Local energy retailer secures major US backing

Local electricity retailer Locality Planning Energy has secured a funding partnership with US firm BlackRock.

Power poles and wires. Picture: Trevor Veale

LOCAL electricity retailer Locality Planning Energy has secured a funding partnership with US firm BlackRock.

The electricity retailer based in Maroochydore has secured the backing of the US firm which currently had US$6.3 trillion worth of assets under management.

The funding would enable the company to expand operations from the more than 30 staff it already employed, "cementing the Sunshine Coast as a destination for growing companies".

A statement released by LPE said co-founders Damien Glanville and Ben Chester were "passionate energy market experts" who founded the company in 2012 and listed it on the ASX in 2016.

"We are very proud of this endorsement from a capital funding partner of this calibre and although we will continue to expand geographically and operationally, our head office will remain on the Sunshine Coast," CEO Damien Glanville said.

Local councillor and economic development and innovation portfolio holder Steve Robinson said LPE's success in securing funding was a great example that demonstrated the "Sunshine Coast offers great opportunities to establish, grow and operate a global firm in Australia's healthy, smart, creative region".

Maroochydore Chamber of Commerce president Kris McCue welcomed the announcement.

"To have global companies of this calibre investing in local businesses in Maroochydore and the Sunshine Coast is a significant achievement and the Maroochydore Chamber congratulates LPE and looks forward to the economic and job opportunities this will bring," Mr McCue said.

Along with the generation of Maroochydore's new "Smart City Program" the addition of BlackRock as a capital funding partner for LPE will see the region establish itself as a destination for mature businesses and a viable option for locals currently commuting to Brisbane for work.