Phoenix Works parent seals multi-million-pound Mitsui cash injection to drive further growth

Retig, the parent company of solar installer The Pheonix Works, has sealed a multi-million-pound capital investment to power its renewables ambitions in the UK.

The firm has landed a £13 million capital injection from a range of investors, including a multi-million-pound investment from major Japanese investor Mitsui, which has taken a strategic minority stake in the group.

Retig acquired The Pheonix Works in September of last year, essentially combining it with its UK-facing clean energy supplier Tonik Energy, to target UK domestic market with a combination f clean energy supply and energy efficiency technologies.

At the time it set a target of installing some 10,000 domestic electric vehicle chargers while simultaneously developing a “mass market” solar-plus-storage solution over the course of the next three years.

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.”

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.