A home battery company GivEnergy has appointed administrators, in what has been described as a “serious setback) for the UK’s battery storage market. CB Business Recovery was installed for the process, following falling profits, and heightened competition from overseas counterparts.
GivEnergy was one of the largest manufacturers of battery storage systems in the UK, operating on an international scale. The firm’s mission stated on its website was “to accelerate the global transition to clean energy” with “cutting-edge hardware, intelligent software, and a strong installer network”. However, rampant inflation soon challenged this ambition.
GivEnergy’s latest annual report on Companies House, for 2024, cited potential factors behind its downfall. While its revenues grew 1.8% year-on-year to hit £50.3 million, rising costs saw it swing to an operating loss of £6.5 million – having previously enjoyed profits of £6.2 million in the previous year.
With supply chains disrupted by geopolitical tensions around the world, and spiralling inflation at home, the company appointed administrator Christopher Brooksbank of CB Business Recovery. The Newcastle-under-Lyme-headquartered company ceased trading with immediate effect, making 35 people redundant in the process.
Brooksbank confirmed with the exit of all staff that no further goods or services would be provided by the company. He also told the BBC that GivEnergy would not be able to honour hardware warranties as well as ongoing user and software support.
Brooksbank advised all consumers to contact their installer for initial support.
Beyond that immediate impact, others voiced concerns of what the news means for the UK’s renewable energy sector. A note on the news from renewable energy tech wholesaler Midsummer Energy – as it delisted GivEnergy’s products – said, “GivEnergy has been one of the most significant players in the UK battery storage market over recent years, and their situation is a serious setback for the industry as a whole”.
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