eEnergy, the net zero energy services provider, announces it has entered into a partnership with Redaptive Inc., a US based Energy-as-a-Service and data solutions provider.
Redaptive will provide funding of up to £100m to support Redaptive-approved eEnergy customer projects across all client sectors in the UK, with eEnergy undertaking operational oversight of such projects and bearing responsibility for all warranty and service-related contractual obligations. The partnership establishes eEnergy as one of Redaptive’s dedicated delivery partners for Redaptive-initiated projects in the UK.
Redaptive is a leading Energy-as-a-Service provider in the US that rapidly funds and installs energy-saving and energy-generating equipment across its clients’ real estate portfolios. Redaptive was founded in 2015, is headquartered in Denver, Colorado, and its clients include T-Mobile, WPT Capital Advisors, Novolex, Cintas, Saint-Gobain, Iron Mountain. To date, Redaptive has completed a number of projects in the UK but is looking to expand coverage.
Working together to deliver decarbonisation projects, eEnergy’s UK market presence in large scale LED and solar installations will enable Redaptive to expand its business footprint in the UK at a faster scale, whilst providing incremental business to eEnergy with the opportunity to project manage and deliver LED and solar projects on behalf of Redaptive’s customer base across Europe.
Whilst eEnergy’s NatWest facility, which will be retained to maximise eEnergy’s flexibility going forwards, is restricted to solely public sector projects, the Redaptive partnership allows eEnergy to harmonise a one-funder approach for customers across the public and private sectors in the UK and will be available to both Redaptive and non-Redaptive funded projects.
In addition, a key benefit for eEnergy of the Redaptive partnership is that the affected projects are fully funded such that eEnergy receives 100% of the net revenue in cash on completion, thereby significantly improving cash flow for eEnergy.
Harvey Sinclair, eEnergy CEO, comments, “Redaptive’s decision to provide up to £100m unlocks a massive growth opportunity for eEnergy, giving us the firepower to deliver more funded decarbonisation projects, faster, and across every sector. As their lead UK delivery partner, we’re not just accessing capital – we’re joining forces with a global player to deliver scale. This enables us to accelerate our mission, remove financial barriers, and bring clean energy solutions to more organisations on their path to Net Zero than ever before.”
Joe Bell, Redaptive Partnerships & International Strategy Leader, comments, “By leveraging our combined expertise, innovative technologies, and industry know-how, our companies have joined forces to achieve a shared vision: empowering organisations to accelerate their sustainability, energy efficiency, and carbon reduction goals with ease and at scale. With eEnergy as a partner, we are now positioned to accelerate our mission and help more organisations overcome the barriers to energy efficiency and carbon reduction across the UK.”
