AGM Update

Eneraqua Technologies PLC

05 July 2023

 

5 July 2023

Eneraqua Technologies plc

("Eneraqua Technologies", the "Company" or the "Group")

AGM Update

Eneraqua Technologies plc, a provider of specialist energy and water efficiency solutions, will hold its Annual General Meeting ('AGM') today at which Guy Stenhouse, Chairman will provide the following update:

"The current year is progressing as expected with a high level of activity in terms of both continuing contracts and new opportunities which we are pursuing.  Operating cash flow has also been positive during the first months of the year.

Within our Energy business, the mix and timing of projects has been as anticipated with existing and new clients, most notably a large London Borough for which we are upgrading a number of commercial buildings. 

Within our Water business our Control Flow technology continues to make good progress based on its proven ability to reduce both water use and energy costs.  Delivery is underway on our current contracts and we are pursuing a number of opportunities including finalising a contract with a major water utility as well as progressing our net water neutrality solution.  

The Vriend business in Holland, which was acquired in April, is in the process of being integrated within our wider operations.  Vriend creates a platform for Eneraqua Technologies to develop its business further in Europe and has a particular speciality in designing and installing hybrid gas/heat pump heating systems which also have the potential to be used in the UK as part of the transition to net zero.

As part of our European expansion plans, we successfully established our new global manufacturing site near Madrid, which will further support our drive into wider European markets by allowing us to expand the range of products that we offer, while enhancing our manufacturing capability and reducing production costs. Recently, following a successful pilot, we now have an order to install Control Flow technology in 28 student housing developments in Spain.

Eneraqua will provide a more detailed trading update for the six months to 31 July 2023 in the first half of September."

For further information please contact: Eneraqua Technologies plc Mitesh Dhanak, Chief Executive Officer Iain Richardson, Chief Financial Officer	Via Alma PR
Liberum (Nomad and Joint Broker) Edward Mansfield Benjamin Cryer	Tel: [phone]
Singer Capital Markets (Joint Broker) Sandy Fraser Justin McKeegan Asha Chotai	Tel: [phone]
Alma PR (Financial PR) Justine James Sam Modlin Will Ellis Hancock	Tel: [phone] [e-mail]

Notes to editors

Eneraqua Technologies (AIM:ETP) is a specialist in energy and water efficiency. The Group has two divisions energy and water. Energy is the larger division, with the Company focused on clients with end of life gas, oil or electric heating and hot water systems. The Group provides turnkey retrofit district or communal heating systems based either on high-efficiency gas or ground/air source heat pump solutions that support Net Zero and decarbonisation goals.

The water division is a growing service offering focused on water efficiency upgrades for utilities and commercial clients including hotels and care homes.  

The activities in both divisions are underpinned by the Company's wholly-owned intellectual property, the Control Flow HL2024 family of products which reduce water wastage and improve the performance of heating and hot water systems.

The Company's main country of operation is the United Kingdom. The Company's head office is based in London with additional offices in Leeds, Washington (Sunderland), India, Spain and the Netherlands. The Company has 168 employees, with the majority employed within the UK. Eneraqua Technologies has received the London Stock Exchange's Green Economy Mark.

To find out more, please visit:  www.eneraquatechnologies.com

The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

 

END