Utilita, one of the UK’s leading energy suppliers, is reportedly planning to raise tens of millions of pounds to support net zero projects.
According to Sky News, the company has hired Alexa Capital to advise on the equity injection.
Sources close to Utilita, which serves about 850,000 customers and has installed 1.5 million smart meters, indicate that the first tranche of funding is expected to be around £50 million.
This is likely to be followed by a larger fundraising effort.
The energy group has been profitable for the last three years and maintains a strong balance sheet.
According to reports, the new capital will mainly be used to support growth initiatives in Utilita’s technology division, Procode, and its renewables division.
Recently, the company installed 186 solar panels on the roof of the Shane Warne Stand – this installation is part of the venue’s ongoing effort to become the world’s greenest cricket ground.
Bill Bullen, Utilita’s Chief Executive, said: “Utilita has never been in a better position, with a strong balance sheet and consistent profitability.
“This will help us accelerate our growth plans in the tech and renewables space to deliver low carbon solutions and help our customers on the journey to net zero.”
Recently, Utilita, in partnership with Cheshire College South and West, launched a smart metering apprenticeship to address the challenges of smart meter installations in the UK.
Energy Live News has contacted Utilita for further comments.
