Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Home charger maker Myenergi slips into the red as EV demand stalls

by December 24, 2024
December 24, 2024
Home charger maker Myenergi slips into the red as EV demand stalls

Myenergi, a British startup that produces home chargers for electric vehicles and energy-saving devices, has swung from a £8.8 million profit to a pre-tax loss of £25 million in the year to May.

The company, whose high-profile backers include former Tesco chief Sir Terry Leahy, blamed the downturn on weaker demand, intensifying competition, and a write-down of £10 million on unsold stock.

Founded in 2016 by Lee Sutton and Jordan Brompton, Myenergi sells the popular Zappi home charger and technology that helps homeowners optimise power usage, particularly when generating their own electricity. However, in its latest results the company reported an 18 per cent drop in sales to £55.7 million, largely due to what it called “a challenging trading year” and rival chargers being bundled with car sales and finance deals.

In a bid to shore up its balance sheet, Myenergi raised £28.6 million in new investment from New York-based Energy Impact Partners in October at an undisclosed valuation, spending £5.6 million on related fees. As part of broader cost-cutting measures, it also reduced its Grimsby-based workforce from 445 to 339.

Chairman Peter Richardson, previously an executive at Dyson, hopes this will give Myenergi the firepower to compete. The company insists it remains in a strong financial position, with “good prospects for growth,” supported by more than a quarter of its revenue coming from overseas—primarily Europe.

Myenergi has reset its ambitions around a possible sale or stock market listing. Share options issued in 2022 were to vest if the business reached a valuation of at least £400 million, but these have since been cancelled. New options introduced this year will be triggered whenever existing shareholders exit the company.

The company’s struggles come as the Society of Motor Manufacturers and Traders reported a 45.5 per cent year-on-year drop in UK output of electric or hybrid vehicles in November. Market analysts, including Euromonitor International, say the growth rate of pure EV sales is slowing, with buyers increasingly attracted to hybrids that combine both engine and battery power.

Read more:
Home charger maker Myenergi slips into the red as EV demand stalls

0
FacebookTwitterGoogle +Pinterest
previous post
Dozens of House lawmakers rally around funding Afghan visa program as Trump vows major spending cuts
next post
Charles Norfleet Shares Advice On Navigating the Future of Wealth Management

You may also like

Spotify Reports Operating Loss in Q4 Despite Subscriber...

February 7, 2024

Companies slash pay incentives for would-be recruits

February 23, 2024

Economists suggest wealth taxes could generate £10bn to...

July 29, 2024

DRIVE 321 celebrates five years in business

December 15, 2023

BTC vs Gold – Which is the Best...

December 29, 2022

Tony Danker launches ‘Growth Incorporated’ following CBI departure...

February 12, 2024

UK’s digital services tax reaps almost £360m from...

November 23, 2022

Prisoners could get ‘AI cellmate’ to help them...

January 28, 2025

The Impact Of Personal Injuries On Small Businesses:...

December 4, 2023

Recent Form and Training Camp Buzz: Factors to...

September 17, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Key blue state Republican says Senate’s local tax write-off offer is a ‘good deal’

      June 28, 2025
    • Key GOP senator defects on crucial vote, imperiling Trump’s ‘big, beautiful bill’ in narrow majority

      June 28, 2025
    • Terror in Gaza: Hamas offers bounties to kill US and local aid workers, group says

      June 28, 2025
    • SCOOP: Blue state Republican could oppose Trump tax bill over Medicaid changes

      June 28, 2025
    • Marco Rubio holds first meeting with families of hostages held by Hamas

      June 28, 2025
    • Trump’s NATO Turnaround: From threatening to pull US out to ‘daddy’ of the alliance

      June 28, 2025

    Categories

    • Business (8,329)
    • Investing (2,081)
    • Politics (15,849)
    • Stocks (3,177)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved