Former energy minister Chris Skidmore has announced the launch of a new private investment bank to support green energy projects.
Newly launched Desmos Capital Partners is a private investment bank that emphasises its innovative approach to funding. The Bank will specifically support companies wanting to secure £5 million or more of funding through Series A or B rounds. The investment bank will focus on companies working on future technologies, net-zero ambitions, and transformative global initiatives.
Prior to the launch of Desmos Capital Partners, Skidmore was best known for his dramatic political career, having resigned as energy minister in protest of the Conservative Party’s choice to endorse new oil and gas licences in the North Sea. Since then, he has turned to support Labour in the most recent general election.
Commenting on the launch of the new bank, Chris Skidmore said: “As I travelled the country meeting with businesses and organisations, it was clear that for companies seeking to innovate and scale up the solutions needed to decarbonise or reduce emissions, access to private capital was their major issue.
“For those companies that know they can provide the solutions to both help tackle the climate crisis or meet the changing demands of our ever-changing world, they cannot wait for yet another framework through which to be judged: they need support today.
“I can announce today that I am helping to establish a new private boutique investment bank, Desmos Capital Partners, that intends to focus on providing the support needed to companies seeking to scale and raise capital.”
New green investment opportunities on the rise
Private investment into green initiatives is crucial to the success of the energy transition, and the UK financial sector has begun to take note of this.
Earlier this month, Chancellor of the Exchequer Rachel Reeves and Business Secretary Jonathan Reynolds instructed officials to combine the UK Infrastructure Bank and the British Business Bank together into a new National Wealth Fund to support investment into green economies.
Speaking of the formation of the National Wealth Fund, Energy Security and Net Zero Secretary Ed Miliband said: “Our mission to make Britain a clean energy superpower is about investing in Britain. Our National Wealth Fund will help create thousands of jobs in the clean energy industries of the future to boost our energy independence and tackle climate change.
“We’re acting immediately, wasting no time and working in lock-step with industry to unleash private investment and grow our economy.”
