REG - Kinovo PLC - Decarbonisation Direct Award

KinovoAnnouncement

13/09/2023 07:15

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RNS Number : 2335M  Kinovo PLC  13 September 2023

13 September 2023

Kinovo plc

("Kinovo" or the "Company")

 

Decarbonisation Direct Award

 

Kinovo Plc (AIM: KINO), the specialist property services group that delivers
compliance and sustainability solutions, is pleased to announce it has
received a direct award with an anticipated value of £4.8 million over 19
months through The Greener Futures Partnership's ("GFP") Decarbonisation
Framework. This is Kinovo's first direct award following the Company's
placement on the GFP Framework as announced on 22 May 2023.

 

The framework comprises five housing associations and over 300,000 homes,
representing 9% of the total social housing market. Kinovo's two sub-lots
cover two of the framework's five geographic regions, namely London and the
South and East of England. In March 2023, the GFP was awarded £40.4 million
from Wave 2.1 of the Government's Social Housing Decarbonisation Fund, which
will be match funded by GFP by a minimum of the same value.  Total investment
value of around £95 million nationally is currently anticipated by GFP under
this framework between 2023 to 2025.

 

Kinovo's direct award is to undertake whole house retrofit energy efficiency
works compliant with PAS 2030:2019 and PAS 2035:2019 for approximately 200
properties. Works are due to start in September 2023 for an initial term of 19
months until March 2025.

 

Following this and other recent direct awards and contract wins, the Company
has invested further in its Renewables pillar, strengthening the team with
three additional roles; a fully qualified Retrofit Assessor and Co-ordinator
as our Retrofit Lead, alongside a Technical Co-ordinator and Retrofit Liaison
Officer. These additions will provide further technical expertise and
qualifications covering Domestic Retrofit, Domestic Energy Assessment and
Green Deal Advisory services.

 

David Bullen, Chief Executive Officer of Kinovo plc, commented:

"We are pleased to have won our first direct award under the GFP
Decarbonisation Framework, at a value of £4.8 million, and the latest in a
series of new contracts and direct awards under our Renewables pillar. I
believe Kinovo has all the qualifications, skills and experience to act as a
"one stop shop" to support housing associations and local councils in meeting
the Government's net zero carbon emissions target by 2050, alongside their
objective for all social homes to achieve an EPC "C" rating by 2030."

 

 

Enquiries

 

 Kinovo plc
 Sangita Shah, Chairman                                          +44 (0)20 7796 4133

 David Bullen, Chief Executive Officer                           (via Hudson Sandler)

 Canaccord Genuity Limited (Nominated Adviser and Sole Broker)   +44 (0)20 7523 8000
 Adam James

 Andrew Potts

 Harry Rees

 Hudson Sandler (Financial PR)                                   +44 (0)20 7796 4133
 Dan de Belder

 Harry Griffiths

 

 

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