50 new jobs created as green energy group secures £8.2m HSBC funding to help businesses decarbonise
A Midlands based energy solutions company is set to expand in response to increasing demand following a £8.2m funding deal with HSBC UK.
Project Better Energy, a group of energy businesses that specialise in renewable energy, EV charging and energy savings, will use the funding to develop a new 35,000 sq ft office at its headquarters in Burton on Trent. Building upon its existing 13,000 sq ft site.
The new premises will enable the group to meet increased demand while creating up to 50 new jobs for the local area.
Having experienced an increase in demand for its services as the UK works to achieve its net-zero targets, Project Better Energy has switched its banking to HSBC UK to also secure access to commercial facilities that will help streamline the company’s stock infrastructure.
The company has used £4m in sales finance and trade capital from the bank to fund product capacity and quickly increase sales, taking the business from a turnover of £31m to £58 million in 12 months, bringing total financial support from HSBC UK to £8.2m.
Simon Peat, chief executive at Project Better Energy, said: “We’re in a unique position to help businesses and housebuilders, who are under immense pressure to improve energy efficiency in properties to meet UK Government legislation and targets to reach net-zero.
“We’re grateful for the support of HSBC UK in supporting our expansion and, in particular, our Relationship Director at the bank, Rakesh Patel.
“Clean energy targets aren’t unique to the UK, and we’re keen to grow our presence in Europe to help businesses and housebuilders globally improve carbon footprints. Working with a bank known for its international footprint and expertise in targeting new markets will be hugely beneficial in enabling us to make a difference worldwide.”
Debbie Harper, head of corporate banking East Midlands at HSBC UK, added: “Project Better Energy is determined to help businesses reach the UK’s net-zero targets through its suite of green energy services and support. We’re delighted to work with such an ambitious organisation that is already making an important difference within the UK.”
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