Comment on Chancellor's Statement

RNS Number : 4620S

eEnergy Group PLC

09 July 2020

 

9 July 2020

eEnergy Group plc

("eEnergy" or "the Company")

Comment on Chancellor's Statement

Commenting on the Chancellor's Summer Statement, eEnergy Group plc Chief Executive, Harvey Sinclair, said:  

"The Chancellor has rightly prioritised improving the energy efficiency of public sector buildings. To help the nation's finances, we need to get more of the UK's schools and other public sector buildings urgently switched to LED lighting.  At present, lighting accounts for nearly 50% of public sector energy costs as a result of inefficiencies. It currently costs around £400 to light one classroom per year, which drops to £100 with LED lighting installed. As well as saving money, LED lighting significantly reduces a school's carbon footprint as well as providing an improved learning environment. 

"While the Government has ring-fenced £1 billion of funding for energy efficiency improvements to the public sector, access to capital isn't necessary to make a transition to more efficient LED Lighting. Our differentiated Light as a Service model means that eEnergy can transition a school to LED lighting in return for a fixed monthly service fee, fully maintained for 10 years, which is more than covered by the cost savings generated. This year, we have installed LED Lighting into almost 40 schools across the UK and Ireland that are already reaping the benefits.

"We would be delighted to work alongside the Government, Academy Trusts, and Local Authorities to help roll-out LED Lighting across more of the UK schools' portfolio, saving millions from the education budget and dramatically reducing carbon emissions."

Background

· eEnergy is an established "Energy Efficiency-as-a-Service" (EEaaS) business currently focused on providing "Light-as-a-Service" to customers through eLight.

· eLight helps businesses and schools switch to LED lighting for a fixed monthly service fee, avoiding any upfront payments.

· For customers, the energy savings are greater than the monthly service fee, allowing them to unlock free cashflow from day one as well as to improve the quality of their lighting and reduce carbon emissions. 

· eLight procures, funds, installs and maintains the LED lighting, meaning the customer has no risk.

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Contacts:

Newgate Communications	Tel: [phone]
Giles Croot / Robin Tozer	[e-mail]

About eEnergy Group plc

eEnergy is an established "Energy Efficiency-as-a-Service" (EEaaS) business currently focused on providing "Light-as-a-Service" to customers through eLight. eLight helps businesses and schools switch to LED lighting for a fixed monthly service fee, avoiding any upfront payments. For customers, the energy savings are greater than the monthly service fee, allowing them to unlock free cashflow from day one as well as to improve the quality of their lighting and reduce carbon emissions.  eLight procures, funds, installs and maintains the LED lighting, meaning the customer has no risk.

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 €25 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. 

https://eenergyplc.com/  

 

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