Prime Minister Boris Johnson has vowed to make Britain greener. This means that individuals and companies must reduce their energy consumption and stop using oil and gas.
The public sector, including schools, hospitals and prisons, also has a role to play, but the process can be costly and cash is scarcer than ever.
For example, a large secondary school would have to pay around £ 200,000 to switch from fluorescent lighting to low-energy LEDs (light emitting diodes). The initial cost is high, but the long-term savings are huge as modern systems are much more efficient and therefore more environmentally friendly than alternatives.
Bright future: Lights in the Victorian cricket pavilion at Marlborough College Replaced by a range of energy-saving LEDs from eEnergy
London-based EEnergy is helping schools switch and save money by offering lighting as a service. The company takes old equipment out of service, installs modern lighting and performs maintenance work for a period of typically five to seven years. In return, the school pays a monthly fee that is more than 30% less than your original electricity bill.
Diet has several benefits. School principals can invest the savings in better classrooms. LEDs are easier for teachers and students and, unlike fluorescent lamps, do not contain mercury, which makes them easier to recycle.
The change will help schools contribute to the government's Green Revolution, a movement that many climate-conscious students and their parents are keen to join.
The managing director Harvey Sinclair co-founded eEnergy in 2014. Since then, lighting has been used as a service by more than 450 schools across the country, including the main boarding school at Marlborough College and the Royal Academy in Belfast, the oldest school in the capital of Northern Ireland.
However, there are more than 32,000 schools in the UK, four-fifths of which still rely on old lighting. Therefore, eEnergy has significant growth potential and demand is increasing. The company has grown rapidly in other areas as well.
Nursing homes have signed up for their service and a pilot is underway at a large hospital with other NHS trusts.
Sinclair has also had several successes in the industry, particularly in the food sector. Customers include potato growers who pack their products in cave-like warehouses, bakers who make bread early in the morning, and food manufacturers who make ready meals day and night.
Many of these companies want to switch to LED lighting, not only because it is more efficient and environmentally friendly, but also because it improves employee performance.
Workers can see what they are doing more clearly and are less likely to call in sick because the lighting is easier to use during long shifts.
In total, the group has completed more than 1,000 projects and the rate of growth is accelerating rapidly. Earlier this month, Sinclair announced that sales for the six months ended December 2020 were up 235% year over year, and brokers expect sales to increase. From £ 4.5m in June 2020 to £ 13.8m in June 2021.
The company is also likely to make a profit for the first time, making around £ 100,000, compared to a loss of £ 2 million last year. Further strong growth is expected in 2022 and beyond.
Currently, eEnergy is listed at £ 35 million on the stock exchange, but Sinclair is looking to triple the size of the company and has an encouraging track record. The 49-year-old has founded several successful companies including online recruiter The Hot Group, which he founded in 2000 and sold for £ 50 million six years later.
There are currently no plans to sell eEnergy, but there are many plans to develop it. The group doesn't just offer lighting. It also helps companies find the cheapest green energy on the market. This year, Sinclair plans to move from the lighting offering to the heating offering, shifting customers from traditional boilers to more advanced heat pumps.
It costs thousands of pounds to install, but is environmentally friendly and can cut energy costs by more than 50 percent.
Midas ruling: Businesses, schools, hospitals and government departments are increasingly looking to reduce their carbon emissions. eEnergy is an easy way to get work done while saving money. At 14 pence the stock is a buy.
Negotiated under: AIM Ticker: EAAS Contact: eenergyplc.com or 020 7078 9564
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