london stock exchange welcomes eEnergy group plc to AIM
London Stock Exchange today welcomes eEnergy Group plc (“eEnergy”), which has completed the reverse takeover of Alexander Mining plc. eEnergy is a is an established “Energy Efficiency-as-a-Service” (EEaaS) business currently focused on providing “Light-as-a-Service” to commercial customers through its wholly owned subsidiary eLight.
eLight helps businesses and schools switch to LED lighting for a fixed monthly service fee, avoiding any upfront payments. For customers, the energy savings are greater than the monthly service fee allowing them to unlock free cash-flow from day one as well as improve the quality of their lighting and reduce carbon emissions. eLight procures, funds, installs and maintains the LED lighting, meaning the customer has no risk.
Led by CEO Harvey Sinclair, an experienced technology entrepreneur, eEnergy has raised £2 million from investors to fund plans to grow the business, both organically and through acquisition. The funds will be used to invest in technology, new sales channels and additional resource to substantially grow the Company’s revenue over the next three years.
The Board’s strategy is to develop eEnergy as a broader energy services company and acquire other businesses in the energy management sector. The EEaaS market is currently estimated to be worth £25 billion and eEnergy’s directors expect regulatory, commercial and social pressures to cause this to double in the next five years.
Harvey Sinclair, Chief Executive Officer, eEnergy Group plc, said: “This is an exciting day and means we can begin to realise our ambition to develop eEnergy. eEnergy is a new generation of energy services company which believes that reducing your carbon footprint should be profitable for your organisation. We focus on helping schools and businesses to reduce their energy consumption through “Energy-Efficiency-as-a-Service”, which we do by funding and delivering energy efficiency upgrades in exchange for a monthly fee, funded by energy savings. This requires no capital investment. We take a data-driven and digitised approach to energy projects to ensure our customers have complete transparency.
“eEnergy is expanding into energy management services, to provide our customers with a competitive switch to green energy and transparent management of their energy supply. We intend to consolidate the energy services sector through strategic acquisitions and further investment in technology.”
Cairn Financial Advisers acted as Nomad supported by Turner Pope Investments as Broker. Newgate Communications provided financial public relations support.