Utilita, a leading energy supplier in Britain, is currently strategizing ways to raise tens of millions of pounds to support projects focused on achieving net zero targets. According to sources, the energy company, which previously sponsored Luton Town in the Premier League, has enlisted Alexa Capital to assist with securing an equity injection. The first round of funding, estimated to be around £50m, is expected to be followed by a larger fundraising in the near future. Insider reports suggest that Utilita is likely to attract interest from infrastructure and climate change-driven funds for this deal.
With approximately 850,000 customers and 1.5 million installed smart meters, Utilita has been a profitable company for the past three years. Sources also reveal that the company’s balance sheet remains strong, despite the challenges faced by the energy sector due to Russia’s invasion of Ukraine. Earlier this year, a management buyout was conducted to take over the business. The new capital will primarily be utilized for growth initiatives at Utilita’s technology division, Procode, and its expanding renewable energy arm.
Utilita is currently in the process of installing solar power-generating panels at the Utilita Bowl, the Hampshire County Cricket Club’s ground. This week, the company will also begin installation at a Premier League football club. Utilita’s Chief Executive, Bill Bullen, stated, “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 assist our customers on their journey to net zero.”
