The free solar-energy provider helping Britain go green
Founders: Ben Way and Paul Williams
Founded: October 2010 (launched April 2011)
Website: www.freetricity.net
Co-founded by serial entrepreneur and member of our Young Gun Alumni Ben Way, and successful business leader Paul Williams, Freetricity looks set to change Britain’s environmental landscape. Formed out of a keen desire to make a positive difference, Freetricity provides residential households with free solar installations. It does so by leveraging the government’s Feed in Tariff scheme which provides financial incentives to those using renewable energies. The central motivation for the company was to help open up a new market for people who were unable to fund solar installations but who wanted to cut their energy bills and ‘do their bit’ for the environment. Supported by a range of financial institutions, including Lombard and Downing Equity, the socially-minded company has achieved continued success with over 20,000 customers and turnover figures of £16m for 2012. Currently in the development stages of a ‘revolutionary’ product that will allow users to store energy in their homes and offices, the energy provider is set to accelerate its growth over the next year. Projecting revenue of £24m, its business model serves to demonstrate the endless opportunities of mixing a social cause with a profitable idea.
