REG - eEnergy Group PLC - Debt Refinancing

EenergyAnnouncement

18/02/2022 07:15

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RNS Number : 1141C  eEnergy Group PLC  18 February 2022

18 February 2022

eEnergy Group plc

("eEnergy", "Company" or "the Group")

 

Debt Refinancing

 

eEnergy (AIM: EAAS), a leading Energy Efficiency-as-a-Service and Energy
Management-as-a-Service business in the UK and Ireland, today announces it has
entered into a new revolving credit facility, replacing all existing borrowing
facilities, with Silicon Valley Bank.

 

Silicon Valley Bank, a financial partner to the world's leading innovative
growth businesses and their investors, has provided a revolving credit
facility of £5 million over three years, with potential for additional
capital facilities as eEnergy delivers on its growth plan in the future.

 

eEnergy has refinanced £3.1m of existing Group borrowings and expects to draw
down a further £1 million to cover part of the deferred consideration payment
to the vendors of UtilityTeam.

 

The new facility gives the Company enhanced liquidity, more flexible
financing, and a strong partner to help support its growth strategy. Whilst
the blended cost of the finance will be significantly lower than the
refinanced facilities, the Board's earnings expectations are unchanged for the
current financial year.

 

Harvey Sinclair, CEO, eEnergy said: "This transaction with a top-tier growth
investor demonstrates the strength of eEnergy's proposition. We are delighted
to be partnering with Silicon Valley Bank to continue to execute eEnergy's
growth vision and strategy."

 

Thomas Easterby, Director Technology Banking, Silicon Valley Bank said: "SVB
are delighted to be able to provide eEnergy with financing to support their
growth ambitions. The team have made fantastic acquisitions and have built an
impressive suite of products to disrupt how companies address energy
efficiency. We're excited to be part of their journey."

 

Contacts:

 eEnergy Group plc                                              Tel: +44 20 7078 9564
 Harvey Sinclair, Chief Executive Officer                       info@eenergyplc.com

 Ric Williams, Chief Financial Officer                          www.eenergyplc.com (http://www.eenergyplc.com/)

 Crispin Goldsmith, Chief Strategy & Commercial Officer

 Singer Capital Markets                                         Tel: +44 20 7496 3000

 (Nominated Adviser and Joint Broker)
 Justin McKeegan, Mark Taylor, Asha Chotai (Corporate Finance)

 Tom Salvesen (Corporate Broking)

 Turner Pope Investments                                        Tel: +44 20 3657 0050

 (Joint Broker)                                                 info@turnerpope.com
 Andy Thacker, James Pope

 Tavistock                                                      Tel: +44 207 920 3150

 (Financial PR and IR)                                          eEnergy@tavistock.co.uk (mailto:eEnergy@tavistock.co.uk)
 Jos Simson, Heather Armstrong, Katie Hopkins

 

 

About eEnergy Group plc

eEnergy Group plc is an integrated energy services company, enabling
organisations to transition to 'Net Zero' through "Energy-as-a-Service".  The
Group offers:

·    Energy Management as-a-Service; providing energy measurement,
monitoring and analytics on top of core "Zero Carbon" procurement services;

·    Energy Efficiency as-a-Service; zero upfront capital, energy
reduction solutions through measured savings contracts including its LED
businesses; and

·    Enhanced customer value proposition through data gathered and
analysed with its proprietary MY ZeERO platform

 

eEnergy was admitted to AIM in January 2020 with a strategy to use its market
leading eLight "Light as-a-Service" business as the foundation to expand
eEnergy as a broader energy services company via a 'buy and build' strategy.
The Group has completed four transactions since admission, building a Top 5
energy management business in the UK and acquiring proprietary smart metering
and analytics capability through the investment in MY ZeERO. The Board's
strategy continues to be to build a broader energy services company through
acquisition with a particular focus on energy efficiency related capabilities
and technologies. 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.

 

 

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