18 May 2020
eEnergy Group plc
(“eEnergy” or “the Group”)
Launch of new COVID-19 package for Schools
In addition to providing a switch to LED lighting for no upfront investment, eLight will help schools by supplying a sanitisation service and a payment holiday.
eEnergy Group plc (AIM: EAAS), a leading “Energy Efficiency-as-a-Service” (EEaaS) business, has launched a specialist sanitisation service to support schools in the UK and Ireland as they prepare for the return of pupils.
Through its subsidiary eLight, the Group helps businesses and schools switch to LED lighting for a fixed monthly service fee, avoiding any upfront payments (known as Light-as-a-Service or LaaS). For schools, the benefits of LaaS are compelling. Schools can unlock cash savings while significantly reducing their carbon footprint. For example, one secondary school which recently signed with eLight is expected to release £500,000 of cash over a 10-year period without any capital costs.
As well as installing the LED lighting, eLight is now offering schools the opportunity to sanitise their buildings as well. The whole package is entirely funded through the energy savings created by the change to LED lighting. To further incentivise schools, eLight is also offering a three-month payment holiday if they make the switch to LED lighting before September 2020.
eEnergy is already a leading supplier of energy efficiency services to the education sector in the UK and Ireland. eLight has completed installations of LED lighting at 170 schools over the last three years, with 21 undertaken in 2021. The directors of eEnergy estimate that 70-80% of UK independent schools have not yet transitioned to energy-efficient lighting.
Since the start of the lockdown, many schools have started to look at energy reduction projects while there are no (or reduced numbers of) pupils on site. Demand for eLight’s service is gaining momentum, and the Group is currently assessing over 200 school projects. Based on current conversion rates, eEnergy expects to convert over 40% of these projects into signed contracts.
Harvey Sinclair, CEO, eEnergy Group plc, said: “We want to help schools return to life as normal, as safely and as quickly as possible. As they prepare for the lockdown to be lifted, and think about their resources, we are expecting to see more operators of schools, work and public places begin to look at switching to LED lighting through our self-funding model. The scalable and flexible eEnergy offer means that we are both well placed to meet that demand and deliver additional customer-focused services such as deep cleaning.”
eEnergy Group plc
Tel: +44 20 7078 9564
Harvey Sinclair, Chief Executive Officer
Cairn Financial Advisers (Nominated Adviser)
Tel: +44 20 7213 0880
Sandy Jamieson / James Caithie
Turner Pope Investments (Broker)
Tel: +44 20 3657 0050
Andy Thacker / Zoe Alexander
Tel: +44 7540 106 366
Giles Croot / Robin Tozer
About eEnergy Group plc
eEnergy is an established “Energy Efficiency-as-a-Service” (EEaaS) business currently focused on providing “Light-as-a-Service” to customers through eLight. eLight helps businesses and schools switch to LED lighting for a fixed monthly service fee, avoiding any upfront payments. For customers, the energy savings are greater than the monthly service fee, allowing them to unlock free cashflow from day one as well as to improve the quality of their lighting and reduce carbon emissions. eLight procures, funds, installs and maintains the LED lighting, meaning the customer has no risk.
eEnergy was admitted to AIM in January 2020. The Board’s strategy is to develop eEnergy as a broader energy services company and acquire other businesses in the energy management sector. 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.