Royal Bank of Scotland powers SQE’s growth with £25m loan
SQE (formerly Squeaky Energy) – a modern business electricity supplier built exclusively for industrial and commercial organisations – has secured a £25m corporate group loan from the Royal Bank of Scotland. The loan will support SQE’s continued growth and the development of its offering to Britain’s largest multi-site organisations.
The commercial energy market is becoming more complex, with a growing number of generators, flexibility assets and ways to buy electricity. SQE helps businesses, generators and brokers navigate this changing landscape, offering a more flexible and transparent approach to electricity supply.
SQE is experiencing rapid commercial growth, having doubled the volume of energy under supply and tripled the number of meters it supplies. Recent major client additions include Marston’s, the national pub operator with approximately 1,300 sites, and a major UK supermarket group with over 900 stores.
These additions take SQE’s order book to 4.75 TWh of annual electricity demand contracted, joining an established roster of UK brands including Vertu Motors, Tarmac, David Lloyd Leisure and Moto.
Alongside this expansion, SQE is broadening the range of generators and wholesale partners available through its marketplace. Global energy leader Uniper has joined Danske Commodities and Vitol on the platform, alongside an increasing number of smaller independent generators.
SQE has also completed a major expansion of its proprietary technology platform, SQEos, and launched an updated flexibility proposition designed to incorporate on-site generation and storage alongside demand response. These developments are designed to give businesses greater control over energy costs and carbon performance.
Alice Dickson, business development manager at Royal Bank of Scotland, said: “Building strong relationships with ambitious businesses is at the heart of what we do, and SQE is a fantastic example of that. Throughout the process, we have been consistently impressed by the leadership team’s vision, passion, and commitment to bringing greater transparency and innovation to the commercial energy market.
“By taking the time to develop a deep understanding of SQE’s business model, growth plans, and long-term ambitions, we were able to support the business with a solution designed to grow alongside them as they continue to scale. We are proud to be supporting SQE at this important stage in their development, and look forward to working with the team as they continue to build on their success and help shape the future of commercial energy supply in the UK.”
Chris Bowden, founder and CEO of SQE, said: “Large energy users are having to manage more complexity than ever, from volatile costs and decarbonisation to a much more fragmented power market. This new corporate group loan from Royal Bank of Scotland supports the next stage of our growth at SQE, while maintaining our capital-light model. Most importantly, it means we can bring a more modern and transparent electricity supply to Britain’s largest businesses.”