eEnergy sells energy management division for £29.3m

Posted at February 10, 2024 » By : » Categories : News » Comments Off on eEnergy sells energy management division for £29.3m

eEnergy has completed the sale of its Energy Management Division to Flogas Britain Limited for £29.3 million, with additional contingent payments of £8-10 million depending on the division’s trading performance by September 2025.

The initial £25 million of the consideration has been received, with the remaining £4.3 million used to clear debts owed by the Group to the Energy Management Division.

The company intends to reinvest the proceeds into its energy services division and settle all external debt facilities totalling £8.1 million.

Following the completion of the sale, eEnergy has announced a restructuring of its board to align with the company’s streamlined focus.

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