Acquisition of Amelio Enterprises Limited
04/10/2024 07:00
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RNS Number : 9067G Good Energy Group PLC 04 October 2024
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Good Energy Group PLC
("Good Energy" or "the Company")
Acquisition of Amelio Enterprises Limited for up to £6.0 million
Good Energy Group PLC (AIM: GOOD), the 100% renewable electricity supplier and
leading innovator in clean energy services, is delighted to announce the
acquisition of Amelio Enterprises Limited ("Amelio Solar"), a Lincolnshire
based solar installation company with a strong presence in the commercial
solar sector and extensive experience in education and public sector projects
("Acquisition").
The Acquisition represents a further step in delivering on Good Energy's
strategy to expand its capability in decentralised energy services by
significantly expanding its geographical presence in the solar installation
market. Amelio Solar has established operations in Lincolnshire and the north
of England.
Amelio Solar has built a reputation for delivering rooftop solar solutions for
businesses, education and public sector entities. This builds upon Good
Energy's current offering, that is weighted to domestic installation, and is
in line with the Company's vision of powering a cleaner, greener future by
making it simple to generate, use and share clean energy.
Transaction highlights:
á Good Energy has acquired 100% of the issued share capital of Amelio
Solar on a debt-free, cash-free, basis for an initial consideration of £5.5
million, payable in cash upon completion.
á Further deferred consideration of up to £0.5 million may become
payable in cash in the first quarter of 2025, subject to Amelio Solar
achieving gross profit targets for the year ending 31 December 2024.
á For the financial year ended 31 December 2023, Amelio Solar reported
revenue of £7.1 million and profit before tax of £1.4 million.
á Richard Jones, Amelio Solar founder and Solar Energy UK board member,
will remain employed to support the post-acquisition transition and
integration period.
á Amelio Solar will leverage its significant presence in the
commercial, education and public sectors to expand Good Energy's reach in
these areas.
á Able to service clients nationwide, but with a particular focus in is
core territory of Lincolnshire and the north of England, Amelio Solar will
extend the geographic footprint of Good Energy's installation capability.
á The Acquisition is expected to make a material contribution to Good
Energy's earnings from 2025 onwards, as Amelio Solar continues to scale its
commercial installation capacity under Good Energy's ownership.
á The Acquisition will be funded from Good Energy's existing resources
whilst retaining sufficient balance sheet flexibility to further pursue our
strategy.
Nigel Pocklington, CEO of Good Energy, commented:
"Amelio Solar is a perfect fit for Good Energy as we continue to grow our
clean energy service offerings, especially in the commercial and public
sectors where demand for solar installations remains strong and less
susceptible to the cyclical fluctuations seen in the domestic market.
Amelio Solar's proven ability to deliver large, complex solar projects will
enable us to better support businesses and public sector bodies in cutting
their carbon emissions, while positioning Good Energy as a leader in
commercial solar solutions."
Enquiries
Good Energy Group PLC
Nigel Pocklington, Chief Executive Email: press@goodenergy.co.uk
Ian McKee, Head of Communications
SEC Newgate UK
Elisabeth Cowell / Molly Gretton Tel: +44 (0)7900 248213
Email: GoodEnergy@secnewgate.co.uk
Canaccord Genuity Limited (Nominated Adviser and Joint Broker)
Henry Fitzgerald-O'Connor / Harry Rees Tel: +44 (0) 20 7523 4617
Panmure Liberum Limited (Joint Broker)
Edward Mansfield / William King / Josh Moss Tel: +44 (0) 20 3100 2000
About Good Energy www.goodenergy.co.uk (http://www.goodenergy.co.uk/)
Good Energy is a supplier of 100% renewable power and an innovator in energy
services. It has long term power purchase agreements with a community of more
than 2,500 independent UK generators.
Since it was founded 25 years ago, the Company has been at the forefront of
the charge towards a cleaner, distributed energy system. Its mission is to
power a cleaner, greener world and make it simple to generate, share, store,
use and travel by clean power. Its ambition is to support one million homes
and businesses to cut carbon from their energy and transport used by 2025.
Good Energy is recognised as a leader in this market, through its B Corp
accreditation, Which? Eco Provider status and Gold Standard Uswitch Green
Tariff Accreditation for all tariffs.
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