Powerstar has announced that existing investor, SCF Partners, has taken full ownership of Powerstar. SCF has been a minority shareholder in Powerstar since December 2021, working alongside Powerstar’s founder and majority shareholder Dr Alex Mardapittas. The transaction represents an opportunity to build on the foundations laid by Alex over the past 22 years, and to position Powerstar as a global leader in smart energy solutions.
Alex will step down from his chairmanship and as a director of the business, but continue supporting the business as a consultant, utilising his vast experience in the sector to support Powerstar’s continued growth and development.
Solon Mardapittas, Chief Executive Officer of Powerstar, comments, “Alex has been the driving force behind Powerstar’s success all these years. His tenacity, knowledge, and vision has taken the business to where it is today, and I’d like to personally thank him for his immense contribution to the business. This further investment and commitment from SCF demonstrates the strength of Powerstar’s positioning in the net zero and decarbonisation space. I’m excited to work with SCF in this next phase of our growth story.”
Colin Welsh, partner with SCF and Powerstar Board Director, says, “On behalf of SCF I’d like to thank Alex and commend him on building a terrific business which we are pleased to take forward. As we look to the future, we are delighted to have Solon in the CEO role working alongside CFO David Seabridge and the rest of the team. We believe Powerstar’s unique capabilities will be critical in enabling the world to electrify and decarbonise, so with SCF’s support Powerstar can accelerate the deployment of its smart technologies and in doing so help solve the complex power management challenges that need to be overcome to achieve net zero.”