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eEnergy Year End June 2020

Posted on: September 18th, 2020 by Aisling McGrath No Comments

In this video, CEO Harvey Sinclair provides highlights from the full year results ended 30 June 2020.

Elight to trade on London’s AIM after £6.6m reverse takeover

Posted on: January 2nd, 2020 by Aisling McGrath No Comments

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.

Malahide firm eLight to list in London, rebrand as eEnergy following €10m reverse takeover

Posted on: January 2nd, 2020 by Aisling McGrath No Comments

The Irish lighting efficiency firm eLight says it will list on London’s AIM market on January 9 and rebrand as eEnergy Group as part of an £8.6m (€10m) expansion into energy management.

The Malahide-based firm, which employs about 30 here and in the UK, made the move as part of a £6.6m (€7.25m) reverse takeover with an AIM-listed investment shell called Alexander Mining.

As part of the agreement announced today, Alexander – which had disposed of its previous mining interests and needed a new investment to remain on the AIM market – has been acquired by eLight and also has raised £2m (€2.35m)  in a new share placement.

With all that extra Alexander cash and its AIM slot, eLight says it will list on January 9 on the London small-cap growth market as eEnergy Group.

Today’s agreement also allowed Alexander’s existing shares to resume trade on AIM. They were 9pc higher at midday.

eLight installs low-energy LED systems for schools and commercial firms. Its Irish clients include University College Dublin, the Blanchardstown shopping centre, the property investment groups Ires Reit and Hibernian Reit, and the Dalata hotel group.

Harvey Sinclair, who has been eLight’s chief executive since it acquired his own UK-based firm Energy Works last year, said the cash injection from Alexander would be used for working capital and growth.

“Workers, students and customers expect their work places, schools and shops to do all they can to reduce their carbon footprint and improve the environment.  Our ‘energy efficiency as a Service’ helps organisations cut their carbon emissions by up to 80pc and save money from day one with no upfront costs,” Mr Sinclair said.

In its most recent results, eLight reported revenues of €4.5m and ebitda losses of €800,000 for the year ending in June.

eLight says it has upgraded lighting for 814 clients to date across Ireland and the UK and estimates this work will reduce their clients’ 2019 electricity bills by €13m.

In  a separate statement, Alexander said to avoid suspension from the AIM market following its disposal of its previous mining-related assets, it needed “to change its business strategy” and “make an acquisition or acquisitions which constitute a reverse takeover”.

Alexander said its investment in, and takeover by, eLight will deliver “significant potential to increase shareholder value”.

It will achieve this “by creating a broader-based energy efficiency services provider that can supply multiple complementary energy-related services to both existing and new customers, and use the currency of its AIM-listed securities to participate in the consolidation and integration of other service providers in what is a highly fragmented market.”

Alexander chairman Alan Clegg said was “pleasing” that the firm had been able to sell its mining assets and negotiate the reverse takeover so that its investors could profit from the growing energy-efficiency market “despite the challenges embedded in the uncertainty of the UK investment landscape up to the foundational Brexit general election result”.

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