Investment in eEnergy Group PLC

Luceco PLC

08 November 2023

 

08 November 2023                                                                                                                                                                               

LUCECO PLC - INVESTMENT IN eENERGY GROUP PLC

Luceco plc ("Luceco" or the "Company"), the supplier of wiring accessories, EV chargers, LED lighting, and portable power products, today announces its subscription for 35 million new ordinary shares in eEnergy Group PLC ("eEnergy") for £1.75m (the "Subscription").

Luceco has achieved strong growth from the drive towards energy efficiency and decarbonisation through its LED lighting and electric vehicle ("EV") charger categories.  The continuing trend towards clean energy technologies offers an opportunity for Luceco to expand its offering into developing categories.  eEnergy is an important customer of Luceco's LED lighting division and is well positioned to become an increasingly important channel for clean energy categories in the non-residential sector. 

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.  eEnergy operates through two divisions: Energy Services and Energy Management.  eEnergy announced today that, following the receipt of a number of approaches, it is currently in exclusive negotiations to sell its Energy Management division.

eEnergy's Energy Services division ("Energy Services") provides organisations with energy efficiency, renewable generation and EV charging solutions, frequently partnering with Luceco as its technology provider.  In the 12 months ended 30 June 2023 Energy Services achieved revenue of £19.5m, representing 87% year on year growth.

Luceco has subscribed for 35,078,000 new ordinary shares in eEnergy at a price of 5p per share, representing a total investment of £1,753,900 for approximately 9% of the enlarged issued share capital of eEnergy.  Luceco will have the right to nominate a board member.

Completion of the Subscription is subject to admission of the subscription shares to trading on AIM. 

John Hornby, Chief Executive Officer of Luceco commented:

"Energy efficiency has been an important driver of growth for Luceco through our LED lighting category.  More recently we have invested in EV charging because we anticipate that this, and the clean energy category more generally, will be an important growth area.

eEnergy's Energy Services division is already an important customer for our lighting projects business.  As the economy decarbonises it is well positioned to become an increasingly relevant channel in the non-residential segment, and we look forward to supporting the growth of eEnergy and exploring the potential for increased co-operation between our businesses."

Luceco plc	Contact
John Hornby, Chief Executive Officer	020 3128 8276 (Via MHP)
Will Hoy, Chief Financial Officer	020 3128 8276 (Via MHP)
MHP	Contact
Tim Rowntree	020 3128 8100
Ollie Hoare	020 3128 8100

Note to Editors

Luceco plc - Bringing Power To Life

Luceco plc (LSE:LUCE) is a supplier of wiring accessories, EV chargers, LED lighting, and portable power products.

For more information, please visit www.lucecoplc.com.

 

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