eEnergy Group PLC Investment in Smart Metering Business (8066V)
19 Abril 2021 - 1:00AM
UK Regulatory
TIDMEAAS
RNS Number : 8066V
eEnergy Group PLC
19 April 2021
19 April 2021
eEnergy Group plc
("eEnergy" or "the Group")
Investment in Smart Metering Business
eEnergy Group plc (AIM: EAAS), a leading "Energy
Efficiency-as-a-Service" (EEaaS) business in the UK and Ireland, is
pleased to announce that it has made an investment in eEnergy
Insights Ltd ("EIL" or "eEnergy Insights"), a newly formed
specialist smart metering measurement equipment and analytics
business.
EIL has acquired certain trade assets out of the administration
process of Measure My Energy Limited ("MME") and certain associated
intellectual property assets.
eEnergy Group has made an initial cash investment of GBP126,000
into EIL in the form of loan notes, as well as a nominal equity
investment, resulting in a 33 per cent. equity interest in EIL.
The assets acquired include proprietary hardware and software,
which allow customers to analyse and monitor itemised
('behind-the-meter') energy usage data via a live cloud portal.
Since MME was founded in 2012, it has deployed thousands of
monitoring units across a broad range of business customers in the
UK and Far East, including EDF Energy, B&Q, Travelodge,
National Grid and Costa Coffee. The book value of the assets
acquired was GBP0.7m.
In line with its stated strategy, working with eEnergy Insights
will allow eEnergy to offer its customers validation of energy
savings delivered on their energy efficiency projects, and
facilitate additional efficiencies through a Metering-as-a-Service
proposition.
eEnergy intends to support EIL to become a leading specialist
smart metering equipment and analytics business, which could
include taking an increased ownership interest.
Harvey Sinclair, CEO, eEnergy, commented: "Access to granular
energy usage data is central to our strategy to build an integrated
energy management and energy efficiency platform for customers. The
opportunity for a minimal investment to partner with eEnergy
Insights and access the high-quality proprietary 'behind-the-meter'
technology of MME is a big step forward in delivering this
platform. It means we can offer our growing customer base even more
ways to deliver energy efficiency projects, saving both money and
cutting carbon."
Contacts:
eEnergy Group plc Tel: +44 20 7078 9564
Harvey Sinclair, Chief Executive info@eenergyplc.com ;
Officer www.eenergyplc.com
Ric Williams, Chief Financial Officer
N+1 Singer (Nominated Adviser and Tel: +44 20 7496 3000
Joint Broker)
Justin McKeegan, Mark Taylor, Kailey
Aliyar (Corporate Finance)
Tom Salvesen (Corporate Broking)
Turner Pope Investments (Joint Broker) Tel: +44 20 3657 0050
Andy Thacker info@turnerpope.com
SECNewgate Tel: +44 7540 106 366
Robin Tozer eEnergy@s ecnewgate.co.uk
Isabelle Smurfit
About eEnergy Group plc
eEnergy Group plc is a leading "Energy Efficiency-as-a-Service"
(EEaaS) business focused on providing its core "Light-as-a-Service"
("LaaS"), to educational and commercial & industrial customers
through its eLight and RSL operations in the UK and Ireland. The
Group helps businesses and schools switch to LED lighting,
typically for a fixed monthly service fee, avoiding any upfront
payments.
eEnergy was admitted to AIM in January 2020. The Board's
strategy is to develop eEnergy as a broader energy services company
and acquire other businesses in the energy management sector. The
market in the EU for energy efficiency services was approximately
EUR25 billion in 2017 and is expected to double by 2025.
In December 2020, eEnergy completed the acquisition of Beond
Group Limited. Beond is a UK-based renewable energy consulting and
procurement business, whose services aim to reduce costs for
clients and tackle climate change. Beond's services include
provision of clean energy strategy, smart energy procurement,
hedging strategies, bill validation, bureau services and market
intelligence. However, its key offering is its proprietary platform
used to run reverse energy auctions for clients.
eEnergy has been awarded The Green Economy Mark by the London
Stock Exchange, which recognises a company's work on
sustainability.
https://eenergyplc.com/
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