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An energy services company which has today (9 January) floated on the stock exchange is seeking to acquire an energy broker, its chief executive has said.
Speaking on the first day of floatation on the AIM market, Harvey Sinclair, the chief executive of eEnergy Group, told Utility Week his company was engaged in a number of conversations.
The company describes itself as an Energy Efficiency-as-a-Service specialist. Its trading arm eLight works with organisations such as schools to help the switch to LED lighting for a fixed monthly cost.
The company claims that the energy savings for customers are greater than the monthly service fee, allowing them to “unlock free cash-flow from day one”.
eLight procures, funds, installs and maintains the LED lighting.
Sinclair said eEnergy is looking to buy a business in the energy management space.
He said: “We have been embarking on conversations with a handful of what we think are very strategic, very high-quality energy management consultancies that have got very strong track records, very high renewal rates and are more than just brokers.
“Typically speaking we are looking at £500,000 to £1 million EBITDA performance businesses that have a strategic relevance to our business.
“For example we are talking to a company down in the South West that have got 500 schools as customers.”
The company was floated following the reverse takeover of Alexander Mining by eLight. Following its stock debut it was valued at approximately £9.8 million at the issue price of 7.5 pence per share.
It raised £2 million from the floatation and said it would look at further financing options to fund the development of eLight and for working capital.
Sinclair added: “eEnergy is expanding into energy management services, to provide our customers with a competitive switch to green energy and transparent management of their energy supply.
“We intend to consolidate the energy services sector through strategic acquisitions and further investment in technology.”
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