16th May 2025 09:55
(Alliance News) - eEnergy Group PLC on Friday said it has entered a partnership with US energy-as-a-service and data solutions provider Redaptive Inc.
The stock surged 21% to 6.00 pence per share on Friday morning in London.
eEnergy, a London-based net zero energy services provider, said Redaptive will provide up to GBP100 million in funding to support eEnergy customer projects it approves.
It said the affected projects are fully funded such that it receives 100% of net revenue upon completion in cash, "thereby significantly improving" its cash flow.
eEnergy said it will undertake operational oversight of the projects, which will be across all client sectors in the UK, and that it will bear 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," the company added.
It said its "leading UK market presence in large scale LED and solar installations" will allow Denver, Colorado-based Redaptive to expand its UK business footprint at a faster scale.
Furthermore, eEnergy said the deal will provide it with "incremental business" with the opportunity to manage and deliver LED and solar projects on behalf of Redaptive's European customer base.
The firm continued: "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."
"This is a game-changing partnership," commented eEnergy's Chief Executive Officer Harvey Sinclair. "Redaptive's decision to provide up to [GBP100 million] 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."
By Emma Curzon, Alliance News reporter
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