LONDON, 20th November - AgilityEco, a recognised leader in low carbon, energy efficiency and fuel poverty services, has partnered with Bridges Evergreen Holdings (“Evergreen”) to support its long-term growth and so help more fuel poor and vulnerable households.
AgilityEco has been searching for an investor with similar values and a social impact ethos to help achieve its long-term growth plan and help more vulnerable people escape from fuel poverty. Evergreen, which has now acquired a significant minority stake in AgilityEco, is a specialist long-term capital vehicle that helps mission-driven businesses scale over time. It is managed by Bridges Fund Management, which has been investing in businesses that support the transition to a more inclusive and sustainable economy for nearly 20 years.
This new investment will enable AgilityEco to scale its services quickly and deliver more social impact to fuel poor and vulnerable households across the UK. The partnership will work towards fulfilling AgilityEco’s goal to help end fuel poverty by 2030, as outlined in its recent manifesto “From Obligation to Opportunity”.
Since its launch in 2013, AgilityEco has developed a unique approach that brings together high-quality vulnerable customer support, delivered at scale, with funding and delivery of energy efficiency measures. Local authorities and supply chain partnerships have been at the centre of this successful approach which has enabled AgilityEco to achieve the following in the last year alone (2018/2019):
- 40,000 fuel poor and vulnerable households supported
- £35 million of funding unlocked for its clients and partners
- 93,809 energy efficiency measures installed
- £177 million of lifetime energy bill savings achieved from measures installed
- 767,937 tonnes of CO2 abated.
Evergreen will support the AgilityEco team to build on this important work, continue the scaling of the business and so help more people out of fuel poverty. An Employee Benefit Trust or similar structure will also be established, to enable the whole team to contribute to and benefit from the future success of the business.
AgilityEco co-founders Gearóid Lane and Jon Kimber will continue to lead the business, while Evergreen’s Scott Greenhalgh and Luke Edwards will join the AgilityEco board. Ian Peters (a former colleague at British Gas/Centrica, and currently Chair of Barts Health NHS Trust and Vice Chair of Peabody), joins as Chair. Ian also chairs a number of growth businesses in the energy and water sectors. AgilityEco’s sister company, Bierce Surveying, has now become a wholly-owned subsidiary. As part of the new investment, AgilityEco’s original financial investor Lee Cottingham will no longer be involved with the business. The founders would like to thank Lee for putting trust in them and the business from its formation almost seven years ago.
Gearóid Lane, CEO of AgilityEco said:
"As a business, we’re very ambitious to support more fuel poor and vulnerable households. The timing couldn’t be better to bring in a partner to help – rising energy prices and tough economic conditions are increasing the number of households across Britain that need our services. We are determined to redouble our efforts to help in the important national goals of eliminating fuel poverty and reaching net zero carbon emissions. We are so delighted to have teamed up with Evergreen – we could not have found a better partner for the journey.”
Scott Greenhalgh, Chairman of Bridges Evergreen Holdings, said:
"We are delighted to have the opportunity to partner with Jon, Gearóid and their team. AgilityEco is exactly the sort of ambitious mission-led organisation Evergreen seeks to partner with. Across the Bridges platform, we have invested in a number of organisations that are helping to address housing vulnerability and support the transition to a more inclusive economy. We believe this experience and our impact-driven approach can help AgilityEco to grow and deliver greater and deeper social impact."
Notes to editors
About AgilityEco (www.agilityeco.co.uk)
AgilityEco plans, manages and delivers innovative services to give support to fuel-poor households that need a helping hand. It provides practical help with energy efficiency, utility bills, households finances and vulnerability; and it works closely with local authorities, housing providers and charities to reach those most in need.
About Bridges Evergreen Holdings
Launched in 2016, Bridges Evergreen Holdings is a pioneering investment vehicle designed to provide patient capital and hands-on support to mission-driven businesses and social sector organisations. It draws on Bridges’ proven track record of investing in high-growth, high-impact models, and its best-in-class impact management capabilities.
About Bridges Fund Management (www.bridgesfundmanagement.com)
Bridges Fund Management (formerly Bridges Ventures) is a specialist private markets investor. Since 2002, it has raised over £1bn to invest in solutions that support the transition to a more inclusive and sustainable economy. It focuses on four impact themes: Healthier Lives, Sustainable Planet, Future Skills, and Stronger Communities.