Good Energy has reached an agreement with energy technology firm Esyasoft to sell its entire share capital.
The renewable energy supplier has issued a regulatory announcement stating that it has made an agreement with Esyasoft, a Dubai-based smart grid technology firm, to sell its entire issued and to be issued share capital at a price of 490p per share, valuing the entire share capital at £99.4 million.
The announcement follows surprise news in October 2024, where Good Energy revealed it had received and was considering an unsolicited takeover offer from Esyasoft at a then-undisclosed price. This latest regulatory announcement notes that Esaysoft’s first offer, which has now been revealed to have been 412p per share, was deemed to be “not a fair reflection of the future growth opportunities” of Good Energy by its board. Following several months of negotiations, a deal has now been reached.
At present, Esyasoft utilises artificial intelligence (AI) technologies in a network of electric vehicle (EV) charging stations, metering systems, and software packages, but has been moving towards becoming a smart “energy as a service” business which covers a wide array of services for its clients.
Good Energy has also been moving towards becoming an energy as a service business from its original goal of being a leading green energy supplier and has made several recent moves across the energy sector, including with solar installers and EV firms.
Commenting on the acquisition, Bipin Chandra, CEO and founder of Esyasoft Holding, said: “What strikes us about Good Energy is how aligned it is both strategically and culturally with our own business. Good Energy, like Esyasoft, is driven by a vision to deliver a smart, green and sustainable energy future for all. We have a strong track record of supporting businesses involved in critical energy infrastructure and climate technologies, and therefore our portfolio of services is highly complementary to Good Energy’s.”
Nigel Pocklington, CEO of Good Energy, added: “Today we have an opportunity with a partner that shares our sustainable energy vision and has the resources to accelerate our purpose substantially. Whilst the Board remains confident in Good Energy’s astrategic delivery as a publicly listed company, Esyasoft’s financial resources, in addition to its presence in new markets, present a significant increase in our potential.”