Busy Monday for Good Energy as it receives unsolicited offer from Dubai company, and buys another company itself
Chippenham-based renewable energy supplier Good Energy Group has received an unsolicited offer to buy the company from Esyasoft Holding Limited.
The Board of Good Energy has confirmed that it is evaluating the possible offer.
Headquartered in Dubai, and with offices around the world (including London), Esyasoft is a pioneer in supplying AI-powered technology and analytics solutions for worldwide energy transition projects. It says it is a pioneer in Smart Grid solutions that enhance Energy Efficiency and grid reliability. Offerings include Advanced Metering Infrastructure (AMI), grid optimization, and energy management systems.
Esyasoft must either announce a firm intention to make an offer for the company or announce that it does not intend to make an offer by not later than 5.00 p.m on November 25.
Good Energy Group has also announced today that it is to acquire Empower Energy Limited, a commercial focused solar installation company based in Ringwood, Hampshire. Good Energy is paying £7 million.
For the financial year ended 31 August 2024, Empower reports unaudited revenue of £10.1 million and profit before tax of £1.8 million.
Able to service clients nationwide, but with a particular focus on its core territory of Hampshire and the South of England, Empower will significantly increase the commercial business footprint of Good Energy's installation capability.
This is the fifth acquisition Good Energy has made in the past two years, and the fourth in solar installation services. The combination of Empower, the recently-acquired Lincolnshire based Amelio, and Good Energy's existing solar installation capability across the south, represent a major step towards completing Good Energy's strategic objectives in the solar installation market.
The acquisition has enabled Good Energy to continue to scale its commercial installation capacity. Empower, alongside Amelio, materially accelerate the Group's progress in developing its services proposition to become the dominant contributor to profits and will make a material contribution to the Group's earnings from 2025 onwards.
Empower's managing director, Ryan McShea, will join Good Energy as part of the Acquisition to support the growth and integration of Empower into the Group.
Nigel Pocklington, CEO of Good Energy, said: "Businesses are increasingly recognising that the commercial rationale for installing solar is strong, even before you consider the associated benefits of carbon reduction. With energy costs remaining high, businesses and organisations with rooftop real estate can achieve excellent returns on investment.
"Good Energy is already providing high quality, consultative commercial solar installation services to customers in the South, and through Empower joining the Group we are stepping this up further. Offering commercial solar installation backed by 15 years of experience nationwide, Empower accelerates Good Energy's solar service offering.
"As the fourth solar acquisition Good Energy has made in 18 months and the second in only weeks, we have rapidly scaled our service coverage and capability. We will now be focussed on integrating these businesses under the Good Energy brand, leveraging our increased operational scale and vertical integration to provide a cohesive experience for commercial customers looking to cut their energy bills and their carbon through installing solar."