Funding boost for Telford solar energy company
A Telford electrician has secured a five-figure funding package from HSBC UK to grow his new solar energy company.
Established in July last year, Craig Michael Renewables installs and repairs solar panels and has seen unprecedented demand for installations due to the rising cost of energy.
The funding has enabled electrician and company director Craig Haycock to order up to ten jobs’ worth of materials in advance, which will allow the company to complete orders more effectively and ensure greater cashflow security.
To date the company has installed 960 solar panels leading to a carbon emission saving of 70, 120 kg/Co2 per year. In addition, the rapid growth has meant that the business has hired eight new staff including electricians, roofers and project managers.
Craig said: “I’m over the moon that I can now provide assurance to my customers that their job can be done on time. The support from HSBC UK has ensured I can complete orders and carry on my work effectively as the business responds to demand.”
Mark Haines, Regional Director at HSBC UK, added: “We’re committed to continuing to support start-ups and small businesses with their cashflow during the cost-of-living crisis. Business like Craig’s provide an extremely important service and, with energy bills rising and the climate warming, it is even more important that we support the growth of renewable energy companies.”
