EV business set to turnover £17mil after starting with nothing ‘except a few good ideas’ | Personal Finance | Finance
Myenergi has shipped over 100,000 units and has gone from a team of two with a dream to a company 200 employees strong just five years after it was first founded. The founding team shared their journey from an under-funded start-up to a business with £17million expected revenue in an exclusive comment to Express.co.uk
After knowing each other for four years, the two founders embarked on a journey that would change their lives forever, sharing the same end goal: to drive the future of eco-smart technology capable of reducing the impact people’s daily lives have on the planet.
“We started with nothing, except of course for a few good ideas and a serious passion for change,” commented Ms Brompton, “We’ve taken risks, overcome obstacles and learnt from our mistakes. Perseverance and a desire to be successful have seen us build a unique product range and a hugely talented team.”
She continued: “At the start of our partnership, we had nothing. We spent a year developing our first product and ploughed our life savings into just getting the basics right. When it came to creating zappi, however, we’d all but run out.
“As such, we ran a crowdfunding round. We needed £40,000 but raised only £10,000. So, we drained everything else we had into the business and kept our fingers crossed that something positive would come around the corner.”
And luck seemed to be on their side when TV personality Robert Llewellyn filmed an exclusive episode on Myenergi for his EV YouTube channel, skyrocketing their sales and funding almost instantly.
Mr Sutton noted: “This year, we expect to deliver revenues of £17million, with new products planned to hit the market over the next six months. As part of this continued expansion, we have opened subsidiaries in Germany, Ireland, Australia and the Netherlands, with further overseas expansion planned for the future.”
The pair were not strangers to entrepreneurship before Myenergi. They meet when Ms Brompton was an employee at Mr Suttons’ previous business venture manufacturing a device that allowed homeowners to redirect the renewable energy from their solar panels to their immersion heaters. The pair would prove to make a brilliant business team.
“From day one, Jordan and I built a close bond. While Jordan had a natural spark for sales and marketing, my creative product ideas really seemed to resonate with the market. We complemented each other perfectly and I knew immediately that we had a good entrepreneurial future ahead of us,” Mr Sutton added.
From there Ms Brompton took to entrepreneurship in the form of a cycle import business in Grimsby before getting the call from Mr Sutton to work on Myenergi.
“We joined together in partnership and never looked back. Thanks to our strong bond, we have since created one of the world’s most exciting fast-growth eco-smart tech businesses,” she commented.
Mr Sutton noted that having a sharing the same vision for the business served the pair well as both looked to create impact more than profits and the possibility of changing the world through their pioneering technology.
“This ambition may have sounded unachievable to many, but we had unrivalled experience in the sector and already had a couple of product ideas up our sleeves. Following a few months of planning and research, we designed and launched eddi – a clever device that diverts excess power generated by domestic solar panels and redirects it to your heating devices. Rather than being forced to buy back your own energy when tariffs are higher, the product allows users to maximise consumption of their self-generated renewable power,” Mr Sutton continued.
But this was not enough for the pair, they sought to broaden and build on their product range, needing a small team of engineers as well as a lot more funding to do so.
Ms Brompton elaborated: “Following a crowdfunding round in 2018, we caught the attention of investors Sir Terry Leahy and Bill Currie, which culminated in a significant investment and effectively took our product portfolio to market. Since then, the business has gone from strength to strength.
“If we had the opportunity again, I don’t think we’d do anything differently. We’ve definitely made mistakes and we’ve sometimes done things the hard way, but I think learning lessons and taking those hits have helped us to not only become more resilient and humble, but also build a transparent brand that is supported by thousands worldwide – it’s a real, completely genuine, British success story.”
As the renewable energy sector continues to boom, it’s providing a unique opportunity for entrepreneurs to break into the sector and make their millions, and the successful entrepreneurs shared their best tips for anyone looking to do so.
“Our advice for anyone looking to build a business in the tech industry is to make sure you’re doing it because you love it. While having the drive, determination, passion and enthusiasm to never give up is important for any entrepreneur, tech comes with a unique series of challenges.
“Building a talented team around you is key. Indeed, the team at myenergi, which we effectively handpicked, has proven pivotal to the products we’ve created, the impact we’re having and the mountains we’re moving.”
The growth of smart electric devices and eco-friendly alternatives has sky-rocketed since lockdown as more people become conscientious about how they spend their money and governments across the world hunker down on initiatives to help stop climate change and reverse the damage humans have done.
Which is good news for Myenergi, as the founders’ ambitious plans will see this all come to fruition: “Humanity is at a crossroads and we can’t continue our wasteful ways. From what we eat and what we wear, to how we travel and everything in between, it’s up to all of us to take up the gauntlet. The companies that will be here for years to come have understood this challenge and are already working in partnership with consumers to proactively help.
“Back in 2018, plans were set in motion to design and build a 15,000 square feet bespoke flagship facility in Lincolnshire. At this point, we were on our first-generation products and our international footprint was still limited. 18 months after breaking ground, we have expanded dramatically, meaning the original building is simply too small for all our operations. As such, the second phase, which is currently in planning stages, will see a 50,000 square feet manufacturing facility added to the site,” Ms Brompton concluded.