REG - Luceco PLC eEnergy Group PLC - Investment in eEnergy Group PLC

LucecoAnnouncement

08/11/2023 07:00

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RNS Number : 7101S  Luceco PLC  08 November 2023

08 November 2023
 

 

LUCECO PLC - INVESTMENT IN eENERGY GROUP PLC

Luceco plc ("Luceco" or the "Company"), the supplier of wiring accessories, EV
chargers, LED lighting, and portable power products, today announces its
subscription for 35 million new ordinary shares in eEnergy Group PLC
("eEnergy") for £1.75m (the "Subscription").

Luceco has achieved strong growth from the drive towards energy efficiency and
decarbonisation through its LED lighting and electric vehicle ("EV") charger
categories.  The continuing trend towards clean energy technologies offers an
opportunity for Luceco to expand its offering into developing categories.
eEnergy is an important customer of Luceco's LED lighting division and is well
positioned to become an increasingly important channel for clean energy
categories in the non-residential sector.

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.  eEnergy operates
through two divisions: Energy Services and Energy Management.  eEnergy
announced today that, following the receipt of a number of approaches, it is
currently in exclusive negotiations to sell its Energy Management division.

eEnergy's Energy Services division ("Energy Services") provides organisations
with energy efficiency, renewable generation and EV charging solutions,
frequently partnering with Luceco as its technology provider.  In the 12
months ended 30 June 2023 Energy Services achieved revenue of £19.5m,
representing 87% year on year growth.

Luceco has subscribed for 35,078,000 new ordinary shares in eEnergy at a price
of 5p per share, representing a total investment of £1,753,900 for
approximately 9% of the enlarged issued share capital of eEnergy.  Luceco
will have the right to nominate a board member.

Completion of the Subscription is subject to admission of the subscription
shares to trading on AIM.

John Hornby, Chief Executive Officer of Luceco commented:

"Energy efficiency has been an important driver of growth for Luceco through
our LED lighting category.  More recently we have invested in EV charging
because we anticipate that this, and the clean energy category more generally,
will be an important growth area.

eEnergy's Energy Services division is already an important customer for our
lighting projects business.  As the economy decarbonises it is well
positioned to become an increasingly relevant channel in the non-residential
segment, and we look forward to supporting the growth of eEnergy and exploring
the potential for increased co-operation between our businesses."

 

 Luceco plc                            Contact
 John Hornby, Chief Executive Officer  020 3128 8276 (Via MHP)
 Will Hoy, Chief Financial Officer     020 3128 8276 (Via MHP)

 MHP                                   Contact
 Tim Rowntree                          020 3128 8100
 Ollie Hoare                           020 3128 8100

 

 

Note to Editors

 

Luceco plc - Bringing Power To Life

 

Luceco plc (LSE:LUCE) is a supplier of wiring accessories, EV chargers, LED
lighting, and portable power products.

 

For more information, please visit www.lucecoplc.com
(http://www.lucecoplc.com) .

 

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