ClearlySo, Europes leading impact investment bank, announced today that it has advised Tonik Energy (the Birmingham-based independent supplier of renewable energy with nearly 100,000 members) (Tonik) and its sister company The Phoenix Works (provider of B2B and B2C green technology solutions) (Phoenix) on successfully securing a £13 million capital investment. With this investment, Tonik can accelerate roll-out of its integrated strategy to combine affordable energy supply with renewable and energy saving technologies including solar power, electric vehicles and battery storage.
The investment has been funded by Mitsui and Co., Limited (Mitsui) and existing investors, with Mitsui taking a strategic minority stake in the business. Mitsui is an integrated trading and investment company headquartered in Tokyo, which has invested in the group as part of its strategy to expand decarbonised, distributed and digitalized downstream energy business.
Despite the combination of extremely challenging conditions in the UK energy supply market (which has led to some other independent suppliers ceasing trading), regulatory interventions in the energy sector and wider political and economic uncertainty generated by Brexit, ClearlySo assisted Tonik in engaging with Mitsui and supported the management team in structuring and completing this investment round. Mitsuis investment in Tonik also evidences the growing investor appetite for dynamic, market-leading and high impact businesses and how this investor appetite continues to become more global.
This Tonik announcement comes on the heels of other recent major advisory and capital raising mandates completed by ClearlySo in the renewable energy supply and energy management sectors. This includes recent Series A capital raises for Bulb Energy and Upside Energy that saw several mainstream institutions investing. It also evidences ClearlySos track record in closing larger transactions for impactful organisations, following ClearlySo successfully advising the HCT Group on securing a £17.8 million funding package in June 2018. This trend reflects the deeper institutional investor appetite for – and ability to invest in – high impact businesses that can generate commercial returns.
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Chris Parsons, head of investment banking at ClearlySo, commented: We are very proud to have worked with the Tonik and Phoenix teams and to have helped them successfully secure this significant investment. We believe that Mitsui will deliver significant value to Tonik and Phoenix as their strategic partner and investor. Market conditions have made this a challenging transaction to complete but this investment endorses Toniks track record, strategy, high quality management team and unique attributes.
Notes to the Editors
ClearlySo is Europes leading impact investment bank, working exclusively with enterprises and funds delivering positive social, ethical, and/or environmental impact as well as financial return.
Originally founded in 2008, ClearlySo has helped more than 130 clients raise more than £248 million in impact investment from its extensive network of high-net-worth individual and institutional investors.
ClearlySo is headquartered in London.
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