Electek Solutions Limited (ESL) is a renewable energy consultancy which audits companies’ energy performance, and supplies and installs products to reduce consumption, save costs and protect the environment. Solutions include LED lighting, solar panels, PV and battery storage, and advanced energy monitoring systems.
From its Newcastle HQ it has enjoyed impressive growth by providing consultancy and products to a variety of sectors including local authorities and housing associations, schools, colleges, hospitals, manufacturing facilities and offices.
It has built an excellent reputation and retained the Consultancy of the Year title at the 2020 North East Energy Efficiency awards.
The company recognised that around half of SMEs have no environmental and energy efficient management systems, despite it being a Government requirement to have a strategy in place. The rapidly changing needs of the energy sector and changes to the laws now involves high-level reporting and control. If these are not in place companies could be breaching environmental laws.
The demand for its services has really grown during the pandemic, possibly due to companies having more time to review their energy consumption in response to the legislation. By doing so they have recognised the commercial and financial benefits which will be gained by overhauling current energy systems, as well as enhancing its environmental credentials.
To help meet this demand, including tendering for a major contract, ESL needed a short-term working capital injection to purchase systems and products needed to complete the various projects.
ESL was introduced to Reward by Matt Lister of commercial financial intermediary Corporate and Commercial Business Solutions Group.
Reward recognised the growth potential and track record of ESL and quickly provided it with Business Finance funding. This enabled the company to tender for the major contract with confidence, which it subsequently won.
ESL was looked after by Reward’s Senior Relationship Manager, Alan Sanderson.
“Director David Hutchinson and his team at ESL, have built a business with an excellent reputation and a blue-chip client list. This has led to many new contracts requiring significant investment to complete,” he said.
“When we were advised about the invitation it had received to tender for a large contract, we worked quickly to provide the Business Finance funding in a few days, so they did not miss the opportunity to take on this profitable project.”