The board of Good Energy have backed an acquisition of the green energy company by Esyasoft
Good Energy began life as a green energy generation and supply business but it finished divesting its renewable generation assets in 2022 and began building out installation services in rooftop solar and heat pumps. Now it describes itself as a green ‘energy as a service’ business
Founded in 2014, the Esyasoft Group serves the power, water and gas whose smart utility solutions include smart meters, EV charging infrastructure, battery storage and advanced software and analytics. It has operations in UAE, the UK, Europe and India. Its smart meter data management platform serves more than 25 million consumer meter connections and it expects this to grow to 50 million by 2026.
The group said its vision is to create an end-to-end smart grid business with approximately one billion end-use customers.
The Good Energy board said the acquisition “provides an opportunity for Good Energy to accelerate organic growth, pursue strategic investments and execute its longer-term strategy and purpose as part of a much larger, well-funded group,” with access to more capital and, as a private company, without the cost of operating in public markets.
Commenting on the Acquisition, Nigel Pocklington, CEO of Good Energy, said: “Whilst the Board remains confident in Good Energy’s strategic delivery as a publicly listed company, Esyasoft’s financial resources, in addition to its presence in new markets, present a significant increase in our potential. The offer values the Company at a significant premium, offering shareholders a good return for their support for the Company. The Board is recommending the offer — a good deal which will ramp up the Company’s renewable purpose.”
Esyasoft is offering 490p per share, a premium of 66% on the share price of Good Energy on 25 October 2024 (295p). It said that under its ownership and with sufficient investment, Good Energy could grow its customer base to become a UK market-leading business. It also said that, “on a selective basis, and with appropriate investment, Good Energy’s products and services could be rolled out internationally, particularly to markets where the Esyasoft Group has an established presence. The Esyasoft Group further believes that there are synergies and cross-selling opportunities that can be realised not only between Good Energy and the Esyasoft Group, but also across the broader group of entities comprising the Esyasoft Group’s parent company group. The Esyasoft Group’s vision is to establish Good Energy as a leading global green energy business.”