Appointment of Operations Director for eLight

RNS Number : 0787Q

eEnergy Group PLC

16 June 2020

 

16 June 2020

eEnergy Group plc

("eEnergy" or "the Group")

eEnergy Group appoints Operations Director for eLight

eEnergy Group plc (AIM: EAAS), a leading "Energy Efficiency-as-a-Service" (EEaaS) business in the UK and Ireland, is pleased to announce the appointment of Lee Mason as Operations Director for the Group's subsidiary, eLight Group Holdings Limited ("eLight"). eLight helps businesses and schools switch to LED lighting for a fixed monthly service fee, avoiding any upfront payments (known as Light-as-a-Service or LaaS). 

Starting on 1 July 2020, Lee will help increase eLight's engineering capability and capacity to meet the growing demand for LaaS, particularly in the education sector. eLight has completed installations of LED lighting at 170 schools over the last three years, with 26 now undertaken in 2020.  The Group is currently assessing over 200 school projects. Based on current conversion rates, eEnergy expects to convert over 40% of these projects into signed contracts. 

Lee brings considerable experience in engineering and project management to the business. A qualified engineer, he previously worked for three years at GE Current, which was established by the General Electric Company, and which sells energy management systems. He helped GE Current complete of one of the biggest LED retrofit programmes in Europe. The business successfully retrofitted 220 Sainsburys superstores and distribution centres across the UK. The combined energy saving was over 85 million kWh per year.

Before working at GE Current, Lee spent 24 years at The Boots Company (latterly Walgreens Boots Alliance), working up from an Apprentice Engineer to hold many senior management positions across different sectors, including Logistics through to Manufacturing. Lee ran several energy reduction programmes across the Boots Estate. Lee holds a Bachelor of Engineering Degree in Mechanical and Electrical Engineering and is an active member of both the Institute of Engineering and Technology and the Project Management Institute.

Lee will join a management team committed to delivering the Group's strategy. The Board has a plan to grow the business, both organically and through acquisition. The Group plans to invest in technology, new sales channels and additional resources to substantially increase the eEnergy's revenue over the next three years. Over time, eEnergy will become a broader energy services company and acquire other businesses in the energy management sector.

Harvey Sinclair, CEO, eEnergy Group plc, said:  "Since the beginning of the year, we have seen considerable interest in the eLight proposition, especially from schools. The COVID-19 crisis has helped accelerate interest in projects that help save schools money and cut carbon emissions. With demand increasing, we must have the capability and resources to deliver even more successful installations. As such, we are delighted that Lee is joining us in this new role. He brings with him considerable experience, including working on one of largest LED retrofit programmes in Europe while at GE Current."

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Contacts:

eEnergy Group plc	Tel: [phone]
Harvey Sinclair, Chief Executive Officer	[e-mail]; www.eenergyplc.com
Turner Pope Investments (Broker)	Tel: [phone]
Andy Thacker / Zoe Alexander	[e-mail]
Newgate Communications	Tel: [phone]
Giles Croot / Robin Tozer	[e-mail]

About eEnergy Group plc

eEnergy is an established "Energy Efficiency-as-a-Service" (EEaaS) business currently focused on providing "Light-as-a-Service" to customers through 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 cashflow from day one as well as to 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.

eEnergy was admitted to AIM in January 2020. The Board's strategy is to develop eEnergy as a broader energy services company and acquire other businesses in the energy management sector. The market in the EU for energy efficiency services was approximately €25 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. 

https://eenergyplc.com/  

 

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