eEnergy shares rise as it secures spot on NHS Framework to drive energy savings across healthcare sector

eEnergy (EAAS) Follow | EAAS, a digital energy services provider, announced its appointment to the NHS Commercial Solutions Sustainable Estates Framework Agreement. Through this partnership, eEnergy will support the UK public sector in its efforts to reduce carbon emissions and deliver energy savings across NHS Trusts.

The NHS Commercial Solutions Framework is a procurement route designed to streamline the way public entities source vital services, including energy solutions. Being awarded a place on the framework places eEnergy among a select group of suppliers who have been rigorously vetted and approved to deliver energy efficiency services without the usual lengthy procurement processes.

The award adds to EAAS' extensive portfolio of public sector partnerships, including agreements with Proactis (YPO), Lexica/NHS London, Crown Commercial Service (CCS), and EverythingFM.

Harvey Sinclair, CEO of eEnergy, commenting: "Our appointment to the NHS Commercial Solutions Framework Agreement is a significant milestone for eEnergy. We are proud to be partnering with NHS Trusts at a time when energy efficiency has never been more critical.

Our success in the education sector, where we have saved millions in energy costs, is a testament to the positive impact we can make for the NHS. We look forward to helping NHS facilities eliminate energy waste, reduce costs, and move closer to achieving their Net Zero goals, all while providing flexible funding solutions that enable action without financial strain."

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eEnergy expands its portfolio of public sector partnerships with NHS Commercial Solutions, a major framework provider under NHS England's Commercial Efficiencies & Optimisation Programme. The milestone award positions eEnergy ideally to help NHS Trusts lower their energy bills, reduce their environmental impact, and accelerate their path to Net Zero.

The award testifies to EAAS' robust track record of delivering large-scale energy-saving projects, including via the abovementioned public partnerships. The framework will see EAAS provide NHS Trusts with its cost-saving solutions without procurement barriers, advancing both immediate and long-term Net Zero goals across the whole healthcare sector.

The framework agreement comes with streamlined access, bringing a number of critical advantages. These include EAAS gaining trusted supplier status; accelerated project start times; and access to further long-term partnership opportunities. The last is particularly noteworthy as framework agreements like NHSCS often lead to steady, ongoing contracts, bolstering EAAS' long-term revenue visibility.

eEnergy entered H2 2024 with strong momentum, driven by an anticipated record Q3 revenue of £9.2m, reflecting significant growth in its solar division. The company's forward order book, worth £7.6m at the end of September 2024, provides solid revenue visibility for the remainder of FY24, with £6.4m expected to convert by the end of the fiscal year.

Market conditions have shown steady improvement in line with expectations, positioning EAAS well as it entered H2 with a substantial project pipeline, further bolstered by today's announcement. The board has reaffirmed its full-year revenue guidance of £25-26m that should be H2-weighted due to a high volume of projects scheduled for installation towards the end of the year.

EAAS shares jumped 7% on today's announcement.

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