Renewable electricity supplier Good Energy has raised £4 million on admission to AIM and sold its renewable obligation certificate inventory for £2.7 million.

Founded in 2000 to lower UK carbon emissions by way of developing and distributing renewable electricity in the UK, Good Energy serves the electricity and gas, renewable power generation and FIT administration sectors.

Following the move to AIM, Good Energy are looking to develop renewable assets in the heat sector and hopes to grow its electricity and gas customers.

In June it passed 30,000 electricity supply customers, an annual growth rate of 12 per cent.

The business spent eight years on PLUS and will now have £8 million in cash to fund its growth.

Juliet Davenport, chief executive officer of Good Energy Group, comments, ‘This is a natural step for Good Energy. AIM provides better liquidity for our existing shareholders and allows us to reach institutional shareholders for the first time.

‘We look forward to continuing to grow both our customer base and our own generation capacity as renewables become an increasingly important part of the UKs energy mix.’

In March Davenport was named CEO of the Year at the PLUS Awards after leading the business to improved revenues of £20 million (up 10 per cent) and profits of £725,000 (up 7 per cent).