The technology platform and assets of Ripple Energy have been bought out of administration by 1st Energy Technologies, following the company’s filing for insolvency. However, the acquisition has resulted in redundancies for Ripple Energy’s staff, the company confirmed.
Ripple Energy, a UK-based renewable energy firm, entered administration after facing financial difficulties, prompting the appointment of insolvency specialists Begbies Traynor to oversee the sale. Several interested bidders registered to acquire the company, but the administrator concluded that 1st Energy’s offer would deliver the best outcome for all parties involved. According to the administrator, “The sale preserves services to customers and protects the investments of creditors of the co-operatives that invested in Ripple.”
Despite the positive outcome for customers and creditors, the administrator added, “Unfortunately, despite the best efforts of the joint administrators, existing staff at Ripple Energy Limited have been made redundant.”
Ripple Energy, founded in 2017, operated on a business model that allowed the public to invest in renewable energy assets through cooperative shares in exchange for discounts on energy bills. The company developed the 18.8MW Kirk Hill wind farm in Scotland and was working on the 42MW Derril Water solar farm in Devon, due to be completed in 2025.
Gary Christian, CEO of 1st Energy, expressed regret over Ripple’s financial challenges but emphasized the potential of the company’s pioneering vision. “While it’s regrettable that Ripple Energy faced financial challenges, we firmly believe in the vision they pioneered. Community ownership of renewable energy represents an important innovation that deserves to continue,” said Christian. He assured customers that their green energy supply would be maintained without interruption under 1st Energy’s ownership.
Craig Povey, partner at Begbies Traynor, also commented on the situation, stating, “We worked hard to make sure that this accelerated sale did not disrupt the service to customers and are pleased that services can now resume.” He acknowledged the redundancies but added that under 1st Energy’s ownership, the business had the potential to move forward and grow as demand for renewable energy in the UK continues to rise.
