Hampshire’s Utilita plans multimillion-pound raise – reports

Hampshire-based energy and gas supplier Utilita has enlisted Alexa Capital to advise on an upcoming raise worth tens of millions of pounds.

Sky News reports that the initial tranche of money is expected to be around £50 million, with more to follow down the line.

Utilita underwent a management buyout earlier this year and has maintained good performance amid the ongoing energy crisis.

It’s now looking to fund new growth initiatives via Procode, acquired this March by the company’s tech arm, as well as in its renewables division.

“Utilita has never been in a better position, with a strong balance sheet and consistent profitability,” said chief executive Bill Bullen.

“This will help us accelerate our growth plans in the tech and renewables space to deliver low carbon solutions and help our customers on the journey to net zero.”