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Eastland Group investment to support Flick’s rapid rise
16 December 2015
Eastland Group investment to support Flick’s rapid rise
Gisborne-based
Eastland Group has invested $2.2 million in high-growth
electricity business Flick Electric Co. for a shareholding
of 11 percent.
Eastland Group chief executive Matt Todd said the company was attracted to Flick’s technology-driven model, disruptive potential and strong customer engagement.
“We’ve invested in Flick as a way to gain a foothold in the electricity retail sector, but the investment also stands on its own merits as Flick continues to grow,” says Eastland Group chief executive Matt Todd.
“The investment will also allow us to better understand customer requirements as new technologies change how electricity consumers interact with Eastland Network.”
Flick has concluded a $5 million capital round, taking on a number of new shareholders including a cornerstone investment from Eastland Group. Flick Eectric Co. grew its customer base almost 300 percent in the six months to 31 October, and the investment will enable Flick to continue its growth trajectory.
“We are very pleased to have a new cornerstone investor in Eastland Group. Their commitment to the Eastland community is philosophically aligned for us, and their expertise in energy is a great strategic fit,” says Flick Electric Co. CEO, Steve O’Connor.
Around a quarter of the $5m investment has come from Flick’s existing shareholders, consolidating their support for the business. Experienced individuals and institutions completed the round.
“We have been in solid growth mode this year – we have tripled our staff, moved to new premises, and now have almost 7,000 customers who are saving on average 18% on their power bills. We’re well prepared to accelerate and this new money will really light the rockets,” says O’Connor.
“We’ve proven that we can do well as a business, and do good by our customers. We’re here to shake up the electricity sector.”
The two companies would work together to ensure Eastland Network customers could access the Flick product offering as soon as possible.
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