Myenergi, a British start-up that makes home chargers for electric cars and energy-saving devices, has swung from a profit of £8.8 million to a pre-tax loss of £25 million in the year to May.
The company, whose top backers include former Tesco CEO Sir Terry Leahy, blamed weak demand, stiff competition, and a £10 million write-down on unsold stock.
Founded in 2016 by Lee Sutton and Jordan Brompton, Myenergi sells the popular Zappi home charger and technology that helps homeowners improve energy use, especially if they generate their own electricity. However, in its latest results the company reported that sales fell by 18 per cent to £55.7 million, mainly due to what it called a “challenging trading year” and rival chargers combined with car sales and finance deals.
In a bid to strengthen its balance sheet, Myenergi raised £28.6 billion in new investment from New York-based Energy Impact Partners in October for an undisclosed amount, spending £5.6 million on related fees. As part of wider cost-cutting measures, it has also reduced its Grimsby-based workforce from 445 to 339.
Chairman Peter Richardson, a former Dyson executive, hopes this will give Myenergi a competitive edge. The company insists it remains in a strong financial position, with “good prospects for growth,” supported by more than a quarter of its revenue from overseas—mainly Europe.
Myenergi has reset its ambitions regarding a possible sale or stock market listing. Share options issued in 2022 were due to be exercised if the business reached a valuation of £400 million, but these have been cancelled. The new options introduced this year will be triggered whenever existing shareholders exit the company.
The company’s problems come as the Society of Motor Manufacturers and Traders reported that the production rate of electric or hybrid vehicles in the UK has fallen by 45.5 percent year-on-year. Market analysts, including Euromonitor International, say the growth rate of pure EV sales is slowing, as consumers are increasingly drawn to hybrids that combine both engine power and battery power.
