RCS - Eneraqua Technolgs. - Investment in B2C offering

Eneraqua TechnologiesAnnouncement

11/10/2022 07:16

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RNS Number : 4076C  Eneraqua Technologies PLC  11 October 2022

 

11 October 2022

 

Eneraqua Technologies plc

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

 

Investment in B2C offering

 

Eneraqua Technologies plc, a specialist provider of energy and water
efficiency solutions, is pleased to announce that, following the success of
net water neutrality pilot programmes with two English local authorities, the
Board has confirmed the decision to invest in a direct B2C offering.

 

The water neutrality pilots were to demonstrate how Control Flow HL2024
installed in existing homes can save water to offset the demand of new homes
in the area.  This would allow Control Flow HL2024 to be used in unlocking
some of the estimated 120,000 new build homes across the UK currently stuck in
planning due to water and nitrate concerns.

 

By eliminating water flow fluctuations, Control Flow HL2024 reduces water
wastage and improves the performance of hot water systems.  The pilots
involved 100 homes and found that the Control Flow HL2024 system reduced the
household daily energy and water bills equivalent to an average saving of
c.£360 a year. The analysis, which was carried out jointly by Eneraqua and
local authority staff, was based on actual gas and water meter data, taking
before and after meter readings to determine the change in daily consumption,
which is then multiplied by the current energy and water prices.

 

Customer satisfaction surveys were carried out post installation to monitor
householder experience, which showed over 99% user satisfaction with the
product and supply of water.

 

As a result of the success of the pilots, from both a saving and customer
satisfaction perspective, the Company will shortly commence the launch of the
product direct to consumers, with pre-launch costs of approximately £0.5m in
H2 FYJan23 to cover marketing and operational delivery teams.

 

The Board strongly believes the B2C offering has the potential to create a new
and exciting revenue stream for the business in FY24.

 

Mitesh Dhanak, CEO of Eneraqua Technologies commented:

"We are delighted to announce the success of our water neutrality pilots have
encouraged us to launch a direct to consumer product. In the current climate,
as consumers face heightened financial pressure due to the rising cost of
utility bills, Control Flow HL2024 is able to make a genuine positive impact
by significantly reducing domestic energy and water bills.

 

"Our Research and Development teams remain focused on developing new,
innovative solutions, with the sole aim of reducing carbon emissions and water
consumption in both buildings and agriculture domestically and
internationally."

 

 

For more information, please contact:

 

 Eneraqua Technologies plc                             Via Alma PR
 Mitesh Dhanak, CEO                                    www.eneraquatechnologies.com (http://www.eneraquatechnologies.com)
 Iain Richardson, CFO

 finnCap Limited - Nominated Adviser and Joint Broker  +44(0)20 7220 0500
 Ed Frisby / Charlie Beeson - Corporate Finance
 Andrew Burdis / Sunila de Silva - ECM

 Singer Capital Markets - Joint Broker                 +44(0)20 7496 3000
 Sandy Fraser / Justin McKeegan / Rachel Hayes

 Alma PR - Financial PR and IR                         +44(0)20 3405 0205
 Justine James / Sam Modlin / Will Ellis Hancock       eneraqua@almapr.co.uk (mailto:eneraqua@almapr.co.uk)

 

Notes to editors

 

Eneraqua Technologies (AIM:ETP) is a specialist in energy and water
efficiency. The Group designs and delivers improved energy and water systems
which utilise its wholly owned intellectual property, Control Flow HL2024.
Energy was the first market the Company entered and this is the larger sector,
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.

 

Water is a growing service offering focused on water efficiency upgrades for
utilities and commercial clients including hotels and care homes.  It has
also expanded into agritech systems.

 

The activities in both areas 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 in London with additional offices in Leeds, Washington
(Sunderland), India, Spain and the Netherlands. The Company has 144 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
(http://www.eneraquatechnologies.com)

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