Renewable energy supplier Good Energy has received an “unsolicited” takeover offer from an international firm.
In a regulatory announcement made on Monday, Good Energy announced that it received an unsolicited, non-binding offer for the entire issued and to be issued share capital of the company from Esyasoft Holding. Esyasoft is a Dubai-based smart grid technology firm, which utilises artificial intelligence (AI) technologies in a network of electric vehicle (EV) charging stations, metering systems, and software packages.
Good Energy declined to reveal any details of the value of the potential offer, and noted that a further announcement would be made as and when appropriate. Esyasoft now has until 5pm on 25 November to either announce a firm intention to make an offer on Good Energy, or to withdraw its intention.
In a note to shareholders, Good Energy emphasised that “there can be no certainty that an offer will be made, nor as to the terms of any such offer”. Good Energy’s share value has seen a substantial uptick since the announcement was made, spiking by 22% immediately following the reveal of the potential takeover.
Good Energy expands installation capacity
The news comes just two days after our sister site Solar Power Portal reported that Good Energy had acquired solar installer Empower Energy in a multi-million-pound deal, in an effort to expand its solar installation capacity in the commercial market. This marked the fourth solar acquisition Good Energy has made in the past 18 months, and the second this month; on 4 October, the company announced that it had acquired Amelio Solar Energy, another solar installation firm.
Meanwhile, Good Energy is seeking to make the renewable energy market accessible to more people. Earlier this month, the company launched a new service for feed-in tariff (FIT) electricity generators, to help register them for the Renewable Energy Guarantees of Origin (REGO) scheme, as FIT microgenerators have historically been left out of the REGO system due to its complexity. Owners of small-scale FIT assets can now use Good Energy’s FIT REGO Boost service, which has been developed in collaboration with energy regulator Ofgem, to streamline the application process.
In July, Good Energy partnered with Ripple Energy, a renewable energy cooperative developer, in order to allow its customers to buy a stake in one of Ripple’s community energy projects and earn credit back onto their energy bill.
