Ethical Power Group, a renewable energy firm operating globally, announced that private investor Greg Skinner has acquired a 50% stake in the company from Hive Energy. The deal includes a £15 million working capital loan to support the company's ongoing growth.
Skinner, who co-founded Quadrature Capital Limited, will join Ethical Power's board as part of the agreement. The remaining 50% of the company is retained by its founder and CEO, Thomas Kneen.
Founded in Exeter in 2010, Ethical Power has grown into a significant player in renewable energy, specializing in solar engineering, procurement, and construction (EPC) and battery storage installations. The company now operates across Europe and New Zealand, employing over 300 people and managing more than 30 projects with combined revenues exceeding £400 million.
Skinner emphasized his commitment to Ethical Power's mission in a statement: “I am excited about Ethical Power's mission and the work that they are doing to decarbonise the grid. Our values and ambitions are closely aligned—I deeply care about mitigating the impact of the climate emergency and supporting sustainable growth.”
The partnership marks a transition from Hive Energy's earlier involvement. Hive's 2021 investment had facilitated a period of rapid expansion, during which Ethical Power more than quadrupled in size. Reflecting on the strategic shift, Kneen stated: “Following our very successful partnership with Hive Energy, we felt a new partner is needed to help us reach the next stage of growth. We are proud to have found a UK-based partner and proven entrepreneur in Greg Skinner.”
Ethical Power aims to leverage the investment to expand its portfolio, particularly in Italy and New Zealand, while also strengthening its UK-based projects. Hive Energy will continue to collaborate with Ethical Power through joint venture development initiatives, including Hive Ethical Project Development Ltd, where Hive remains a minority shareholder.
The partnership underscores Ethical Power's ambition to accelerate its international reach and advance its mission of sustainable energy development.
