On December 31, Greg Skinner completed the acquisition of 50% of Ethical Power Group shares from Hive Energy. This deal also includes a £15 million working capital loan to support the ongoing growth of Ethical Power, a leading global renewable energy company. Following the acquisition, Greg Skinner will join the Ethical Power Group board. The company’s founder and CEO, Thomas Kneen, retains the remaining 50% ownership.
Founded in Exeter in 2010, Ethical Power has grown into a global provider of green infrastructure solutions, operating across Europe and New Zealand. The company specializes in solar EPC contracts and is one of the UK’s largest battery storage installers. Since Hive Energy’s initial investment in 2021, Ethical Power has quadrupled in size, expanded internationally, and now employs over 300 people in five countries. The company is currently managing more than 30 projects with combined revenues exceeding £400 million.
Greg Skinner, a co-founder of the UK-based quantitative hedge fund Quadrature Capital Limited, brings extensive investment expertise to Ethical Power. He also co-founded the Quadrature Climate Foundation, which has committed over $1 billion in philanthropic grants to climate initiatives. His investment in Ethical Power is a personal venture, reflecting his commitment to advancing renewable energy solutions.
Greg expressed his views on his investment saying,“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, stated, “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.”
Ethical Power Group’s success has been driven by its ability to adapt to changing global energy markets and capitalize on favorable conditions. With the latest investment, the company is set to strengthen its position as an independent power producer and enhance its financial profile to support further expansion. Hive Energy will continue its collaboration with Ethical Power through joint venture projects in the UK, including Hive Ethical Project Development Ltd, where Hive Energy remains a minority shareholder. Plans are also underway for further partnerships on international development initiatives, ensuring continued cooperation between the two companies.
