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1st Energy Technologies has bought companys assets and technology platform out of administration The technology platform and assets of Ripple Energy have been bought out of administration by 1st Energy Technologies, but staff members have been made redundant. It follows the appointment of insolvency specialist Begbies Traynor last month to oversee a sale of the business after Ripple filed for administration. Several bidders registered interest in acquiring the UK company but it was considered 1st Energys offer “would deliver the best outcome for all parties”, the administrator said. “The sale preserves services to customers and protects the investments of creditors of the co-operatives that invested in Ripple,” it added. “Unfortunately, despite the best efforts of the joint administrators, existing staff at Ripple Energy Limited have been made redundant.” Ripple was set up in 2017 using a business model that invited members of the public to invest in shares of a co-operative that would develop renewable energy assets in return for discounts on their energy bills. It commissioned the 18.8MW Kirk Hill wind farm (pictured) in Scotland last year and was due to complete the 42MW Derril Water solar farm in Devon, England in 2025. 1st Energy chief executive Gary Christian said: “While its regrettable that Ripple Energy faced financial challenges, we firmly believe in the vision they pioneered. “Community ownership of renewable energy represents an important innovation that deserves to continue. Our acquisition safeguards customers across three co-operatives and will see their green energy supply maintained without interruption. “Ripple developed truly ground-breaking technology that empowers consumers to directly participate in the renewable transition. Were committed to building upon this foundation while implementing a more sustainable operational model.” Begbies Traynor partner Craig Povey added: “We worked hard to make sure that this accelerated sale did not disrupt the service to customers and are pleased that services can now resume. “It is, however, unfortunate that redundancies at Ripple have had to be made as part of the process. But under the ownership of 1st Energy the structure of this business has the potential to move forward and grow as UK consumers seek more renewable energy.” |
