Tonik Energy will use an additional £11 million investment from Japanese firm Mitsui to fund renewable energy technology and electric vehicle (EV) chargers.
Announcing the investment today (3 March) the Birmingham-based challenger supplier said it is expanding the 4,000 EV charging installations already carried out by its EV installation arm, The Phoenix Works.
Tonik, which currently supplies more than 130,000 homes, has also said it is exploring new sites across the UK to build out further installation teams, including regional hubs.
The latest investment from Mitsui, which was completed in December 2019, is the Tokyo-based firm’s second in a year. In February it invested £10.3 million in Tonik.
By the end of 2024 Tonik aims to have acquired 500,000 customers and is aiming to be a near £1 billion revenue business by the following year.
According to Tonik’s latest accounts, which were filed late due to the additional investment from Mitsui, the company made a loss before tax of around £19 million in the year ending 31 March 2019.
Chris Russell, chief executive and co-founder of Tonik Energy, said: “As a new breed of energy supplier, Tonik Energy must ensure it can offer a greater range of propositions to all of its members. We want to do more than simply supply clean, affordable energy. Our aim is to help our customers reduce their fossil fuel consumption, both in the home and on the move. By facilitating the adoption of microgeneration, battery storage and EV charging we aim to significantly reduce customers’ bills.
“The UK is at an inflection point in the renewable energy market, one which requires investment in innovation and ideas, including peer-to-peer trading, EV smart charging and virtual power plant trials. Growing the expertise of the Tonik Energy team will allow for focus on a greater range of future propositions, ones that will help shape the energy market of tomorrow.”