Battery power specialist set to charge ahead with PE-backing
LDC has made a significant investment in battery power specialist Power Saving Solutions to support its growth strategy.
Mansfield-based Power Saving Solutions provides high-performance battery storage units and hybrid power systems for commercial use.
Its Hussh Pod units work alongside a variety of power sources, including diesel generators, renewable energy and on-grid sources, to give customers a hybrid power solution to maximise efficiency on site, reduce emissions and noise pollution and cut costs for fuel and maintenance.
Power Saving Solutions has seen a rising demand from the construction, transport and utilities sectors to support the transition to more cost-efficient clean energy sources. It operates both a rental, sales and service model and has increased revenues by 34% in the year ending 31 December 2023. During 2024, it doubled its manufacturing and technical labour force to increase capacity and support further R&D.
LDC, the private equity investor which is part of Lloyds Banking Group, is backing the business’ management team, led by Andy Richardson, Tom Cummins and Graeme Maxwell. The firm’s support will help Power Savings Solutions to cement its position as a leader in the growing battery storage industry, focus on product development and diversify into new markets.
The investment was led by LDC’s East Midlands and East of England team, including partner David Bains, investment manager Nicole Wong and investment director Simon Peacock, with David and Nicole joining the board as non-executive directors.
As part of the transaction, Gary Jacobson will join the business’ board as non-executive chairman, bringing with him more than 20 years of sector experience from his time with Bifold Group and Rhino Products. Mike Marrison, formerly of LDC-backed equipment-as-a-service provider SRL Traffic Systems, also joins as a non-executive director.
Andy Richardson, CEO at Power Saving Solutions said: “The last few years have been transformative. The investments we’ve made in our products and people have put us at the forefront of a growing market that is making the nationwide transition to cleaner energy sources possible.
“When choosing an investment partner, I was immediately impressed by LDC’s commitment to the transition to net zero, as demonstrated by their partnerships with other ESG-focused businesses. With LDC’s assistance we believe there is a fantastic opportunity to continue to grow and take advantage of increasing demand for our products and services.”
David Bains, partner and head of the East Midlands and East of England at LDC added: “Battery storage has an essential role to play if the UK is to decarbonise its energy system by 2035. Power Saving Solutions has established itself as a market leader, with a product set that enables customers to balance their existing generation with cleaner, more cost-effective options. We’re excited to support Andy and his team as they continue to grow across the UK.”
LDC was advised by Gateley (legal), Grant Thornton (corporate finance), BDO (financial due diligence), CIL (commercial due diligence), BFY Group (energy), KPMG (tax) and Better Faster Growth (sales).
Power Saving Solutions was advised by FRP Corporate Finance (corporate finance) and Jamieson Alexander (legal).
