eEnergy Group increases its stake in eEnergy Insights
(EAAS ) said eEnergy Insights Ltd, the entity holding the Group’s MY ZeERO smart metering and analytics platform, is about to launch a series of intelligent smart meters.
eEnergy, which operates as an energy efficiency-as-a-service business in the UK and Ireland, said the entity has completed development of its next generation of intelligent smart meters which offer enhanced accuracy at a lower price point than the previous generation of meters.
The Group has placed an order for a number of meters which are expected to be rolled out to customers in the coming months. Meanwhile, the minimum cumulative order required to exercise the nominal-cost warrants issued to the Group as part of the various agreements entered into with the other existing shareholders of EIL has been met, eEnergy explained.
As a result of exercising the Warrants, the Company has therefore increased its shareholding in EIL from 37.5% to 51%. As previously announced, the agreements entered into in June 2021 provide for the Group potentially to increase its interest in EIL to 100% over time.
“The launch of the next generation of intelligent smart meters by MY ZeERO is an important step in the Group’s strategic development,” commented Harvey Sinclair, CEO, eEnergy.
He added, “By embedding the monitoring and analytics of the MY ZeERO platform into our energy efficiency solutions, we can offer measured savings contracts to Energy Efficiency clients using the certified International Performance Measurement and Verification Protocol (IPMVP) methodology to evidence the savings delivered by efficiency measures.”
He said the proprietary monitoring and analytics platform will enable a more customer-aligned proposition to eEnergy’s Energy Management clients “via a simple subscription model.”
Earlier this month, eEnergy Group said it expects revenue and profits before exceptional items for FY22 to be materially ahead of FY21 after it reported strong organic growth.
eEnergy, which operates as an energy efficiency-as-a-service business in the UK and Ireland, reported revenue up 200% to £13.6m in the year to 30 June 2021 up from £4.5m in FY20.
Organic revenue growth was up by 75% in its core eLight business, which generated revenues of £7.9m. Maiden profit with adjusted EBITDA was £0.8m compared to a loss of £1.5m in FY20 and a profit before tax and exceptional items of £0.1m (FY20: loss £1.9m).
By period end, cash at bank was £3.3 million, more than double from £1.5m in FY20. eEnergy said its decision in 2019 to focus on the opportunity in the education market has stood the business in good stead during FY21. It estimates that UK education alone represents a £1.5bn market opportunity given the low level of LED adoption in schools.
While the Company has seen some delays in new contracts, which has, in turn, impacted project timeframes, the Board said it is encouraged with the current and future order book.
Whilst early in the current financial year, the Board said it expects revenue and profit before and after tax and before exceptional items for FY22 to be materially ahead of FY21, and noted that trading in the year to date remains in-line with current market expectations.
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