Irish-founded energy-saving lighting specialist Elight has raised £2 million from investors and is to start trading in London early next year following a £6.6 million reverse takeover of an AIM-listed company.
The company, which is to rebrand as eEnergy Group, installs and manages energy-efficient LED lighting solutions for the commercial sector. It provides an energy efficiency-as-a-service (EEaaS) model in partnership with the likes of Philips and Actavo that sees it paying upfront costs for installing LED lighting. Clients include Ires Reit, the country’s largest landlord, and hotel group Dalata.
Founded by Ian McKenna in 2012, a former EY Entrepreneur of the Year finalist, the company has over 800 client projects across Ireland and Britain.
The company is now led by Harvey Sinclair, founder of Energy Works, which merged with eLight in 2018 in a move that saw the combined group announce plans to invest €100 million in sustainable projects over a three-year period.
The renamed eEnergy is expected to start trading on the AIM on January 9th following a reverse takeover of Alexander Mining. It also said it has conditionally raised £2 million (before expenses) through a placing of 26,666,667 new ordinary shares at 7.5 pence per share, which will be used to finance the development of the group and for working capital.
The EEaaS market is currently estimated to be worth £25 billion and eEnergy’s directors expect regulatory, commercial and social pressures to cause this to double in the next five years.