Ireland update and expansion into Northern Ireland

RNS Number : 6796F

eEnergy Group PLC

12 March 2020

 

12 March 2020

eEnergy Group plc

("eEnergy" or "the Group")

Update on operations in Ireland and expansion into Northern Ireland

eEnergy Group plc (AIM: EAAS), a leading "Energy Efficiency-as-a-Service" (EEaaS) business in the UK and Ireland, is pleased to provide an update on the progress of its operations in Ireland, including its first expansion into Northern Ireland.

The Group, through its eLight subsidiary, has been operating in the Republic of Ireland since 2013, and has already completed over 900 lighting upgrades in the commercial business sector.  eLight provides "Light-as-a-Service" (LaaS) to businesses and schools to help them switch to LED lighting for a fixed monthly service fee, avoiding any upfront payments.

Northern Ireland Expansion

While eLight is already well established in the Republic of Ireland, the Group believes the Northern Ireland energy efficient lighting market is underdeveloped. The Board sees significant growth potential, particularly in the education sector, where schools tend to be larger than in the Republic of Ireland. 

Accordingly, eEnergy has recently expanded its operations into Northern Ireland, adding to its presence in Dublin and London. The new sales team, under the direction of business development manager Michael Aiken, is in advanced discussions with a number of educational bodies in Northern Ireland.

New Partnership in the Republic of Ireland

The Group is pleased to announce that it has formally agreed a partnership with the Irish smart energy supplier, Pinergy. This partnership creates a significant new sales channel for eLight, which will provide a LaaS product to Pinergy's business customers. Pinergy supplies its business customers with 100% renewable energy, meaning its customers are focussed not only on cost but also on sustainability, ensuring close alignment between the two businesses.

eLight has already delivered lighting solutions for a number of Pinergy clients and the partnership is expected to improve eLight's development pipeline. Pinergy joins Lynch Interact which formed a partnership with eLight in December 2019. Lynch Interact is the leading Irish owned company specialising in the provision of complete Facility Support and Building Fabric Services for the built environment.

Harvey Sinclair, CEO, eEnergy Group plc, said: "Our expansion into Northern Ireland builds on our established business in the rest of the UK and Ireland. We see considerable opportunity in an underdeveloped market in terms of LaaS and one that that has the potential for much larger contract values.

"As well as geographic expansion, we are focused on building partnerships with companies which create opportunities to increase our routes to market without growing our cost base. We are very excited about agreeing a partnership with Pinergy, whose focus on sustainability as well as customer value is in sync with our own priorities."

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Contacts:

eEnergy Group plc	Tel: [phone]
Harvey Sinclair, Chief Executive Officer	[e-mail] www.eenergyplc.com
Cairn Financial Advisers (Nominated Adviser)	Tel: [phone]
Sandy Jamieson / James Caithie
Turner Pope Investments (Broker)	Tel: [phone]
Andy Thacker / Zoe Alexander	info @turnerpope.com
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 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 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/  

About Pinergy

Pinergy is a smart energy supplier committed to helping businesses across Ireland to become more energy efficient.  They supply electricity and deliver Smart energy-saving solutions to customers allowing them to understand and monitor how much electricity they are using, reduce their energy and waste and lower their carbon emissions. 

https://pinergy.ie/  

 

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