The future is bright for off-grid renewable energy firm Prolectric Services Ltd following £2.75m investment
- Prolectric – which provides solar lighting, power and security solutions – now primed to accelerate ambitious growth plans
- Firm will increase its provision of a “green” alternative to traditional diesel fuelled lighting systems
- Investment provided through ABL facility by specialist SME lender, Shawbrook Bank
LONDON: 11/1/21
The UK’s largest supplier of off-grid renewable energy solutions is set for a brighter future following a £2.75 million investment.
Prolectric Services Ltd is to accelerate ambitious growth plans following the funding boost, which will include increasing its provision of a “green” alternative to traditional diesel fuelled lighting systems.
The firm provides solar lighting, power and security solutions to some of the largest infrastructure, rail and construction projects across Britain.
Now thanks to funding from specialist SME lender, Shawbrook Bank, Prolectric is in prime position to take advantage of increased demand for sustainable alternatives than traditional diesel power.
Gregg Poulter, Chief Financial Officer at Prolectric Services Ltd, said: “The facilities from Shawbrook will provide the business with an enhanced platform from which to achieve our planned growth as well as fund increased stock levels.
“As a business, we’ve been driving towards the provision of more sustainable lighting, power and security solutions for our clients and we firmly believe that there is huge potential for growth in this area.
“Our product range, complete with its strong green credentials, offers significant advantages over traditional generator powered kit in that it is silent in operation, requires no human presence, and can be monitored and controlled remotely. Indeed, it is the ability to monitor and control remotely which gives Prolectric our competitive edge and that technology, coupled with an increase in demand for green solutions, will allow us to remain a leader in our space for many years to come.”
Prolectric’s products involves market-leading technology relating to the provision of solar lighting and power generation. Its product range is complemented by solar powered mobile CCTV systems.
A leader in its field, Prolectric’s USP is in its monitoring and control portal that no other provider is currently capable to offer. It has built up a solid customer base since its inception, including tier one firms such as Skanska, Balfour Beatty and Costain Kier and the firm has also worked closely with the likes of Network Rail, Highways England and major property developers in the mould of Persimmon and Taylor Wimpey.
High profile projects include the Hinkley and Sellafield nuclear sites and earlier this year its products were chosen to enable the construction and running of the NHS Nightingale Hospitals in London and across the UK to prepare for the impact of Covid-19.
However, it is the firm’s “green” credentials – it became only the second business in the contracting sector to be awarded Gold CSR Accreditation – which it believes will allow it to take advantage of a shift in market needs.
“There is a significant target market available to the business,” explains Gregg. “There are estimated to be around c18k tower lights in use in the rental market across the UK. With a drive towards CSR and sustainability, the business estimate that around 50% of diesel generators currently in used could be ‘switched’ to solar and so this presents a huge opportunity for Prolectric.”
Oliver Jenkins, Relationship Director for the South West and Wales at Shawbrook – which provided £2.75m ABL facility including an invoice discounting facility and a cashflow loan – said: “Prolectric is a well-established business that has evolved through the infancy of renewable technology and expanded its product range through innovation and market perception.
“Its niche products have established themselves as true alternatives to traditional technology with significant advantages to the end user in terms of cost, labour and maintenance. The marketplace, whilst competitive with diesel power generation, is seeing significant demand due to its ‘green’ credentials and move towards CSR related operations.
“Knowing the industry as we do, it’s clear the company has a bright future ahead of it and we are really pleased to be supporting it as it embarks on the next stage of its evolution into green and sustainable technology.”
***ends***
Joe O'Brien
Corporate Communications and PR Manager
01277897488 OR 07585104961
joseph.o'brien@shawbrook.co.uk
About Shawbrook
Shawbrook Bank is a specialist UK savings and lending bank founded in 2011 to serve the needs of SMEs and individuals.
The Bank’s Business Finance business provides UK SMEs with sustainable specialist finance packages for a variety of purposes.
Its range of flexible and tailored Asset Finance solutions are used by SMEs to acquire, replace and upgrade business assets such as equipment, vehicles or machinery.
Shawbrook’s Asset Finance facilities range from £25k to £25m with typical term times of 3 to 7 years.
