HDM Solar, one of the UK’s fastest-growing wholesalers of renewable energy products, has announced a major £10.2m funding boost led by a multi-million pound equity investment from Angel Invest in Berlin and supported by UK-based DF Capital.
The business will use the investment and working capital facility to accelerate the rollout of a nationwide network of branches, which will generate new jobs and provide local support to installers, businesses and consumers in every corner of the country.
This funding is another significant step in the development of the company and its ambition to be the UK’s leading renewable energy equipment wholesaler. The Hull-based business is at the forefront of championing affordable energy solutions and making it simpler for millions of homes and businesses to embark on a journey towards net zero.
“We are thrilled to have secured this funding from Angel Invest and working capital facility from DF Capital,” said Daniel Rogers, Founder of HDM Solar.
Adam Firth, HDM Solar’s Managing Director, continued: “We have carefully and strategically planned our UK wholesale network expansion. This funding will help us increase our number of branches so we can provide even better service and support to our customers across the country. It’s a really exciting and rewarding time for everyone at HDM Solar as we continue to offer a new proposition to the market.”
The investment from Angel Invest and working capital facility from DF Capital illustrates their shared confidence in the profitability, longevity and management of the business.
John von Berenberg-Consbruch, Partner at Angel Invest, said: “Daniel, Adam and the team at HDM Solar have demonstrated an exemplary level of professionalism and growth planning. The HDM Solar business is growing quickly by offering best-in-class products and exceptional service. Our investment will help accelerate their expansion and plan to become a leading industry player.”
Garry Frew, Chief Commercial Officer at DF Capital, commented: “We’re delighted to provide this facility to HDM Solar during this significant period of growth. Daniel and Adam have demonstrated tremendous industry knowledge and a robust, exciting plan for the future development of the business, which we are delighted to support.”
HDM Solar plans to open sixty branches across the country and is targeting a total of five new sites to be operational by the end of 2024.