Hodge has made a further equity investment in Sero, a Cardiff-based energy technology and services business, taking its stake in the company to 22%.
Following initial investment in December 2021, Hodge and Legal and General Capital made a £5.5 million joint investment in Sero, giving Hodge an initial 10.2% stake in the business, which is has now increased to 22% following this new deal.
Dave Landen, CEO of Hodge, said: “In the 16 months since we made our first investment in Sero we have seen the company go from strength to strength, working with more housing associations in England and also extending its reach where it’s now advising construction companies about how to build more sustainable homes.
“Its ethos is to reduce carbon emissions of peoples’ homes, as well as supporting new developments to be as carbon efficient as possible, all while helping residents live affordably and sustainably. These values are a perfect fit for Hodge – our mission is to help our customers in the moments that matter – and the climate and cost of living crises are just that – pivotal moments which we have to work together to reverse and support one another with.”
James Williams, founder and CEO of Sero, added: “I’m delighted that Sero has secured further investment from Hodge and Legal & General Capital, following on from the initial investment at Series A in December 2021.
“This is a great vote of confidence in the Sero team, our technology and our ambition to rapidly increase the scale of net zero homes in the UK. The cost-of-living crisis has overlaid further urgency in addressing climate change, energy efficiency and affordability in some of the poorest performing homes in Europe, leaving us exposed to increasing fossil fuel prices. This investment brings the opportunity to invest in our technology and increase the scale of delivery in social housing retrofit and collaboration with financial institutions in addressing the funding gap.”
