Green energy trader wins new investment
A company which funds green energy technologies and trades the power they produce has raised £13m in new investment as it expands its empire into the Far East.
Sunderland-based Clean Energy Capital (CEC) has enjoyed a rapid rise to power since its inception by Northumbria University graduate Sean O’Connor two years ago.
The company invests in energy-related projects all over the world and then trades the electricity, gas, fuel and carbon credits they create.
Earlier this month it laid out plans to surpass the £100m-a-year mark in the near future and is currently turning over £2m every week.
Yesterday the firm told bdaily it had secured £10m in new investment from an SME and an additional £3m from an unnamed investor.
However, while this would be a major coup for most fledgling firms, the company expects to bring in the same level of investment every month for the year ahead and beyond.
Mr O’Connor also said the company was actively pursuing new investment opportunities in the vast Chinese green technology market.
He said part of the move was motivated by the fact that doing business in Asia is often less problematic, and quicker, than in Britain - although he remains keen to attract interest from North East investors.
He said: “We are looking at funding projects in Latin America, the Middle East, and we are looking into China through joint ventures and technology partners.
“The need in China for green energy solutions is so great because of the sheer size of the market and the fact that it’s a lot easier to get things done there than in the UK.
“Councils in this part of the world are forward thinking in championing green innovations but they are hampered by quite difficult planning regimes.
“As a result that is in danger of jeopardising the UK’s growth in the sector.”
CEC employs 11 people across its Sunderland, Leeds and London offices and became a plc last October.
Mr O’Connor comes from a background of property investment and remains a silent partner in Sunderland-based Launchpad Homes.
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