eEnergy (AIM: EAAS), a leading Energy Efficiency-as-a-Service and Energy Management-as-a-Service business in the
UK and Ireland, today announces it has entered into a new revolving credit facility, replacing all existing borrowing
facilities, with Silicon Valley Bank.
Silicon Valley Bank, a financial partner to the world’s leading innovative growth businesses and their investors has
provided a revolving credit facility of £5 million over three years, with potential for additional capital facilities as
eEnergy delivers on its growth plan in the future.
eEnergy has refinanced £3.1m of existing Group borrowings and expects to draw down a further £1 million to cover
part of the deferred consideration payment to the vendors of Utility Team.
The new facility gives the Company enhanced liquidity, more flexible financing, and a strong partner to help support
its growth strategy. Whilst the blended cost of the finance will be significantly lower than the refinanced facilities,
the Board’s earnings expectations are unchanged for the current financial year.
Harvey Sinclair, CEO, eEnergy said: “This transaction with a top-tier growth investor demonstrates the strength of
eEnergy’s proposition. We are delighted to be partnering with Silicon Valley Bank to continue to execute eEnergy’s
growth vision and strategy.”
Thomas Easterby, Director Technology Banking, Silicon Valley Bank said: “SVB are delighted to be able to provide
eEnergy with financing to support their growth ambitions. The team have made fantastic acquisitions and have built
an impressive suite of products to disrupt how companies address energy efficiency. We’re excited to be part of their
About eEnergy Group plc
eEnergy Group plc is an integrated energy services company, enabling organisations to transition to ‘Net Zero’
through “Energy-as-a-Service”. The Group offers:
• Energy Management as-a-Service; providing energy measurement, monitoring and analytics on top of core
“Zero Carbon” procurement services;
• Energy Efficiency as-a-Service; zero upfront capital, energy reduction solutions through measured savings
contracts including its LED businesses; and
• Enhanced customer value proposition through data gathered and analysed with its proprietary MY ZeERO
eEnergy was admitted to AIM in January 2020 with a strategy to use its market leading eLight “Light as-aService” business as the foundation to expand eEnergy as a broader energy services company via a ‘buy and build’
strategy. The Group has completed four transactions since admission, building a Top 5 energy management
business in the UK and acquiring proprietary smart metering and analytics capability through the investment in MY
ZeERO. The Board’s strategy continues to be to build a broader energy services company through acquisition with
a particular focus on energy efficiency related capabilities and technologies. 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