TIDMEAAS

RNS Number : 1141C

eEnergy Group PLC

18 February 2022

18 February 2022

eEnergy Group plc

("eEnergy", "Company" or "the Group")

Debt Refinancing

eEnergy (AIM: EAAS), a leading Energy Efficiency-as-a-Service and Energy Management-as-a-Service business in the UK and Ireland, today announces it has entered into a new revolving credit facility, replacing all existing borrowing facilities, with Silicon Valley Bank.

Silicon Valley Bank, a financial partner to the world's leading innovative growth businesses and their investors, has provided a revolving credit facility of GBP5 million over three years, with potential for additional capital facilities as eEnergy delivers on its growth plan in the future.

eEnergy has refinanced GBP3.1m of existing Group borrowings and expects to draw down a further GBP1 million to cover part of the deferred consideration payment to the vendors of UtilityTeam .

The new facility gives the Company enhanced liquidity, more flexible financing, and a strong partner to help support its growth strategy. Whilst the blended cost of the finance will be significantly lower than the refinanced facilities, the Board's earnings expectations are unchanged for the current financial year.

Harvey Sinclair, CEO, eEnergy said: "This transaction with a top-tier growth investor demonstrates the strength of eEnergy's proposition. We are delighted to be partnering with Silicon Valley Bank to continue to execute eEnergy's growth vision and strategy."

Thomas Easterby, Director Technology Banking, Silicon Valley Bank said: "SVB are delighted to be able to provide eEnergy with financing to support their growth ambitions. The team have made fantastic acquisitions and have built an impressive suite of products to disrupt how companies address energy efficiency. We're excited to be part of their journey."

Contacts:

 
 eEnergy Group plc                                         Tel: +44 20 7078 
                                                                       9564 
 Harvey Sinclair, Chief Executive Officer               info@eenergyplc.com 
  Ric Williams, Chief Financial Officer                  www.eenergyplc.com 
  Crispin Goldsmith, Chief Strategy & Commercial 
  Officer 
 Singer Capital Markets                                    Tel: +44 20 7496 
  (Nominated Adviser and Joint Broker)                                 3000 
 Justin McKeegan, Mark Taylor, Asha Chotai 
  (Corporate Finance) 
  Tom Salvesen (Corporate Broking) 
 Turner Pope Investments                                   Tel: +44 20 3657 
  (Joint Broker)                                                       0050 
                                                        info@turnerpope.com 
 Andy Thacker, James Pope 
 Tavistock                                                 Tel: +44 207 920 
  (Financial PR and IR)                                                3150 
                                                    eEnergy@tavistock.co.uk 
 Jos Simson, Heather Armstrong, Katie Hopkins 
 

About eEnergy Group plc

eEnergy Group plc is an integrated energy services company, enabling organisations to transition to 'Net Zero' through "Energy-as-a-Service". The Group offers:

-- Energy Management as-a-Service; providing energy measurement, monitoring and analytics on top of core "Zero Carbon" procurement services;

-- Energy Efficiency as-a-Service; zero upfront capital, energy reduction solutions through measured savings contracts including its LED businesses; and

-- Enhanced customer value proposition through data gathered and analysed with its proprietary MY ZeERO platform

eEnergy was admitted to AIM in January 2020 with a strategy to use its market leading eLight "Light as-a-Service" business as the foundation to expand eEnergy as a broader energy services company via a 'buy and build' strategy. The Group has completed four transactions since admission, building a Top 5 energy management business in the UK and acquiring proprietary smart metering and analytics capability through the investment in MY ZeERO. The Board's strategy continues to be to build a broader energy services company through acquisition with a particular focus on energy efficiency related capabilities and technologies. The market in the EU for energy efficiency services was approximately EUR25 billion in 2017 and is expected to double by 2025.

eEnergy has been awarded The Green Economy Mark by the London Stock Exchange, which recognises a company's work on sustainability.

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February 18, 2022 02:00 ET (07:00 GMT)

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