Bristol energy efficiency firm secures £6.25m funding package
Bristol-based energy efficiency specialist Best.Energy has secured a £6.25m funding package from OakNorth to support a majority buyout by impact investor Future Business Partnership.
The deal will back Future Business Partnership’s investment into the company alongside management and provide Best.Energy with additional funding for future growth through a bespoke revolving credit facility.
Founded in 2006, Best.Energy helps multi-site organisations reduce energy usage, costs and carbon emissions through energy management technology.
The company uses proprietary IoT hardware, cloud software and AI-enabled services to give businesses real-time visibility of energy consumption across their buildings and assets.
Its technology includes the Eniscope platform and its Air range of sensors and controls, which are designed to identify and eliminate energy waste. The company said its solutions typically deliver double-digit percentage savings on energy bills.
Best.Energy started life as a Cornish business and is now headquartered in Bristol. Its technology is used across thousands of sites in more than 70 countries, supporting clients in sectors including restaurants, retail, leisure, manufacturing and education.
The transaction also marks an exit for Percipient Capital, the private equity and venture capital provider that had previously backed the business.
Troy Wrigley, CEO of Best.Energy, said:
It’s remarkable to think that over 30% of the energy businesses pay for is wasted – they just don’t know which 30%. That’s why we invented our unique energy saving platform. It shows you exactly where the waste is and enables you to eliminate it.
With the backing of FBP and the support of OakNorth, we’re well-positioned to accelerate our growth and help more organisations globally reduce energy costs and achieve their net zero ambitions.
Future Business Partnership is a specialist impact investor focused on backing businesses that can deliver both commercial growth and positive environmental or social outcomes.
Tracey Huggett and Vish Srivastava, managing partners of Future Business Partnership, said Best.Energy was “exactly the sort of business” the firm was created to invest in.
Our peers across the PE industry are always focusing on cost efficiencies for their portfolio, in this macro environment more than ever, and Best.Energy can enable them to save money and save carbon, a win-win for business and for the planet.
Having the support of OakNorth on this transaction and working with Stewart Haworth, who brings deep expertise in supporting private equity-backed businesses, gives us additional confidence as we look to scale the company and maximise its impact.
The investment comes as the global energy-efficient building market is expected to grow strongly over the coming years, driven by the need to reduce energy consumption, lower carbon emissions, and improve building efficiency.
Stewart Haworth, senior director of debt finance at OakNorth, said:
We’re delighted to support FBP and the management team at Best.Energy on this transaction.
Having worked extensively with private equity investors, we understand the importance of flexible, tailored financing solutions that can support both acquisition strategies and long-term value creation.
The energy efficiency market is seeing significant and sustained demand, with strong double-digit growth projected over the coming years. This creates a compelling opportunity to back high-quality, scalable platforms like Best.Energy, which combine proven technology with immediate, tangible ROI for customers.
