Investment in Smart Metering Business

eEnergy Group plc (AIM: EAAS), a leading “Energy Efficiency-as-a-Service” (EEaaS) business in the UK and Ireland, is pleased to announce that it has made an investment in eEnergy Insights Ltd (“EIL” or “eEnergy Insights”), a newly formed specialist smart metering measurement equipment and analytics business.

EIL has acquired certain trade assets out of the administration process of Measure My Energy Limited (“MME”) and certain associated intellectual property assets.

eEnergy Group has made an initial cash investment of £126,000 into EIL in the form of loan notes, as well as a nominal equity investment, resulting in a 33 per cent. equity interest in EIL.

The assets acquired include proprietary hardware and software, which allow customers to analyse and monitor itemised (‘behind-the-meter’) energy usage data via a live cloud portal. Since MME was founded in 2012, it has deployed thousands of monitoring units across a broad range of business customers in the UK and Far East, including EDF Energy, B&Q, Travelodge, National Grid and Costa Coffee. The book value of the assets acquired was £0.7m.

In line with its stated strategy, working with eEnergy Insights will allow eEnergy to offer its customers validation of energy savings delivered on their energy efficiency projects, and facilitate additional efficiencies through a Metering-as-a-Service proposition.

eEnergy intends to support EIL to become a leading specialist smart metering equipment and analytics business, which could include taking an increased ownership interest.

Harvey Sinclair, CEO, eEnergy, commented: “Access to granular energy usage data is central to our strategy to build an integrated energy management and energy efficiency platform for customers. The opportunity for a minimal investment to partner with eEnergy Insights and access the high-quality proprietary ‘behind-the-meter’ technology of MME is a big step forward in delivering this platform. It means we can offer our growing customer base even more ways to deliver energy efficiency projects, saving both money and cutting carbon.”

The film below, shot at last year’s full year results, outlines eEnergy’s services and growth strategy