Tonik Energy, the renewable energy supplier, and its sister company The Phoenix Works, which provides green technologies to households, businesses and local authorities, are delighted to announce a £13m capital injection to their parent company Retig Ltd.
Chris Russell, CEO of Tonik Energy, says “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 are delighted that our existing investors have backed us, and that Mitsui & Co., Ltd. (Mitsui) a major international investor, has taken a strategic minority stake.”
Mitsui is an integrated trading and investment company headquartered in Tokyo, which has invested in the group as part of its strategy to expand in decarbonised, distributed and digitalized downstream energy businesses. One of the largest trading and investment companies in Japan, Mitsui has been active globally in the power and mobility sectors. In addition, the company recently completed a number of investments in energy management, distributed generation and EV related companies.
Russell explains, “Mitsui is an excellent partner for us, with both a strong entrepreneurial and commercial background, and a strategic commitment to renewable and distributed technology in the energy sector. We look forward to working closely with Mitsui to further develop compelling offerings for homes and businesses that will reduce both their energy bills and their carbon footprint.”
The investment will boost Tonik and The Phoenix Works’ drive to increase the uptake of renewable energy, and low-carbon technologies such as solar, energy storage and EV technology across the UK. Russell continues, “Tonik is a highly rated challenger energy company that is already making headlines so early on in the year. We were recently named by Which? as one of the five small suppliers topping their energy customer satisfaction survey; and in the same week, we also won the Moneyfacts Consumer Award for Energy Provider of the Year 2019. Coupled with The Phoenix Works’ industry leading experience and five-star score as a Which? Trusted Trader, means we are in a great position to deliver on our mission to electrify the UK with low-carbon, renewable technologies.”
“It’s obvious the UK energy sector is undergoing significant change, and this investment is a recognition of the incredible progress that Tonik and The Phoenix Works has made in promoting and delivering renewable technologies.”
Yoshio Kometani, COO of Infrastructure Project Business Unit of Mitsui & Co., Ltd. said “We see the continued progression of the 3 mega trends - Decarbonisation, Decentralisation and Digitalization - within the energy sector, and the UK is at the forefront of these 3D trends and new energy services. Tonik has recognised the mega trends and has developed new offerings to go beyond pure energy supply, which aligns with our strategy in the energy downstream sector. Utilizing our global network, we will support Tonik for its growth and development of new and clean offerings to its customers.”
About Mitsui & Co., Ltd.
Mitsui & Co., Ltd. is one of the most diversified and comprehensive trading, investment and service enterprises in the world, with 136 offices in 66 countries, as well as about 472 subsidiaries and associated companies worldwide. Utilising their global operating locations, network and information resources, they are multilaterally pursuing business that ranges from product sales, worldwide logistics and financing, through to the development of major international infrastructure and other projects in the following fields: Iron & Steel Products, Mineral & Metal Resources, Infrastructure Projects, Mobility, Chemicals, Energy, Food, Food & Retail Management, Healthcare & Service, Consumer Business, IT & Communication Business, Corporate Development Business. Mitsui is actively taking on challenges for global business innovation around the world.
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Jim Hayward, Tonik Energy