Banking Partner Update

RNS Number : 7535S

eEnergy Group PLC

13 March 2023

 

13 March 2023

eEnergy Group plc

("eEnergy" or "the Group")

Banking Partner Update

eEnergy (AIM: EAAS), the net zero energy services provider, notes developments in relation to Silicon Valley Bank UK Limited ("SVB UK"), one of the Group's banking partners which has now been acquired by HSBC UK Bank plc ("HSBC").

The Group wishes to advise shareholders that it does not have any material operating cash exposure to SVB. Whilst the Group maintains a number of bank accounts with SVB UK, primarily used in relation to collections from clients on behalf of project funders, it typically uses other banking partners for its day-to-day business transactions, including holding its operating cash balances.

The Group's primary relationship with SVB is in relation to currency hedging and a fully-drawn £5 million Revolving Credit Facility ("RCF').

The Board does not expect any material impact to its business, adjusted earnings or cash position.

Contacts:

eEnergy Group plc	Tel: [phone]
Harvey Sinclair, Chief Executive Officer Crispin Goldsmith, Chief Financial Officer	[e-mail]  ;  www.eenergyplc.com
Singer Capital Markets  (Nominated Adviser and Joint Broker)	Tel: [phone]
Justin McKeegan, Asha Chotai, James Maxwell (Corporate Finance) Tom Salvesen (Corporate Broking)
Canaccord Genuity Limited  (Joint Broker)	Tel: [phone]
Max Hartley, Tom Diehl (Corporate Broking)
Tavistock	Tel: [phone]
Jos Simson, Heather Armstrong, Katie Hopkins	[e-mail]

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 the Group's 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. 

 

END

 

 

UPDEAEDDFSKDEFA