Renewables supplier Tonik Energy has landed a £13 million capital injection from investors, including major Japanese investment firm Mitsui.
The investment, into Tonik’s parent company Retig, is to be used to boost its and renewables installation subsidiary The Phoenix Works’ supply and domestic renewables function.
Mitsui has also taken a strategic minority stake in Retig as part of a wider expansion into decarbonised energy businesses.
Chris Russell, chief executive at Tonik Energy, described the investment as a “fantastic endorsement” of its strategy, which combines clean energy supply with energy saving technologies.
“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.”
Last September Tonik acquired The Phoenix Works, an established installer of domestic solar, battery storage and electric vehicle chargers, setting the target of installing 10,000 EV chargers and deploying a “mass market” solar-plus-storage solution within the next three years.
Yoshio Kometani, COO of Mitsui’s infrastructure project business unit, said the investment had been driven by the progression of three energy sector “mega trends” in decarbonisation, decentralisation and digitisation, adding his belief that the UK stood at the “forefront” of those trends.
“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. Utilising our global network, we will support Tonik for its growth and development of new and clean offerings to its customers,” he said.
