eEnergy Group plc has announced that it has entered into a new contract with Utility Data Intelligence Limited (UDI) for the provision of Bureau Services. UDI has been a supplier to Beond Group Limited, which was acquired by eEnergy in December 2020, since 2014. The new contract will expand the relationship between UDI and eEnergy and is estimated to have an annual value of £240,000. Under the terms of the contract, UDI will provide utility bill cost and consumption auditing, utility cost simulation and budget management, and utility bill issue resolution services to eEnergy.
It is important to note that Gary Worby, a Non-Executive Director of eEnergy, is also the Executive Chairman and a 23.5% shareholder in UDI. As a result, entering into the contract is considered a related party transaction under Rule 13 of the AIM Rules for Companies. However, all directors, except for Gary Worby, are deemed independent of the contract and have consulted with the company's Nominated Adviser, Strand Hanson Limited, to determine that the terms of the contract are fair and reasonable for eEnergy's shareholders.
eEnergy Group plc is a net zero energy services provider that helps organizations achieve net zero by addressing energy waste and transitioning to clean energy. The company offers services such as digital procurement platform and energy management services to transition to the lowest cost clean energy, granular data and insight on energy use for tackling energy waste, energy efficiency solutions to reduce energy use without upfront cost, and onsite renewable generation and electric vehicle charging to reach net zero.