LONDON: The Board of eEnergy Group plc has announced its largest ever single contract.
The Group’s subsidiary, eLight U.K, secured the £1m contract to install LED Lighting at four schools for a UK multi-academy trust. The revenue will be recognised as the projects are installed, which is expected to be completed by 31 December 2020.
This contract win further underpins the Board’s revenue growth expectations for the current financial year to 30 June 2021, and the Board continues to expect the Group to achieve breakeven profit after tax (before exceptional items) for the six months ended 31 December 2020.
Harvey Sinclair, CEO of eEnergy, commented: “We are delighted to have secured our largest contract win to date. In addition to the strong momentum experienced in the first quarter, this new contract further underpins the Board’s revenue expectations for the full year to 30 June 2021 and reinforces our position as the leading provider to the UK education sector. Given their low level of conversion to LED lighting, schools continue to represent a substantial growth opportunity for eEnergy.”
eEnergy is an established “Energy Efficiency-as-a-Service” (EEaaS) business currently focused on providing “Light-as-a-Service” to commercial customers through eLight and RSL. The Group helps businesses and schools switch to LED lighting, typically 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 to improve the quality of their lighting and reduce carbon emissions. The Group 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/