HSBC UK is investing £30m into the Stallingborough, North East Lincolnshire headquartered smart home device business myenergi.
The company develops a variety of smart home goods, including an electric vehicle charger, energy monitoring sensor and modular battery storage system.
Capital from HSBC UK will be spent on upgrading its Stallingborough headquarters with the addition of a 65,000 sq ft production facility. It will also be put towards research and development of future products.
Lee Sutton, co-founder and chief executive of myenergi, said: “Over the last four years, HSBC has supported the business with various financial solutions to facilitate our ever-increasing growth.”
Myenergi was launched by Jordan Brompton and Sutton in 2016. According to the company last year it reached over £50m in sales of its smart devices.
“This deal will allow the development of new green technologies, optimising renewable energy usage to create eco smart homes while putting British manufacturing back on the world stage,” said Frances Howell, Midlands head of Corporate Banking at HSBC UK.
HSBC recently acquired Silicon Valley Bank UK, a subsidiary of the California-based startup bank, for £1 following its collapse earlier this year.