Feb 15, 2019 - 3min read
We couldn’t be more thrilled to announce a major development in the life of Tonik Energy and our sister company The Phoenix Works - closing out our latest round of investment with a £13m cash injection. Break out the sustainably-grown champagne!
Huge thanks to our existing investors, and a very warm welcome to Mitsui & Co. Ltd, who have joined us as minority, strategic stakeholders. Our newest members of Team Tonik are headquartered all the way over in Tokyo, and have invested in our parent company Retig Ltd. as part of a plan to expand its green energy businesses. Mitsui is one of Japan’s largest trading and investment companies - with bags of experience in the power and mobility sectors - and now they’re taking an interest in energy management, distributed generation and EV-related companies.
It’s been a busy 12 months for us - we’ve grown our member base to nearly 100,000 and we’ve taken on over 100 people; we’ve won three awards and come in the top five of the Which? annual energy customer satisfaction survey; we’ve launched new products to market and gained a sister company.
Our CEO Chris Russell is super proud, “This is a fantastic endorsement of our strategy to combine affordable energy supply with renewable and energy saving technologies in solar power, electric vehicles (EV) and battery storage. We’re really looking forward to working closely with Mitsui to help our members reduce both their energy bills and their carbon footprint.”
This latest round of investment is going to be a huge help in our mission to power the UK with low-carbon, renewable energy. We’re committed to increasing the uptake of renewable energy across the UK, and we aim to connect our members to new technologies and innovative ways to power their homes. We want to put them in control of how they generate, store and use renewable energy - so that they can halve their energy bills by 2022.
Yoshio Komentani, the COO of Mitsui’s Infrastructure Project Business Unit, is a man after our own hearts: “We see the continued progression of the 3 mega trends in the energy sector: Decarbonisation, Decentralisation and Digitalization. Tonik recognises these mega trends, and has developed new offerings that go beyond pure energy supply, which aligns with our strategy. Utilizing our global network, we will support Tonik for its growth and development of new, clean offerings to its customers.”
But whilst this help from our friends in Japan undoubtedly gives us a huge boost - we couldn’t do any of this without our people and our members. Thanks for all your support, you’ve been incredible! You’ve helped shape Tonik into the company it is today.
When we launched Tonik Energy in 2016, we were clear in our vision, we knew what we wanted to achieve. We are optimistic about the future because we’ve seen the technology, we know what is possible. We’ve always said we can build a brighter future together, and we’ve just taken a very big step towards that goal.