Renewable energy firm targets national growth with multi-million pound backing

Hull-based HDM Solar, a wholesaler of renewable energy products, has secured a £10.2m funding boost led by a multi-million pound equity investment from Angel Invest in Berlin and supported by UK based DF Capital.

The business will use the investment and working capital facility to accelerate the rollout of a nationwide network of branches.

It says these will generate new jobs and provide local support to installers, businesses and consumers in every corner of the country.  

The firm adds this funding is a significant step in its ambition to be the UK’s leading renewable energy equipment wholesaler.

Daniel Rogers, founder of HDM Solar, said: “We are thrilled to have secured this funding from Angel Invest and working capital facility from DF Capital.”

Adam Firth, the business’s managing director, added: “We have carefully and strategically planned our UK wholesale network expansion.

“This funding will help us increase our number of branches so we can provide even better service and support to our customers across the country.

“It’s a really exciting and rewarding time for everyone at HDM Solar as we continue to offer a new proposition to the market.” 

HDM Solar plans to open 60 branches across the country and is targeting a total of five new sites to be operational by the end of 2024.

John von Berenberg-Consbruch, partner at Angel Invest, said: “Daniel, Adam and the team at HDM Solar have demonstrated an exemplary level of professionalism and growth planning.

“The HDM Solar business is growing quickly by offering best-in-class products and exceptional service.

“Our investment will help accelerate their expansion and plan to become a leading industry player.”

Garry Frew, chief commercial officer at DF Capital, said: “We’re pleased to provide this facility to HDM Solar during this significant period of growth.

“Daniel and Adam have demonstrated tremendous industry knowledge and a robust, exciting plan for the future development of the business which we are happy to support.”