Investment in SaveMoneyCutCarbon
Barclays (www.barclays.com) has today announced a significant equity investment in SaveMoneyCutCarbon (www.savemoneycutcarbon.com), the digital aggregator that provides a unique marketplace focused on sustainability, offering cost-effective products and solutions to businesses and consumers seeking to reduce their carbon footprint and be more sustainable.
Founded in 2012, SaveMoneyCutCarbon has helped hundreds of thousands of customers reduce their carbon footprint whilst saving money by using water and energy in more sustainable ways. The new relationship with Barclays will help SaveMoneyCutCarbon grow faster.
“Barclays investment will be a key enabler allowing us to accelerate plans to grow nationally and beyond. We are uniquely positioned to help facilitate the retrofit challenge faced by the UK’s domestic and commercial building stock and turbo charging companies’ adoption of energy and water efficiency to achieve the UK’s net zero carbon target,” says Mark Sait, CEO at SaveMoneyCutCarbon. “Our vision is to become the ‘go to’ brand for homes and organisations that want to reduce consumption, reduce their carbon footprint and be more sustainable.”
With a customer base covering every sector from schools, hospitals, hotels, warehousing operators, through to public sector organizations and residential homes, SaveMoneyCutCarbon’s customers collectively save over 727 million litres of water and 23 million kWh of energy each year, delivering a carbon reduction of 6,765 tonnes per annum from completed projects and products sold on its online platform. The carbon reduction alone is equivalent to travelling 23.24 million miles in an average petrol car.
Commenting on the investment, Andrew Challis, Co-Head of Principal Investments at Barclays says “SaveMoneyCutCarbon has helped UK businesses and households to become more sustainable and we are excited to be part of the next stage of their growth, supporting broader UK and global efforts to limit carbon emissions.”
This is Barclays inaugural investment under its new Sustainable Impact Capital initiative which aims to invest £175 million over the next five years in innovative and environmentally-focused businesses – an important component of Barclays’ commitment to enabling a low-carbon economy.