So Energy is reportedly seeking tens of millions of pounds worth of additional funding to help navigate the UK’s energy crisis.
The energy firm, which supplies power to more than 300,000 households, in August urged the government to act fast, calling the crisis “a state of emergency” in an exclusive interview with City A.M.
The search for new capital comes a year after Irish energy group ESB snapped up a controlling stake in the business.
Co-founder Simon Oscroft told Sky News: “Despite the ongoing and unprecedented market volatility, regulatory uncertainty and political instability, we’ve weathered the storm well and are the last true challenger left in the market.
“We have seen some big changes in energy policy over the last few weeks – the chopping and changing to the Energy Price Guarantee, uncertainty over the price cap, and the Energy Market Financing Scheme seemingly only available to some energy players.
“We want to make sure we have the right funding to manage this uncertainty and grow into the future, which is why we’ve started the process of exploring options for additional investment for the next two years.”
City A.M. has approached So Energy for comment.