Abu Dhabi firm Esyasoft Cleared to Acquire Good Energy

Decks have been cleared for the UAE-based Esyasoft to acquire Good Energy Limited after the shareholders of the UK-based energy firm gave their nod in favour of the acquisition of their company in about $129 million deal.

Esyasoft is controlled by the Abu Dhabi International Holding Company and chaired by member of Abu Dhabi ruling family Sheikh Tahnoun bin Zayed al-Nahyan.

At a court meeting and general meeting held on Thursday, the majority of Good Energy investors backed the acquisition, which was first announced back in January, when Esyasoft had offered $6.4 per share, valuing the company at $128.65 million.

Good Energy provides 100% renewable energy to around 245,000 household and business customers in the UK and is also specialised in letting users sell solar power back to the grid. The company has also grown its solar panels and heat pump installation offering.

Reasons for Acquisition

The Esyasoft Group’s mission is to accelerate green energy transition and carbon reduction. It is recognised as a leader in smart grid technology with a comprehensive array of engineering, manufacturing, IT, and analytics products and solutions.

It provides an integrated array of smart utility solutions including smart meters, EV charging infrastructure, battery storage, and advanced software paired with insightful analytics.

The Esyasoft Group serves the power, water and gas markets. Its industry leading Smart Meter Data Management platform, which is rated consistently in the Global top 10 by Gartner, serves more than 25million consumer meter connections and this is projected to grow to approximately 50 million by 2026.

The Esyasoft Group is a pioneer in supplying AI-powered technology and analytics solutions for worldwide energy transition projects. It also works with large utility companies in the UK, Europe, the UAE, India, and is expanding its international business.

In the last ten years it has also grown its capabilities substantially, including vertical integration into smart meter manufacturing, renewable energy services integration, mobility solutions, EV charging, energy storage and climate technologies. As a result of this expansion, it is transforming into a smart “Energy-as-a-Service” (EaaS) business.

The Esyasoft Group’s vision is to create an end-to-end smart grid business with approximately one billion end-use customers.

Since 2019, Good Energy has transitioned from a green energy supplier to a green EaaS business as it has expanded into heat pump and solar panel installation and servicing. As such, the Esyasoft Group believes there is a high degree of convergence between its business model and Good Energy’s and a high degree of complementarity between its markets, products and expertise and those of Good Energy.

Shared Ethos

Just as importantly, the Esyasoft Group also believes that there is a shared ethos and vision of a smart, green and sustainable energy future between it and Good Energy.

The Esyasoft Group believes that under its ownership and with sufficient investment, Good Energy could grow its customer base to become a UK market-leading business.

It also considers 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.