Acquisition of Amelio Enterprises Limited for up to £6.0 million

Good Energy Group PLC (AIM: GOOD), the 100% renewable electricity supplier and leading innovator in clean energy services, is delighted to announce the acquisition of Amelio Enterprises Limited (“Amelio Solar”), a Lincolnshire based solar installation company with a strong presence in the commercial solar sector and extensive experience in education and public sector projects (“Acquisition”).

The Acquisition represents a further step in delivering on Good Energy’s strategy to expand its capability in decentralised energy services by significantly expanding its geographical presence in the solar installation market. Amelio Solar has established operations in Lincolnshire and the north of England.

Amelio Solar has built a reputation for delivering rooftop solar solutions for businesses, education and public sector entities. This builds upon Good Energy’s current offering, that is weighted to domestic installation, and is in line with the Company’s vision of powering a cleaner, greener future by making it simple to generate, use and share clean energy.

Transaction highlights:

• Good Energy has acquired 100% of the issued share capital of Amelio Solar on a debt-free, cash-free, basis for an initial consideration of £5.5 million, payable in cash upon completion.
• Further deferred consideration of up to £0.5 million may become payable in cash in the first quarter of 2025, subject to Amelio Solar achieving gross profit targets for the year ending 31 December 2024.
• For the financial year ended 31 December 2023, Amelio Solar reported revenue of £7.1 million and profit before tax of £1.4 million.
• Richard Jones, Amelio Solar founder and Solar Energy UK board member, will remain employed to support the post-acquisition transition and integration period.
• Amelio Solar will leverage its significant presence in the commercial, education and public sectors to expand Good Energy’s reach in these areas.
• Able to service clients nationwide, but with a particular focus in is core territory of Lincolnshire and the north of England, Amelio Solar will extend the geographic footprint of Good Energy’s installation capability.
• The Acquisition is expected to make a material contribution to Good Energy’s earnings from 2025 onwards, as Amelio Solar continues to scale its commercial installation capacity under Good Energy’s ownership.
• The Acquisition will be funded from Good Energy’s existing resources whilst retaining sufficient balance sheet flexibility to further pursue our strategy.

Nigel Pocklington, CEO of Good Energy, commented:

“Amelio Solar is a perfect fit for Good Energy as we continue to grow our clean energy service offerings, especially in the commercial and public sectors where demand for solar installations remains strong and less susceptible to the cyclical fluctuations seen in the domestic market.

Amelio Solar’s proven ability to deliver large, complex solar projects will enable us to better support businesses and public sector bodies in cutting their carbon emissions, while positioning Good Energy as a leader in commercial solar solutions.”

CEO Nigel Pocklington provides an overview of the period in the video below: