REG - eEnergy Group PLC - Launch of eSolar

EenergyAnnouncement

27/09/2022 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220927:nRSa7180Aa&default-theme=true

RNS Number : 7180A  eEnergy Group PLC  27 September 2022

27 September 2022

 

eEnergy Group plc

("eEnergy" or "the Group")

 

Launch of eSolar

 

eEnergy (AIM: EAAS), the net zero energy services provider, is pleased to
announce the launch of eSolar, eEnergy's in-house Solar Photovoltaic System
("PV") offering, helping organisations to rapidly deploy on-site energy
generation, on a capital-free basis.

 

eEnergy initially developed its solar capabilities as a result of the
increasing demand from both existing and new customers for onsite solar
generation driven largely as a result of the surge in grid energy costs, which
have increased by over 300% in the last year; where the implied cost of onsite
solar energy now trades at more than 50% discount.

 

eEnergy has been successfully incubating its solar offering over the previous
six months, with strong appetite for the offering from new and existing
customers resulting in 8.9 MW (equivalent to c. 30,000 standard 300w panels)
of commercial projects being secured at Heads of Terms and with an additional
425 KW successfully completed or currently being installed. Given the advanced
stage of discussions we expect c. two-thirds of projects at Heads of Terms to
complete and convert to revenue during FY23.

 

The eSolar proposition is an end to end solution, covering design,
specification, installation and ongoing O&M, within a capital free
solution for the client. eSolar complements eEnergy's existing proposition,
providing another way for customers to access the lowest cost clean energy,
whilst also cutting both operating costs and carbon, and is further proof of
the adoption of eEnergy's end to end solution strategy. In addition, eSolar
supports increasing levels of energy independence, while simultaneously
accelerating business' sustainability goals. Removing the capital expenditure
barrier enables a fast and efficient turnaround to accelerate the sales cycle
from pitch to installation. Installations from Heads of Terms agreement is
approximately 4-6months.

 

The onsite solar solutions are either funded via eEnergy's capital free Solar
as a Service, within the existing SUSI funding facility, or as a capital free
power purchase agreement ("PPA") through a panel of funding partners. In
either case the funding profile is targeted to deliver cash neutrality for
eEnergy during the installation phase of the project, with the financial
partner taking on the credit risk of the project and eEnergy receiving its
cash profits at completion. The Board considers that solar funding is a well
established asset class with a number of competitive providers active in the
UK market.

 

Harvey Sinclair, CEO of eEnergy Group plc, commented: "The launch of eSolar is
another exciting step on our journey to providing organisations and businesses
across the UK and Ireland with an end to end net zero solution. In addition to
eCharge, eSolar provides our customers with the very real ability to generate
their own energy, giving them increased energy independence in the knowledge
that they're using green and sustainable sources as well as achieving
significant cost savings.

 

"The demand for eSolar that we have witnessed prior to its launch is a
testament to eEnergy's track record within the industry and continues our
mission to make net zero possible and profitable for customers. I am proud of
the team and the effort that has gone on behind the scenes."

 

--- END ---

 

Contacts:

 

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

                                                              (http://www.eenergyplc.com/)
 Crispin Goldsmith, Chief Financial Officer

 Singer Capital Markets (Nominated Adviser and Joint Broker)    Tel: +44 20 7496 3000
 Justin McKeegan, Mark Taylor, Asha Chotai (Corporate Finance)

 Tom Salvesen (Corporate Broking)

 Canaccord Genuity Limited (Joint Broker)                       Tel: +44 20 7523 8000
 Max Hartley, Tom Diehl (Corporate Broking)

 Kit Stephenson (Sales)

 Tavistock                                                      Tel: +44 207 920 3150
 Jos Simson, Heather Armstrong, Katie Hopkins                   eEnergy@tavistock.co.uk (mailto:eEnergy@tavistock.co.uk)

 

About eEnergy Group plc

eEnergy (AIM: EAAS) is a net zero energy services provider, empowering
organisations to achieve net zero by tackling energy waste and transitioning
to clean energy, without the need for upfront investment. It is making net
zero possible and profitable for all organisations in four ways: 

·     Transition to the lowest cost clean energy through our digital
procurement platform and energy management services. 

·     Tackle energy waste with granular data and insight on energy use
and dynamic energy management. 

·     Reduce energy use with the right energy efficiency solutions
without upfront cost. 

·     Reach net zero with onsite renewable generation and electric
vehicle (EV) charging. 

 

eEnergy is a Top 5 B2B energy company and has been awarded The Green Economy
Mark by London Stock Exchange. 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  PRLSEDEFMEESEDU