eEnergy (EAAS ) was informed today that Gary Worby, Non-Executive Director of the Company, has purchased a further 649,337 ordinary shares in EAAS, increasing his stake to 3,741,830 shares representing 1.08% of the company's issued share capital.
eEnergy, a digital energy services company, has been in the news lately amid soaring energy prices in the UK. In April 2021, it invested in the MY ZeERO smart metering system, and has gradually increased its interest in the company, most recently to 85.5%. My ZeERO enables customers to measure, manage, and visualise energy usage at a granular level in real time. For businesses, this can help identify inefficiencies and enable a reduction total energy usage.
Earlier this month, eEnergy reported strong new customer wins in the financial year to date across its two core divisions of Energy Efficiency and Energy Management, signing £8.6m of contract value across a broad range of Education, other Public Sector, and C&I customers. The company also announced £23m of forward contract revenues, £8.3m of which is expected to be converted in FY23. Moreover, it outlined the successful launches and development of its eCharge EV charging network and onsite solar business.
Investors have punished the Company in recent months largely due to increasing lead-times between contract signing and project completion. On the bright side, this indicates increased demand as energy prices continue to soar. Coupled with all of the aforementioned projects eEnergy has in the pipeline, the Company is well-positioned to benefit from the UK's transition to renewable energy.
Yesterday, we reported on two growing British companies, NetScientific and Zenova, innovating in the field of effective low-cost insulation. Such innovations, combined with smart metering, smart grids, efficient solar deployments, EV charging, etc. aim to reduce energy usage and dependence on fossil fuels, and look an increasingly fertile hunting ground for investors amidst the current energy crisis.
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