Sero, the energy services company, has today announced that the Innovation Investment Capital Limited Partnership (IIC), the Cardiff Capital Region (CCR)-backed fund, has made a significant investment in the company to fund its continuing growth.
Cardiff-based Sero works with social housing landlords and partners to deliver energy-efficient, net-zero homes at scale, to lower bills, improve energy performance and cut carbon emissions – while delivering ongoing revenues to landlords. To do this, the company blends retrofit, proprietary technology and energy expertise, covering everything from strategy support to ongoing energy management services.
This investment will enable Sero to further deploy and scale its energy services solutions to cut bills and deliver warmer, more comfortable homes for residents in social housing. Sero currently works with local councils and social housing providers on 2,500 homes across the UK, with a further contracted pipeline of up to 10,000 homes.
This investment forms part of Sero’s latest funding round, with IIC, a £50 million fund backed by Cardiff Capital Region, investing in scalable enterprises pioneering innovative solutions with measurable environmental and social impact across South East Wales.
James Williams, Sero CEO, said: “IIC’s investment is a vote of confidence in Sero’s vision and technology and was driven by a clear alignment between CCR and Sero, which both share the aim of using innovative solutions to drive down bills, cut carbon emissions and deliver better, more comfortable homes for residents. With this support, we will accelerate deployment of our energy-efficiency solutions, deepen partnerships with housing providers and unlock new pathways for sustainable growth.”
Kellie Beirne, Chief Executive Officer, Cardiff Capital Region added: “Supporting Sero reflects our strategic backing of local companies that leverage innovation to deliver strong commercial and societal outcomes. Sero’s growth trajectory, rooted in technology and its contribution to improving the energy efficiency of housing stock, makes it a compelling story. We are proud to back a business that not only drives economic value but also supports meaningful climate action and community benefit in our region.”
Laura Sandys, Chair of Sero, said: “It is testament to Sero’s commitment to retrofitting social housing and addressing energy efficiency for those most in need, that this vital CCR fund has invested in the company. Not only will it help us to enhance our energy-as-a-service solutions, but it will also underpin the growth potential of Sero’s scalable business model in line with the UK government’s new Warm Homes Plan by delivering homes fit for the future.”
Capricorn Fund Managers (CFM) serves as the Alternative Investment Fund Manager (AIFM), overseeing portfolio and risk management, with PwC advising on investment research and sourcing, on behalf of CFM.
Further information
Sero
Sero is an energy services company that helps social housing landlords and partners deliver energy-efficient, net-zero homes at scale, to lower bills, improve energy performance and cut carbon emissions. Sero’s shared-savings model, powered by Solar PV, batteries, and flexibility services allows landlords to unlock new income streams, attract private finance and create affordable, comfortable and warm homes for residents. Sero currently works with local councils and social housing providers on around 2,500 homes across the UK, with a further contracted pipeline of up to 10,000 homes.
CCR
The Cardiff Capital Region is transforming the economy and business landscape of Wales’s most populous region, through a £1.2 billion City Deal investment fund dedicated to driving Good Growth and sustainable success across the SME economy and communities of Southeast Wales. CCR champions ambition across the ten unitary authorities which have come together to help create inclusive prosperity in the Region – focusing on the four strategic goals of innovation, sustainability, inclusivity and connectivity.