27 September 2022
eEnergy Group plc
("eEnergy" or "the Group")
Launch of eSolar
eEnergy (AIM: EAAS), the net zero energy services provider, is pleased to announce the launch of eSolar, eEnergy's in-house Solar Photovoltaic System ("PV") offering, helping organisations to rapidly deploy on-site energy generation, on a capital-free basis.
eEnergy initially developed its solar capabilities as a result of the increasing demand from both existing and new customers for onsite solar generation driven largely as a result of the surge in grid energy costs, which have increased by over 300% in the last year; where the implied cost of onsite solar energy now trades at more than 50% discount.
eEnergy has been successfully incubating its solar offering over the previous six months, with strong appetite for the offering from new and existing customers resulting in 8.9 MW (equivalent to c. 30,000 standard 300w panels) of commercial projects being secured at Heads of Terms and with an additional 425 KW successfully completed or currently being installed. Given the advanced stage of discussions we expect c. two-thirds of projects at Heads of Terms to complete and convert to revenue during FY23.
The eSolar proposition is an end to end solution, covering design, specification, installation and ongoing O&M, within a capital free solution for the client. eSolar complements eEnergy's existing proposition, providing another way for customers to access the lowest cost clean energy, whilst also cutting both operating costs and carbon, and is further proof of the adoption of eEnergy's end to end solution strategy. In addition, eSolar supports increasing levels of energy independence, while simultaneously accelerating business' sustainability goals. Removing the capital expenditure barrier enables a fast and efficient turnaround to accelerate the sales cycle from pitch to installation. Installations from Heads of Terms agreement is approximately 4-6months.
The onsite solar solutions are either funded via eEnergy's capital free Solar as a Service, within the existing SUSI funding facility, or as a capital free power purchase agreement ("PPA") through a panel of funding partners. In either case the funding profile is targeted to deliver cash neutrality for eEnergy during the installation phase of the project, with the financial partner taking on the credit risk of the project and eEnergy receiving its cash profits at completion. The Board considers that solar funding is a well established asset class with a number of competitive providers active in the UK market.
Harvey Sinclair, CEO of eEnergy Group plc, commented : "The launch of eSolar is another exciting step on our journey to providing organisations and businesses across the UK and Ireland with an end to end net zero solution. In addition to eCharge, eSolar provides our customers with the very real ability to generate their own energy, giving them increased energy independence in the knowledge that they're using green and sustainable sources as well as achieving significant cost savings.
"The demand for eSolar that we have witnessed prior to its launch is a testament to eEnergy's track record within the industry and continues our mission to make net zero possible and profitable for customers. I am proud of the team and the effort that has gone on behind the scenes."
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eEnergy Group plc
Tel: +44 20 7078 9564
Harvey Sinclair, Chief Executive Officer
Crispin Goldsmith, 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)
Canaccord Genuity Limited (Joint Broker)
Tel: +44 20 7523 8000
Max Hartley, Tom Diehl (Corporate Broking)
Kit Stephenson (Sales)
Tel: +44 207 920 3150
Jos Simson, Heather Armstrong, Katie Hopkins
About eEnergy Group plc
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. 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 and has been awarded The Green Economy Mark by London Stock Exchange.