Ion Equity


PrepayPower is Ireland's leading pay-as-you-go energy provider. It serves 170,000 residential customers, delivering power, gas and broadband. It has a c 10% share of the Irish residential energy market.

Ulric Kenny invested in the business in November 2011, when it was at start-up stage, having just launched its offering to consumers. Following a period of test-and-learn, the business kicked into a rapid growth phase in early 2012, utilising €25m raised from shareholders and other investors to fund its expansion. This aggressive growth strategy allowed it create the PAYG energy market in Ireland, and capture a significant share of the overall energy market.

The business generates strong profits, has a turnover of over €200m and employs 250 people from its offices in Dublin.