Ireland-based energy efficiency services provider eEnergy Group hopes expansion from its home market will help it turn a profit.
AIM-quoted since January, the firm provides energy-efficiency-as-service (EaaS) and primarily targets the education sector. Installation of LED lighting and advising on buildings’ power management are its core solutions.
Reporting an operating loss for 2019 of £0.6m, the group said since April 2020 it has picked up 18 new contracts with UK and Irish schools, worth £1.3million.
Additional revenues recognised in the same period of £1.3million from installations at 23 colleges, now put it on track for full year sales of £4.7 million.
Added to its pipeline of efficiency installs and contracts, plus a new service in Covid-19 sanitation, eEnergy said it is on track for operating breakeven in the second half of 2020.
Brit Harvey Sinclair heads eEnergy, aided by Martyn Sheridan, formerly Eon’s business sales chief. Last year Sinclair reversed his UK-based company Energy Works into eLight, as eEnergy was known before rebranding. Its continuing energy efficiency contracts in the Republic include University College Dublin, hotels group Dalata and property investors Hibernian Reit.
Sinclair claims schools and colleges offer ‘a huge opportunity’ for EaaS and suggested in April that the firm is successfully converting 40 per cent of developed prospects into contracts.
eEnergy is moving its reporting year end to June. The group’s recent re-structuring means it has no continuing full year sales revenues to declare in today’s announcements.
Full year results here.