New Era Energy recruitment push sparked by £40m Lloyds funding
The company was established in 1919 as a supplier of red diesel for off-road operations. However, in the past four years it has expanded its offering to become one of the UK’s leading providers of Hydrotreated Vegetable Oil (HVO), a substitute for diesel made from 100 per cent waste oil that delivers a 90 per cent reduction in tailpipe carbon emissions for users.
The business decided to pivot after spotting a gap in the market for more sustainable products, which also aligned with its own ESG principles.
Headquartered in Harlow, the company is now investing to expand its fleet of 70 tankers and 10 fuel depots with plans to add new trucks and another depot in the near future.
It is also exploring other opportunities that would support its customers to transition to greener fuel solutions. To help drive this growth, the business, which currently employs 169 people, is also looking to take on more than 30 extra staff by 2026 as part of its three-year growth plan.
The new funding injection from Lloyds follows a period of continuous growth for the business. It has tripled revenue in the past three years and is currently on track to sell 250m litres of fuel this year – more than five times the amount it sold in 2020.
Some 60m litres of this is set to come from HVO sales, helping it cement its place as the largest HVO supplier in the country. The business also ensures that all of its own vehicles are powered through HVO, with 900,000 litres of its product used on its own trucks.
In May, New Era Energy launched its own fuel tank restoration service. By bringing existing tanks back up to the required quality this saves its customers money as well as avoiding the carbon footprint that would be left by building entirely new tanks.
The firm, which has traditionally supplied customers in the construction, demolition and plant hire sectors, is also looking to expand into different industries, such as haulage and distribution.
These plans have also been supported by a recent investment from Hanover Investors and Management, which will partner with New Era to help it grow its operations.
James Hunt, CEO at New Era Energy said: “Our goal is to help all our customers transition to more sustainable sources for their fuel needs. But in doing this, it’s also important that we practice what we preach, which is why we’re committed to taking steps to limit our own carbon footprint.
“At the same time, it’s also vital that we grow our business. This latest investment will open doors for us to expand our team and move into new industries whilst continuing to provide the high-quality products that we’re known for.”
Matthew Durrant, relationship manager at Lloyds Bank, added: “As the country looks to make the transition to a lower carbon economy, it’s businesses like New Era Energy, who are making real efforts to help others operate more sustainably, that can make all the difference.”