Sir Terry Leahy, the former Tesco chief, has joined an electric car charging start-up as it steps up plans for a London listing.
Myenergi is riding a wave of interest in electric vehicles as Britain plans to ban the sale of combustion engine vehicles from 2030. The cost of electric cars is falling and their range is rising, making them increasingly attractive purchases.
Its products include the Zappi car charging system, let customers use cheap overnight electricity, solar panels and small wind turbines to replenish their cars as well as sell electricity back to the grid. It notched up sales of £16.6m for the latest year.
Sir Terry has been named a director of Myenergi, in which he and tech investor William Currie invested £1.2m in 2018.
He is likely to take on a senior non-executive role as the firm lines up its next stage of expansion, which could involve a share sale, or a takeover by a private equity buyer or rival.
It is unlikely that a move will be made until the new year as fund managers recover from a busy year of listings, including that of rival Pod Point.
Sir Terry, 65, who is also an adviser to the private equity firm Clayton, Dubilier & Rice, joins founders Lee Sutton and Jordan Brompton as a director of the Lincolnshire-based company. Mr Currie was appointed as a director in January.
CD&R is buying Morrisons, the UK’s fourth-biggest supermarket, and Sir Terry is being lined up as chairman of the retailer as part of the £7bn deal.
Sir Terry and Mr Currie’s capital helped Myenergi gear up its production and it has expanded into Ireland, Germany and Australia.
It started off with just six employees in 2016 but its workforce has grown to 300 as decarbonising the economy becomes a government priority and more drivers consider going electric.
The venture sponsors the Hispano Suiza Xite Energy Team in this year’s Extreme E electric racing tournament.
Mr Sutton, who is chief executive and owns more than half the company’s according to Companies House records, said Sir Terry’s appointment was a clear endorsement of its strategy, while his retail knowledge following 14 years running Tesco would be of great value.
“Driving in Britain is in the early stages of a revolution with motorists switching to electric cars as the 2030 ban on petrol and diesel vehicles approaches,” he said.
“Home charging is a critical part of the transformation and Myenergi looks forward to helping make this fundamental change possible.”
