TIDMEAAS
RNS Number : 0275Q
eEnergy Group PLC
25 October 2021
25 October 2021
eEnergy Group plc
("eEnergy" or "the Group")
Increase in Ownership in Smart Metering Analytics Business
Issue of Equity and Options
Further to the announcement on 22 June 2021, eEnergy (AIM:
EAAS), a leading Energy Efficiency-as-a-Service and Energy
Management-as-a-Service business in the UK and Ireland, is pleased
to announce that eEnergy Insights Ltd ("EIL"), the entity holding
the Group's MY ZeERO smart metering and analytics platform, has
completed development of its next generation of intelligent smart
meters, which are now ready for commercial launch. This new
generation of meters offers enhanced accuracy at a lower price
point than the previous generation of meters. This opens up
additional use-cases, including shared savings contracts, for the
Group's customers.
Smart Meter Order and Exercise of Warrants
The Group has placed an order for a number of meters which are
expected to be rolled out to customers in the coming months. As a
result, the minimum cumulative order required to exercise the
nominal-cost warrants issued to the Group as part of the various
agreements entered into with the other existing shareholders of EIL
(the "Warrants") has been met. As a result of exercising the
Warrants, the Group has increased its shareholding in EIL from
37.5% to 51%. As previously announced, the agreements entered into
in June 2021 provide for the Group potentially to increase its
interest in EIL to 100% over time.
Issue of Shares and Issue of Options
Further, the agreements entered into in June 2021 contained
provisions, inter alia, to align the interests of certain EIL
investors through the conversion of GBP138,000 in EIL loan notes
into ordinary shares in eEnergy ("Ordinary Shares"). In addition,
the Group has issued 2,000,000 options over Ordinary Shares to the
founding members of the EIL management team.
The GBP138,000 of EIL loan notes have been converted into
852,904 Ordinary Shares at a price of 16.18p (being the 30 day VWAP
to 13 October 2021). Application has been made to the London Stock
Exchange for the 852,904 New Ordinary Shares to be admitted to
trading on AIM ("Admission"). It is expected that Admission will
take place at 8.00 a.m. on 26 October 2021.
In addition, the two founding members of the EIL management team
have today been granted a total of 2,000,000 options over Ordinary
Shares with an exercise price of 16.18p (being the 30 day VWAP to
13 October 2021, the date the performance criteria for the meters
was satisfied).
Total Voting Rights
On Admission, the issued share capital of the Company will
comprise 345,142,243 Ordinary Shares each with one voting right
("Ordinary Shares"). The Company does not hold any Ordinary Shares
in treasury. Therefore, from Admission, the above figure may be
used by shareholders in the Company as the denominator for the
calculations by which they will determine if they are required to
notify their interest in, or a change to their interest in, the
share capital of the Company under the FCA's Disclosure Guidance
and Transparency Rules.
Harvey Sinclair, CEO, eEnergy, commented:
"The launch of the next generation of intelligent smart meters
by MY ZeERO is an important step in the Group's strategic
development. By embedding the monitoring and analytics of the MY
ZeERO platform into our energy efficiency solutions, we can offer
measured savings contracts to Energy Efficiency clients using the
certified International Performance Measurement and Verification
Protocol (IPMVP) methodology to evidence the savings delivered by
efficiency measures. At the same time, the proprietary monitoring
and analytics platform enables a more customer-aligned proposition
to our Energy Management clients via a simple subscription
model.
We strongly believe this will differentiate our solutions from
those of competitors in the market and are excited by the early
interest shown by both existing and potential customers."
For further information, please visit www.eenergyplc.com or
contact:
eEnergy Group plc Tel: +44 20 7078
9564
Harvey Sinclair, Chief Executive Officer info@eenergyplc.com
Ric Williams, Chief Financial Officer
Singer Capital Markets (Nominated Adviser Tel: +44 20 7496
and Joint Broker) 3000
Justin McKeegan, Asha Chotai (Corporate
Finance)
Tom Salvesen (Corporate Broking)
Turner Pope Investments (Joint Broker) Tel: +44 20 3657
0050
Andy Thacker, James Pope info@turnerpope.com
Tavistock Tel: +44 207 920
3150
Jos Simson, Simon Hudson, Katie Hopkins eEnergy@tavistock.co.uk
About eEnergy Group plc
eEnergy Group plc is an integrated energy services company,
enabling organisations to transition to 'Net Zero' through
"Energy-as-a-Service". The Group offers:
-- Energy Management-as-a-Service; providing energy measurement,
monitoring and analytics on top of core "Zero Carbon" procurement
services;
-- Energy Efficiency-as-a-Service; zero upfront capital, energy
reduction solutions through measured savings contracts including
its LED businesses; and
-- Enhanced customer value proposition through data gathered and
analysed with its proprietary MY ZeERO platform.
eEnergy was admitted to AIM in January 2020 with a strategy to
use its market leading eLight "Light-as-a-Service" business as the
foundation to expand eEnergy as a broader energy services company
via a 'buy and build' strategy. The Group has completed four
transactions since admission, building a Top 5 energy management
business in the UK and acquiring proprietary smart metering and
analytics capability through the investment in MY ZeERO. The
Board's strategy continues to be to build a broader energy services
company through acquisition with a particular focus on energy
efficiency related capabilities and technologies. The market in the
EU for energy efficiency services was approximately EUR25 billion
in 2017 and is expected to double by 2025.
eEnergy has been awarded The Green Economy Mark by the London
Stock Exchange, which recognises a company's work on
sustainability.
About EIL
EIL is a specialist smart metering measurement equipment and
analytics business that was formed to acquire certain trade assets
of Measure My Energy Limited from its administrators on 19 April
2021. EIL has been developing its next generation proprietary smart
"behind the meter" hardware and software.
Energy measurement and monitoring is a key growth pillar across
both eEnergy's Energy Efficiency-as-a-Service and Energy
Management-as-a-Service platforms, enabling delivery of a more
customer-aligned service proposition via a simple subscription
model in Energy Management and of measured share of savings
contracts in Energy-as-a-Service. In addition, EIL provides an
opportunity to use key data insights captured by the platform to
enable eEnergy to deliver additional energy conservation measures
through the integration of the Internet of Things (IOT) and smart
controls. EIL's units will be rolled out to customers of all Group
subsidiaries over the coming months.
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