eEnergy Group PLC Launch of eSolar
RNS Number : 7180A
eEnergy Group PLC
27 September 2022
27 September 2022
eEnergy Group plc
("eEnergy" or "the Group")
Launch of eSolar
eEnergy (AIM: EAAS), the net zero energy services provider, is
pleased to announce the launch of eSolar, eEnergy's in-house Solar
Photovoltaic System ("PV") offering, helping organisations to
rapidly deploy on-site energy generation, on a capital-free
eEnergy initially developed its solar capabilities as a result
of the increasing demand from both existing and new customers for
onsite solar generation driven largely as a result of the surge in
grid energy costs, which have increased by over 300% in the last
year; where the implied cost of onsite solar energy now trades at
more than 50% discount.
eEnergy has been successfully incubating its solar offering over
the previous six months, with strong appetite for the offering from
new and existing customers resulting in 8.9 MW (equivalent to c.
30,000 standard 300w panels) of commercial projects being secured
at Heads of Terms and with an additional 425 KW successfully
completed or currently being installed. Given the advanced stage of
discussions we expect c. two-thirds of projects at Heads of Terms
to complete and convert to revenue during FY23.
The eSolar proposition is an end to end solution, covering
design, specification, installation and ongoing O&M, within a
capital free solution for the client. eSolar complements eEnergy's
existing proposition, providing another way for customers to access
the lowest cost clean energy, whilst also cutting both operating
costs and carbon, and is further proof of the adoption of eEnergy's
end to end solution strategy. In addition, eSolar supports
increasing levels of energy independence, while simultaneously
accelerating business' sustainability goals. Removing the capital
expenditure barrier enables a fast and efficient turnaround to
accelerate the sales cycle from pitch to installation.
Installations from Heads of Terms agreement is approximately
The onsite solar solutions are either funded via eEnergy's
capital free Solar as a Service, within the existing SUSI funding
facility, or as a capital free power purchase agreement ("PPA")
through a panel of funding partners. In either case the funding
profile is targeted to deliver cash neutrality for eEnergy during
the installation phase of the project, with the financial partner
taking on the credit risk of the project and eEnergy receiving its
cash profits at completion. The Board considers that solar funding
is a well established asset class with a number of competitive
providers active in the UK market.
Harvey Sinclair, CEO of eEnergy Group plc, commented : "The
launch of eSolar is another exciting step on our journey to
providing organisations and businesses across the UK and Ireland
with an end to end net zero solution. In addition to eCharge,
eSolar provides our customers with the very real ability to
generate their own energy, giving them increased energy
independence in the knowledge that they're using green and
sustainable sources as well as achieving significant cost
"The demand for eSolar that we have witnessed prior to its
launch is a testament to eEnergy's track record within the industry
and continues our mission to make net zero possible and profitable
for customers. I am proud of the team and the effort that has gone
on behind the scenes."
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eEnergy Group plc Tel: +44 20 7078 9564
Harvey Sinclair, Chief Executive Officer email@example.com ;
Crispin Goldsmith, Chief Financial Officer www.eenergyplc.com
Singer Capital Markets (Nominated Adviser Tel: +44 20 7496 3000
and Joint Broker)
Justin McKeegan, Mark Taylor, Asha Chotai
Tom Salvesen (Corporate Broking)
Canaccord Genuity Limited (Joint Broker) Tel: +44 20 7523 8000
Max Hartley, Tom Diehl (Corporate Broking)
Kit Stephenson (Sales)
Tavistock Tel: +44 207 920 3150
Jos Simson, Heather Armstrong, Katie eEnergy@tavistock.co.uk
About eEnergy Group plc
eEnergy (AIM: EAAS) is a net zero energy services provider,
empowering organisations to achieve net zero by tackling energy
waste and transitioning to clean energy, without the need for
upfront investment. It is making net zero possible and profitable
for all organisations in four ways:
-- Transition to the lowest cost clean energy through our
digital procurement platform and energy management services.
-- Tackle energy waste with granular data and insight on energy
use and dynamic energy management.
-- Reduce energy use with the right energy efficiency solutions without upfront cost.
-- Reach net zero with onsite renewable generation and electric vehicle (EV) charging.
eEnergy is a Top 5 B2B energy company and has been awarded The
Green Economy Mark by London Stock Exchange.
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(END) Dow Jones Newswires
September 27, 2022 02:01 ET (06:01 GMT)
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