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On 8 December 2023, eEnergy Group plc announced it entered into a new contract with Utility Data Intelligence Limited (UDI) for the provision of Bureau Services. The new contract has an estimated annual value of £240,000. This is deemed a related party transaction under AIM Rule 13, as Gary Worby, a Non-Executive Director of eEnergy, is Executive Chairman and a 23.5% shareholder in UDI.
| Date | 8 Dec 2023 |
| Time | 07:00:06 |
| Category | Corporate updates |
| ID | 1150W |
8 December 2023
eEnergy Group plc
("eEnergy" or "the Group")
Contract with Utility Data Intelligence Limited
Related Party Transaction
eEnergy (AIM: EAAS), the net zero energy services provider, announces that it has entered into a new contract with Utility Data Intelligence Limited ("UDI") for the provision of Bureau Services (the "Contract"). UDI has been a supplier to Beond Group Limited ("Beond") (acquired by eEnergy in December 2020), since 2014 providing such services.
The new Contract will expand the relationship between UDI and eEnergy and has an estimated annual value of £240,000. Under the terms of this new Contract, UDI will provide the following services to eEnergy:
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Utility bill cost & consumption auditing; |
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Utility cost simulation & budget management; and |
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Utility bill issue resolution. |
Related Party Transaction
Gary Worby, Non-Executive Director of eEnergy, is Executive Chairman of and a 23.5% shareholder in UDI. Entering into the Contract is deemed to constitute a related party transaction under Rule 13 of the AIM Rules for Companies. Accordingly, all Directors, with the exception of Gary Worby, are considered to be independent of the Contract and consider, having consulted with the Company's Nominated Adviser, Strand Hanson Limited, that the terms of Contract are fair and reasonable insofar as the shareholders of eEnergy are concerned.
Contacts:
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eEnergy Group plc |
Tel: +44 20 7078 9564 |
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Harvey Sinclair, Chief Executive Officer Crispin Goldsmith, Chief Financial Officer
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Strand Hanson Limited (Nominated Adviser) |
Tel: +44 20 7409 3494 |
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Richard Johnson, James Harris
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Canaccord Genuity Limited (Joint Broker) |
Tel: +44 20 7523 8000 |
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Max Hartley, Tom Diehl (Corporate Broking)
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Turner Pope Investments (Joint Broker) |
Tel: +44 20 3657 0050 |
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Andy Thacker, James Pope |
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Tavistock |
Tel: +44 207 920 3150 |
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Jos Simson, Simon Hudson, Katie Hopkins
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About eEnergy Group plc
eEnergy (AIM: EAAS) is a net zero energy services provider, empowering organisations to achieve net zero by tackling energy waste and transitioning to clean energy, without the need for upfront investment. It is making net zero possible and profitable for all organisations in four ways:
· Transition to the lowest cost clean energy through the Group's digital procurement platform and energy management services.
· Tackle energy waste with granular data and insight on energy use and dynamic energy management.
· Reduce energy use with the right energy efficiency solutions without upfront cost.
· Reach net zero with onsite renewable generation and electric vehicle (EV) charging.
eEnergy is a Top 5 B2B energy company and has been awarded The Green Economy Mark by London Stock Exchange.