Ex-Morgan Stanley ED is hiring junior bankers for something better than private equity

It's not unheard of for people who leave banking and set up their own companies to be bullish. Nor is it unheard of for those ex-bankers to work very hard and to expect their new employees to do the same. Alexander Lomax ticks two of those boxes, but not the third. 

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"We have clear ambitions for Upvolt to be the number one renewable energy installer in the UK in the short-term,” Lomax tells us, adding that he's now working harder than ever as UpVolt's co-founder and CEO. However, the people who work for him probably work less hard than in banking, says Lomax, even if they are all very "hungry" and driven.

Lomax spent eight years as a banker in London, working for RBC, Lazard and then Morgan Stanley, where he was an executive director in the healthcare team before he left in April. He's founded Upvolt with Daniel Vogt, another former M&A banker, who left Lazard in 2023. 

UpVolt is an onsite renewable energy installation firm. Under Lomax and Vogt's vision, it will become the primary installer of things like solar panels, EV chargers and heat pumps in the UK, with its own fleet of vans and a recognised brand both for consumers and businesses. The plan is both to acquire existing renewable energy installers and to build the business from the bottom up. "UK onsite renewable energy is a classic hyper fragmented industry," says Lomax. " – There are c.2.5k independent installers with no one being a clear market leader. Onsite renewable energy is a high growth market, desperately in need of consolidation, digitalisation and professionalisation for the customer."

Alongside solar electricians, Upvolt already employs one ex-finance professional in the form of Iwan Shotton, a former investment manager at Optiva Securities and SI Capital. Lomax says the firm is open to hiring more and is interested in hearing from junior bankers with aspirations to “be part of a fast-moving, non-hierarchical business where you can drive real impact, while being truly accountable and responsible for yourself and your input."

There's a skills overlap. As he scours small renewable energy companies to acquire, Lomax says he's "100%" using what he learned in banking. "IBD is a great training ground; you learn from, and work with, very smart people. I’m using a lot of what I learned as a banker to identify acquisitions and to think about implementation and integration pathways," he enthuses. 

Lomax says it's all "hugely enjoyable and fulfilling." In his estimation, working for UpVolt is even better than working in private equity, which is the well trodden path for life after banking careers. “I did consider moving into private equity but I wanted to do something where I would be a decision maker myself – no junior in private equity makes the kinds of decisions that the team at Upvolt are making day-to-day," Lomax says. 

Ultimately, Lomax says he wanted to "be operational and be in the weeds with how the business is run, both strategically and practically.” Junior bankers who also want to work in the weeds of the renewable energy sector are encouraged to get in touch. 

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