£6.3m · Other round · Energy · London, UK
London-based energy-services provider eEnergy has conditionally raised £6.3m through a placing and subscription, according to its 2 October regulatory announcement. The transaction comprises a £6.1m placing and a £250,000 direct subscription at 0.3 pence per share. It remains subject to shareholder approval at a 23 October general meeting and admission of the new shares, expected on 26 October.
A separate retail offer could add up to £2m on the same terms; that amount is not included in the £6.3m headline figure. The company says the net proceeds will primarily bring overdue creditors back within normal payment terms, provide working capital while outstanding project receipts are collected and support delivery of its growth plans. They will not repay £2.5m of shareholder loans.
A delivery business meets a cash-collection delay
eEnergy designs, funds and installs solar PV, batteries, LED lighting and EV charging across schools, healthcare facilities and commercial estates. Its model lets customers buy projects directly or use third-party finance so an upgrade can begin generating savings without an upfront capital outlay. The commercial proposition depends on coordinating finance, installation and the documentation required to turn completed work into collected cash.
That dependency is visible in the company’s largest programme, managed by Mace. eEnergy says work was substantially completed and all sites energised by 30 June across 65 schools, including solar at all 65, batteries at 42, EV chargers at 36 and LED lighting at 34. But £2.8m was still outstanding on 14 September. Most of that balance relates to solar and batteries, where project documents and retrospective planning approval for batteries at 42 sites must be completed before payment can be approved.
The financing therefore addresses a timing gap between operational delivery and cash conversion. Fresh equity can stabilise suppliers and keep current installations moving, but it does not remove the underlying execution work needed to document projects and release the delayed receipts. For a business selling multi-site infrastructure, that distinction matters: growth consumes working capital before customers’ savings and the company’s collections arrive.
Concentration makes project discipline part of the growth case
The Mace programme accounted for about 70% of eEnergy’s first-half revenue. The company reported record H1 revenue of £21.8m, up from £10.1m a year earlier, and adjusted EBITDA of £1.2m, up from £0.5m. Its board still expects roughly £32m of FY26 revenue and £1.7m of adjusted EBITDA, while a restructuring begun in June is expected to deliver about £2m of annualised cost savings.
Those figures show both momentum and concentration risk. eEnergy reports a £65m sales pipeline across education, healthcare, commercial and industrial customers and the wider public sector, but converting that pipeline into resilient growth will require tighter project controls as well as demand. The £6.3m raise buys room to normalise creditor payments; the next operational proof point is whether the company can collect the Mace cash and fund a broader mix of projects without recreating the same working-capital pressure.
