04 Feb POWWR Announces Significant Multi Million Pound Investment
(Oilandgaspress) -] – POWWR, a respected energy software provider, today announces that it has received a significant multi-million-pound cash injection from Five Elms Capital. The investment will be used to bolster POWWR’s product innovation and enable it to increase its headcount by up to 40% over the next 12 months.
Paul Hodnett, founder of the UK business formerly known as UD Group, has been appointed to Chief Executive Officer. He has been an instrumental leader at POWWR since 2019, when it merged with the company he founded, UD Group. Hodnett has intricate knowledge of the energy market and is acutely aware of the pain points faced by both the broker and supplier market, having led the development of innovative, industry-changing solutions for almost two decades.
“When I started UD Group 16 years ago, we completely revolutionised the energy industry and were pioneers on so many fronts. After a period of transition and then of sustained stability, POWWR is now entering the next chapter and are excited to be pioneers again,” comments Hodnett. “Watch this space for some exciting and revolutionary new solutions that will help our customers win more deals and grow their businesses.”
Hodnett will lead the company’s product evolution that will deliver a differentiated technology platform at the core of the energy ecosystem. Building on POWWR’s long-standing leadership in the space, this next chapter will not only strengthen customer relationships, but deliver long-term value creation through incremental product offerings.
“Paul brings an insatiable passion for delighting customers with innovative products,” comments Stephanie Schneider, Partner, Five Elms Capital. “His strategic vision and intrinsic knowledge of the industry make him uniquely positioned to lead the business in this next phase of growth.”
The company also expressed gratitude to Matt Tormollen for his leadership and contributions. During his tenure, Tormollen strengthened POWWR’s foundation, and helped position the company for its next phase of innovation.
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