Investment in Smart Metering Business

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 £126,000 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 £0.7m.

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: [phone]
Harvey Sinclair, Chief Executive Officer Ric Williams, Chief Financial Officer	[e-mail] ; www.eenergyplc.com
N+1 Singer (Nominated Adviser and Joint Broker)	Tel: [phone]
Justin McKeegan, Mark Taylor, Kailey Aliyar (Corporate Finance) Tom Salvesen (Corporate Broking)
Turner Pope Investments (Joint Broker)	Tel: [phone]
Andy Thacker	[e-mail]
SECNewgate	Tel: [phone]
Robin Tozer Isabelle Smurfit	eEnergy@s ecnewgate.co.uk

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 €25 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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