REG - Eneraqua Technolgs. - Notice to appoint Administrator over a subsidiary

Eneraqua TechnologiesAnnouncement

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RNS Number : 4125Q  Eneraqua Technologies PLC  09 July 2025

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.

 

9 July 2025

Eneraqua Technologies plc

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

 

Notice to appoint an Administrator over a subsidiary

As noted in the announcement of 7 July 2025, the Company's balance sheet and
supply chain has been placed under significant strain due to significant
delays in the receipt of payments due from several clients and the deferral of
certain energy projects.

The Company has today been notified of a material adverse adjudication award
against its operating subsidiary Cenergist Limited ("Cenergist") in the sum of
approximately £1.2m including costs relating to a contractual dispute. The
adjudication award requires payment within five days and although the Company
believes there are grounds for a counterclaim. This cannot currently be
pursued due to the cash constraints of the Group.

Consequently, the board of Cenergist has reported to the Company that it has
insufficient funds to continue trading and has concluded that they are no
longer able to continue trading as a going concern. Therefore, the Board is
reporting that Cenergist is in the process of filing a notice of intention to
appoint Interpath Advisory as administrators. In the interim, Interpath
Advisory will manage an accelerated sale process to seek potential buyers of
the business and assets of Cenergist.

Due to the ongoing financial uncertainty regarding the Group, its limited
working capital and the circumstances noted above, the Company has requested
that its shares are suspended from trading on AIM with immediate effect.

Further announcements will be made as and when appropriate.

 For further information please contact:

 Eneraqua Technologies plc                            Via Alma

 Guy Stenhouse, Chair

 Mitesh Dhanak, Chief Executive Officer

 John Samuel, Chief Financial Officer

 Panmure Liberum Limited (Nomad and Joint Broker)     Tel: 0203 100 2000

 Edward Mansfield

 John More

 Singer Capital Markets (Joint Broker)                Tel: 020 7496 3000

 Asha Chotai
 Alma Strategic Communication (Financial PR)

 Justine James                                        Tel: 020 3405 0205

 Andy Bryant                                          eneraqua@almastrategic.com

 Will Ellis Hancock

 

Notes to editors

Eneraqua Technologies (AIM:ETP) is a specialist in energy and water
efficiency. The Group operates in two markets, energy and water. In Energy,
the Group is 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.

 

The Group's activities are underpinned by its 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 Group's main country of operation is the United Kingdom. The Group's head
office is based in London with additional offices in Leeds, Sunderland, India,
Spain and the Netherlands. The Group has over 200 employees, with the majority
employed within the UK.

 

To find out more, please visit:  www.eneraquatechnologies.com
(http://www.eneraquatechnologies.com/)

 

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