Tonik attracts £13m Japanese firm investment

Renewable supplier Tonik Energy has secured a £13 million investment from a major Japanese investment firm.

The investment from Mitsui will help boost the energy firm and its sister company The Phoenix Works’ drive to increase the uptake of renewables and low carbon technologies like solar as well as energy storage and electric vehicle technologies.

Tonik Energy supplies green power and integrated grid services to around 100,000 households in the UK.

Mitsui has taken a minority stake in its parent company, Retig, as part of a wider expansion into decarbonised energy businesses.

Yoshio Kometani, COO of Infrastructure Project Business Unit of Mitsui said: “We see the continued progression of the three mega trends – decarbonisation, decentralisation and digitalisation – within the energy sector and the UK is at the forefront of these 3D trends and new energy services.

“Tonik has recognised the mega trends and has developed new offerings to go beyond pure energy supply, which aligns with our strategy in the energy downstream sector. Utilising our global network, we will support Tonik for its growth and development of new and clean offerings to its customers.”

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