First Day of Dealings

RNS Number : 2187Z

eEnergy Group PLC

09 January 2020

 

eEnergy Group plc

("eEnergy" or the "Company")

Admission to AIM and First Day of Dealings

eEnergy, the Energy Efficiency as a Service company that provides commercial customers with immediate energy and cost reductions with zero upfront investment, is pleased to announce its admission to trading on AIM ("Admission") today following the reverse takeover of Alexander Mining plc by eLight Group Holdings Limited ("eLight").

The number of ordinary shares of 0.3 pence each in issue immediately after Admission will be 130,926,167, giving the Company a market capitalisation of approximately £9.8 million at the issue price of 7.5 pence per share.  Dealings in the ordinary shares will commence at 8.00 a.m. today, 9 January 2020, under the TIDM of "EAAS" and with the ISIN number GB00BJP1KD31.

About eEnergy

eEnergy is an established "Energy Efficiency-as-a-Service" (EEaaS) business currently focused on providing "Light-as-a-Service" to commercial 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 cash-flow from day one as well as 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.

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.

Admission Highlights

·     Successfully raised £2 million (before expenses) via a placing of 26,666,667 new ordinary shares at an issue price of 7.5 pence per share

·     New monies will be used to finance the development of eLight and for working capital needs associated with the anticipated growth in revenue.

Harvey Sinclair, Chief Executive Officer, eEnergy Group plc, said: "This is an exciting day and means we can begin to realise our ambition to develop eEnergy.  eEnergy is a new generation of energy services company which believes that reducing your carbon footprint should be profitable for your organisation.  We focus on helping schools and businesses to reduce their energy consumption through "Energy as a Service", which we do by funding and delivering energy efficiency upgrades in exchange for a monthly fee, funded by energy savings.  This requires no capital investment.  We take a data-driven and digitised approach to energy projects to ensure our customers have complete transparency. 

"eEnergy is expanding into energy management services, to provide our customers with a competitive switch to green energy and transparent management of their energy supply. We intend to consolidate the energy services sector through strategic acquisitions and further investment in technology."

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

Enquiries:

eEnergy Group plc Tel: [phone] Harvey Sinclair Chief Executive Officer Email: [e-mail] Website: www.eenergyplc.com Cairn Financial Advisers LLP Sandy Jamieson/James Caithie/ Ludovico Lazzaretti Tel: [phone] Turner Pope Investments (TPI) Ltd. Andy Thacker Zoe Alexander Tel: [phone] Newgate Communications Giles Croot / Robin Tozer Tel: [phone] Email: [e-mail]

 

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