established global alternative investment fund manager focused on distressed and credit-intensive assets and market inefficiencies. "CarVal has an established history of energy and power investments and is innovative in structuring partnerships in the renewables industry and has deployed over $1.6 billion in clean energy investments," Social Energy said
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."
Since 1987, CarVal has invested $124 billion in 5,495 transactions across 82 countries.