[London, 2nd January 2025] Ethical Power Group confirms new investment. On 31st December, Greg Skinner completed the acquisition of 50% shares of Ethical Power Group from Hive Energy. Founder and CEO, Thomas Kneen maintains a 50% share of the business.
This investment in Ethical Power will also include the provision of an additional £15m working capital loan to help with the continued expansion of the renewable energy company’s operations. Upon deal completion, Greg Skinner will be joining the Ethical Power Group board.
Since Hive’s original investment in 2021, the company has more than quadrupled in size and expanded internationally, now employing over 300 people across five countries, and working on more than 30 projects with a combined revenue of over £400m.
Greg Skinner is a successful investor who co-founded the UK-based quantitative hedge fund Quadrature Capital Limited in 2010. Greg also sits as a trustee of Quadrature Climate Foundation, which he established with his hedge fund co-founder in 2019, and through which they have committed over $1Bn in philanthropic grant-making to-date. This investment in Ethical Power is made by Greg Skinner in a personal capacity.
Commenting on his investment in Ethical Power Group, Greg says: “I am excited about Ethical Power’s mission and the work that they are doing to decarbonise the grid. Our values and ambitions are closely aligned – I deeply care about mitigating the impact of the climate emergency and supporting sustainable growth. Given their strong leadership and impressive pace of expansion in recent years they are well set up for further growth, and I am excited to be a part of the journey with Tom and the team.”
Tom Kneen, Founder and CEO of Ethical Power Group, comments: “Following our very successful partnership with Hive Energy, we felt a new partner is needed to help us reach the next stage of growth. We contemplated various financing alternatives and ultimately decided that an experienced private investor will best match our needs. We are proud to have found a UK-based partner and proven entrepreneur in Greg Skinner. He shares Ethical Power’s vision, and his investment and support will enable us to achieve even more, including our first projects in Italy and New Zealand, as well as growing the portfolio of owned and maintained projects in the UK.”
Successful expansion to date has been attributed to Ethical Power’s ability to adapt to the changing energy markets, flexibly taking advantage of the favourable market conditions globally. The new investment will enhance Ethical Power’s position as an independent power producer and strengthen its wider financial profile, allowing for further growth.
The partnership between Hive Energy and Ethical Power Group will continue through their joint venture development projects in the UK, such as the Hive Ethical Project Development Ltd, in which Hive Energy remains the minority shareholder. Further collaborations on the international development pipeline are also planned.
About Greg Skinner
Greg Skinner is a successful quant investor, co-founder of the UK- based quantitative hedge fund Quadrature Capital Limited in 2010. Greg also sits as a trustee of Quadrature Climate Foundation, which he established with his hedge fund co-founder in 2019, and through which they have committed over $1Bn in philanthropic grant-making to-date.