eEnergy, the net zero digital energy services provider, has entered into an agreement to sell the company’s wholly owned energy management division to Leicestershire’s Flogas Britain.
The deal involves an initial consideration of £29.1 million and additional contingent consideration based on the trading performance of the energy management division for the period to 30 September 2025.
Harvey Sinclair, eEnergy CEO, says: “I am pleased to announce this agreement to sell our energy management division to Flogas. Once approved by shareholders, the transaction will unlock significant immediate cash for eEnergy and give the opportunity to deliver significant additional value to shareholders through the earnout period.
“Whilst energy management is the smaller by revenue of our two divisions, the initial transaction proceeds alone will be c. 90% of eEnergy’s current market capitalisation.
“The sale of the energy management division will allow us to focus entirely on our similar sized, high growth energy services division which grew 87% in the past 12 month period despite being undercapitalised.
“The sale will simplify our business, strengthen our balance sheet and will bring the opportunity to invest further in the higher growth segments of solar and EV charging across the UK.
“I would like to thank our colleagues in the energy management division. They will have an excellent new owner in Flogas who is in an ideal position to take the business forward.”
Ivan Trevor, Managing Director, Flogas Britain, says: “Together with Certas and the recent acquisitions of Protech, Centreco and DTGen, this acquisition further expands our capability in energy management services, providing a comprehensive range of products and services to partner with our customers on their journey to Net Zero and supporting our ambition to halve the carbon emissions of the energy we supply by 2030.”
