LONDON: Good Energy Group PLC (AIM: GOOD), a leading renewable electricity supplier and innovator in clean energy services, has announced the acquisition of Amelio Enterprises Limited, known as Amelio Solar.
Nigel Pocklington, CEO of Good Energy, commented: “Amelio Solar is a perfect fit for Good Energy as we continue to grow our clean energy service offerings, especially in the commercial and public sectors where demand for solar installations remains strong and less susceptible to the cyclical fluctuations seen in the domestic market.
Amelio Solar’s proven ability to deliver large, complex solar projects will enable us to better support businesses and public sector bodies in cutting their carbon emissions, while positioning Good Energy as a leader in commercial solar solutions.”
This Lincolnshire-based solar installation company has a strong foothold in the commercial solar sector and extensive experience in education and public sector projects.
The acquisition aligns with Good Energy’s strategy to enhance its decentralised energy services by broadening its geographical reach in the solar installation market. Amelio Solar operates in Lincolnshire and the north of England, providing rooftop solar solutions for businesses, educational institutions, and public sector entities.
This move complements Good Energy’s existing focus on domestic installations and supports its vision of a cleaner, greener future by simplifying the generation, use, and sharing of clean energy.
Good Energy has acquired 100% of Amelio Solar’s issued share capital on a debt-free, cash-free basis for an initial consideration of £5.5 million, payable in cash upon completion.
An additional deferred consideration of up to £0.5 million may be payable in the first quarter of 2025, contingent on Amelio Solar meeting gross profit targets for the year ending 31 December 2024.
For the financial year ended 31 December 2023, Amelio Solar reported revenue of £7.1 million and a profit before tax of £1.4 million.
Richard Jones, founder of Amelio Solar and a board member of Solar Energy UK, will remain with the company to support the post-acquisition transition and integration.
Amelio Solar will leverage its significant presence in the commercial, education, and public sectors to expand Good Energy’s reach in these areas.
With a focus on Lincolnshire and the north of England, Amelio Solar will extend Good Energy’s installation capabilities nationwide.
The acquisition is expected to contribute materially to Good Energy’s earnings from 2025 onwards as Amelio Solar scales its commercial installation capacity under Good Energy’s ownership.
The acquisition will be funded from Good Energy’s existing resources, maintaining sufficient balance sheet flexibility to pursue further strategic initiatives.
This acquisition marks a significant step for Good Energy in expanding its solar installation market presence and enhancing its service offerings across the UK.