Esyasoft to Acquire Good Energy Group
The UK-based Good Energy Group has agreed to be acquired by the smart grid tech company Esyasoft Holding Limited, which will pay a little over $6 per share, valuing the company at around $125 million.
The UAE-based Esyasoft Holding Group is recognised as a leader in smart grid technology with a comprehensive array of engineering, manufacturing, IT, and analytics products and solutions, according to a report in The Business Magazine.
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 also believes that there is a shared ethos and vision of a smart, green, sustainable energy future between it and Good Energy.
The Esyasoft Group serves the power, water and gas markets. Its Smart Meter Data Management platform, rated in the Global top 10 by Gartner, serves more than 25 million 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, UAE and India and is expanding its international business.
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 that of Good Energy.
Good Energy was founded 25 years ago by Juliet Davenport to help people be a part of the solutions to climate change and the company has been a significant changemaker in that time.
In 2022, Good Energy divested its own renewable generation assets and set about reinvesting the sale proceeds primarily in building out installation services in rooftop solar and heat pumps.
The company is now a full-service clean energy business offering solar, storage, heat and EV charging installations.
In addition, Good Energy has a stake in decarbonising mobility through its investment in Zapmap. Since its initial investment in one of the UK’s leading EV apps and charging data provider in 2019, Good Energy has continued to support the business which maintains around a 75% share of a rapidly growing EV driver market.
But while Good Energy is confident in its prospects as an independent publicly-traded company, its says that given the general prevailing sentiment of the UK public markets, the Board believes it may not be able to raise the capital required to take advantage of new opportunities.
Good Energy sees the deeper pockets of Esyasoft tand believes that its growth ambitions can potentially be better met under Esyasoft’s direct ownership.
Shared Vision
Good Energy CEO Nigel Pocklington said that his company had the same express purpose to power a cleaner, greener future for 25 years. Today it has an opportunity with a partner that shares their sustainable energy vision and has the resources to accelerate our purpose substantially.
“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,” he said.
“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,” he added.”
CEO and Founder of Esyasoft Holding Bipin Chandra said that Good Energy is aligned both strategically and culturally with their own business. Good Energy, like Esyasoft, is driven by a vision to deliver a smart, green and sustainable energy future for all.
