Ripple Energy has been bought out of administration by 1st Energy Technologies in a sale overseen by insolvency specialist Begbies Traynor.
Ripple’s technology platform and assets will remain intact and operate as before. Investments by the creditors of the cooperatives that invested in Ripple will also be preserved. The renewable energy firm facilitated a form of community-owned energy in which British consumers could buy shares in renewable energy generation projects.
In a post to the Ripple Energy customer community discussion platform, Jeremy May, who is director of 1st Energy Technologies and director of development at EcoAim, a renewable energy consultancy based in Scotland, welcomed customers to the “1st Energy family”.
When Ripple appointed Begbies Traynor as administrator in March, it was made clear that the renewable generation assets in which customers bought shares would continue to operate as normal.
Joint administrators at Begbies Traynor, Craig Povey and Gareth Prince, were appointed on 17 March. Of several bidders, all of whom signed non-disclosure agreements, it was agreed that 1st Energy’s bid would deliver the best outcome for all parties.
According to the joint administrators, this did see existing staff at Ripple made redundant, despite Povey and Prince’s ‘best efforts’.
Povey, partner at Begbies Traynor and one of the administrators appointed, said: “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.”
According to 1st Energy Technologies chief executive Gary Christian, it is “regrettable that Ripple Energy faced financial challenges” but 1st Energy “firmly believes in the vision they pioneered”.
Delivering on the vision
Described by the administrators as a “renewables industry specialist”, 1st Energy Technologies was incorporated in June 2023 and has been dormant since incorporation.
Christian continued that the company is committed to building on Ripple’s foundation “while implementing a more sustainable operational model”.
The acquisition of Ripple’s assets, IT and administration services was complete as of 4 April. Given 1st Energy’s stated aim to provide low cost green energy for its customers, May said in his post: “We wanted to help ensure the structure [Ripple] built to deliver this vision in which you all shared, was secured”.
He added that despite the deal being in the “very early stages”, the company was keen to make contact with customers and reassure that it will put arrangements in place to ensure green energy supply continues “as expected”.
1st Energy has initiated contact with co-operative board members and energy supplier representatives to ensure services continue as normal. Its initial focus will be on the three operational sites under community ownership: Graig Fatha Windfarm, Kirkhill Wind Farm and Derril Water Solar Farm.
The Whitelaw Brae site is under construction and funds associated with this project are under the control of the administrators who will be in touch with members “in due course” for more details on the transaction.
