eEnergy Group plc: Acquisition of UtilityTeam & Placing raising £12 million

eEnergy Group plc is pleased to announce that the Company has raised gross proceeds of £12 million through the Placing of 80,000,000 new ordinary shares of 0.3 pence each at a price of 15 pence per share. The Company has also completed the Acquisition of UtilityTeam UtilityTeam TopCo Limited and 5% of the issued share capital of UtilityTeam Trading Limited (not currently owned by UtilityTeam Topco Limited).

The net proceeds of the Placing will be used to fund the Acquisition of UtilityTeam, a UK top 20 energy management business providing comprehensive management, consultancy and procurement services to industrial and commercial clients with a particular focus on large, complex, multi-site portfolios, as well as general working capital.

Harvey Sinclair, CEO of eEnergy, commented:

“The Acquisition of UtilityTeam, when combined with our existing businesses, gives eEnergy the ability to offer customers a broad range of services and expertise in energy management, energy efficiency and intelligent measurement & analysis. It is in line with our strategy to “buy and build” a portfolio of complementary operations that can take full advantage of market demand for zero carbon energy and energy data.

For investors, we will be able to provide exposure to the links in the value chain of energy conservation, management and transition in areas that we expect to grow significantly in the years ahead. This is an important milestone in our development and one which the Board believes will benefit all of our stakeholders – customers, staff and shareholders.”

Singer Capital Markets is acting as Nominated Adviser, Joint Broker and Joint Bookrunner to eEnergy.

About eEnergy Group plc

eEnergy is an established “Energy Efficiency-as-a-Service” (EEaaS) business currently focused on providing eEnergy is an integrated energy services company, enabling organisations to transition to ‘Net Zero’ by providing organisations with energy management and capital free energy efficiency solutions to reduce their carbon footprint and unlock hidden cost savings.

Ticker: EAAS

Market Cap: £55 million*

Website: Click here

*As at 17/09/2021, following admission of consideration and placing shares.