SQE lands £25M bank loan to scale commercial energy supply
What's the deal? SQEDealroom has a profile for this one. Try Dealroom →, the business electricity supplier formerly known as Squeaky EnergyDealroom has a profile for this one. Try Dealroom →, has secured a £25 million corporate group loan from Royal Bank of Scotland. The debt finance will fund SQE's growth and expand its offering to Britain's largest multi-site organisations.
What SQE does: It supplies electricity to industrial and commercial customers and runs a marketplace linking businesses, generators and brokers. The platform is designed to make an increasingly fragmented power market easier to navigate.
Why now? SQE has doubled the volume of energy under supply and tripled the number of meters it serves. Recent wins include pub operator MarstonDealroom has a profile for this one. Try Dealroom →'s, with roughly 1,300 sites, and a UK supermarket group with over 900 stores, lifting its order book to 4.75 TWh of contracted annual demand.
What's the endgame? SQE has expanded its SQEos technology platform and launched a flexibility proposition covering on-site generation, storage and demand response. It has also added UniperDealroom has a profile for this one. Try Dealroom → to a marketplace that already includes Danske CommoditiesDealroom has a profile for this one. Try Dealroom → and VitolDealroom has a profile for this one. Try Dealroom →.
Between the lines: Founder and chief executive officer Chris Bowden said the loan supports the next stage of growth "while maintaining our capital-light model." Unlike asset-specific energy financings, this is growth capital for an energy-services and trading business, not infrastructure debt tied to a single project.
The signal: The deal lands as Scottish energy investment accelerates, from £245 million for Matrix RenewablesDealroom has a profile for this one. Try Dealroom →' Eccles battery project to a £50 million Scottish National Investment BankDealroom has a profile for this one. Try Dealroom → commitment to the Devilla storage scheme. It also reflects Royal Bank of Scotland's broader push to back growth firms, including recent lending secured against intellectual property.
Read more: business-money.com
Image credit: NotMicroButSoft (Fallen in Love with Ghizar, GB)
