Energy tech firm Chameleon Technology has revealed that a management buy-out of the business has taken place.
The buy-out – completed by co-founder and managing director Mike Woodhall and backed by Shard Credit Partners – is a “major milestone” in Chameleon’s plans to deliver consumer-focused energy optimisation services based on the harnessing of real time energy data from smart meters.
The deal will allow Chameleon to “accelerate” its product development roadmap in line with the UK’s net zero targets. It also said a reorganisation of the Board will provide more commercial focus at a strategic level, ensuring the company is able to embrace and capitalise on the opportunities the energy transition presents.
Woodhall is to step up from managing director to CEO, with Craig Stephenson – who joined the business in 2017 – to become chief commercial officer.
Co-founder and seed investor Gary Martin is to exit the business, although he will retain a minority stake in the company.
Last year, Chameleon partnered with Samsung and Bulb to launch the SmartThings Energy Control tool, designed to help consumers make smarter, more energy efficient decisions at home.
It allows consumers to view their energy usage “almost in real-time”, the companies claimed, as well as remotely schedule any smart appliances or tools to use energy at a more convenient or cheaper time.
With 2020 being Chameleon’s ten year anniversary, Woodhall said now is the “perfect time to put control of the company more in the hands of the management team”.
“We will be bolder and more determined than ever and will move quickly to capitalise on new opportunities and partnerships. I am excited to be leading the Chameleon team on our journey to achieving our ambitious plans.”