Increase in Ownership in Smart Metering Business

RNS Number : 3165N
eEnergy Group PLC
31 May 2022

eEnergy Group plc

("eEnergy" or "the Group")


Increase in Ownership in Smart Metering Analytics Business


Issue of Equity


eEnergy (AIM: EAAS), the digital energy services company, is pleased to announce it has increased its ownership in the Group's MY ZeERO smart metering and analytics platform from 51% to 85.5%. The investment has been made via its subsidiary, eEnergy Insights Ltd ("EIL"), the entity that holds MY ZeERO.


MY ZeERO trading update


Since the announcement of interim results on 16 March 2022, meters under contract have increased by 33% to 522, resulting in an increase in contracted revenues to £781,000. The qualified pipeline of sales opportunities has grown from £1.8m to £2.6m.


Increase in interest in EIL


On 25 October 2021, the Group announced it had increased its ownership in MY ZeERO from 37.5% to 51% following the successful completion of specific development milestones.


The Group announces today it has completed a restructuring of the EIL shareholder register in order to increase its economic share of the business, remove consent rights granted to minority investors under the Shareholders Agreement and allow EIL to benefit from funding from the Group's SVB debt facility.


Certain minority investors have agreed to transfer their holdings of £196,500 of loan notes issued by EIL and 2,548 ordinary shares of 1p in EIL to the Group, in each case at their par value. Such amount has been used by the investors to subscribe for 1,637,716 Ordinary Shares ("New Shares") of eEnergy plc at a price of 12 pence per New Share.  Following this transfer and the issue of further equity in EIL at nominal value to eEnergy, the Group's interest in EIL will increase from 51.0% to 85.5%.


The New Shares and shares previously issued to the same investors in October 2021, will be subject to a new lock in agreement until July 2023.


Save as set out above, other terms and mechanics of the shareholders agreement remain unchanged. Application has been made to the London Stock Exchange for the New Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will take place at 8.00 a.m. on 6 June 2022.


Total Voting Rights


On Admission, the issued share capital of the Company will comprise 346,779,959 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:


"I am pleased to announce our increased ownership in MY ZeERO, our Smart Metering Analytics Business, at a time of developing momentum. We first invested in MY ZeERO in April last year as we recognised the opportunity to integrate this proprietary energy analytics hardware and software into our Energy Efficiency division.  We are pleased with the rollout of these new smart meters which give eEnergy a differentiated and valuable proposition in the market. The restructuring simplifies the ownership structure and allows for EIL to be further embedded into the Group's operations."





eEnergy Group plc

Tel: +44 20 7078 9564

Harvey Sinclair, Chief Executive Officer

Ric Williams, Chief Financial Officer  ;

Singer  Capital Markets  (Nominated Adviser and Joint Broker)

Tel: +44 20 7496 3000

Justin McKeegan, Mark Taylor, Asha Chotai (Corporate Finance)

Tom Salvesen (Corporate Broking)


Turner Pope Investments  (Joint Broker)

Tel: +44 20 3657 0050

Andy Thacker, James Pope


Tel: +44 207 920 3150

Jos Simson, Heather Armstrong, Katie Hopkins


  About  eEnergy Group plc


eEnergy (AIM: EAAS) is a digital energy services company, empowering organisations to achieve net zero by tackling energy waste and transitioning to clean energy, without the need for upfront investment. It is making net zero possible and profitable for all organisations in four ways: 

· Transition to the lowest cost clean energy through our digital procurement platform and energy management services. 

· Tackle energy waste with granular data and insight on energy use and dynamic energy management. 

· Reduce energy use with the right energy efficiency solutions without upfront cost. 

· Reach net zero with onsite renewable generation and electric vehicle (EV) charging. 


eEnergy is a Top 5 B2B energy company, currently managing 4.2TWh of energy for 1,800 customers across the public and private sectors. 


eEnergy has been awarded The Green Economy Mark by London Stock Exchange. 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact or visit

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
UK 100