eEnergy increases ownership of smart metering platform to 85.5pc

Digital energy services company eEnergy has increased its ownership in its ‘MY ZeERO’ smart metering and analytics platform to 85.5%, it announced on Tuesday, from 51%.

The AIM-traded firm said the investment was made via its subsidiary eEnergy Insights.

Since it announced its interim results on 16 March, eEnergy said meters under contract had increased 33% to 522, resulting in an increase in contracted revenues to £0.78m.

It said its “qualified pipeline” of sales opportunities had grown to £2.6m from £1.8m.

“I am pleased to announce our increased ownership in MY ZeERO, our smart metering analytics business, at a time of developing momentum,” said chief executive officer Harvey Sinclair.

“We first invested in MY ZeERO in April last year as we recognised the opportunity to integrate this proprietary energy analytics hardware and software into our energy efficiency division.”

Sinclair said the company was pleased with the rollout of the new smart meters, giving eEnergy a “differentiated and valuable” proposition in the market.

“The restructuring simplifies the ownership structure and allows for EIL to be further embedded into the group's operations.”

At 1210 BST, shares in eEnergy Group were up 4.91% at 8.55p.

Reporting by Josh White at Sharecast.com.