A private investor has completed acquisition of 50% shares of Ethical Power Group from Hive Energy.
Greg Skinner’s investment in Ethical Power will also include provision of an additional £15m working capital loan to help with the continued expansion of the renewable energy company’s operations. Upon deal completion, Skinner will be joining the Ethical Power Group board.
Thomas Kneen, the founder and CEO, maintains a 50% share of the business.
Ethical Power is a global renewable energy company, operating across Europe and in New Zealand. Founded in 2010 in Exeter, Ethical has become a global solar EPC contractor and one of the largest battery storage installers in the UK.
Since Hive’s original investment in 2021, the company has more than quadrupled in size and expanded internationally, now employing over 300 people across five countries, and working on more than 30 projects with a combined revenue of over £400m.
Skinner is co-founder of the UK-based quantitative hedge fund Quadrature Capital Limited in 2010. He also sits as a trustee of Quadrature Climate Foundation, which he established with his hedge fund co-founder in 2019, and through which they have committed over $1bn in philanthropic grant-making to-date.
This investment in Ethical Power is made by Skinner in a personal capacity.
Commenting on his investment, Skinner said: “I am excited about Ethical Power’s mission and the work that they are doing to decarbonise the grid.
“Our values and ambitions are closely aligned – I deeply care about mitigating the impact of the climate emergency and supporting sustainable growth.
“Given their strong leadership and impressive pace of expansion in recent years they are well set up for further growth, and I am excited to be a part of the journey with Tom and the team.”
Kneen added: “Following our very successful partnership with Hive Energy, we felt a new partner is needed to help us reach the next stage of growth. We contemplated various financing alternatives and ultimately decided that an experienced private investor will best match our needs.
“We are proud to have found a UK-based partner and proven entrepreneur in Greg Skinner. He shares Ethical Power’s vision, and his investment and support will enable us to achieve even more, including our first projects in Italy and New Zealand, as well as growing the portfolio of owned and maintained projects in the UK.”
The partnership between Hive Energy and Ethical Power Group will continue through their joint venture development projects in the UK, such as the Hive Ethical Project Development Ltd, in which Hive Energy remains the minority shareholder.
Further collaborations on international development pipeline are also planned.