(Alliance News) - Kinovo PLC on Wednesday said it received a direct award via The Greener Futures Partnership's decarbonisation framework with an anticipated value of GBP4.8 million over 19 months.
The London-based property services provider offering safety compliance and sustainability solutions said this represents its first direct award since the company's placement on the GFP framework, as announced in late May.
Kinovo said the framework comprises five housing associations and over 300,000 homes, representing 9% of the total UK social housing market. It also noted two of its sub-lots, London & the South and East of England, cover two of the framework's five geographic regions.
Kinovo's direct award is to undertake whole house retrofit energy efficiency for around 200 properties, with work set to begin this month for an initial term of 19 months until March 2025.
In March 2023, Kinovo said the GFP was awarded GBP40.4 million under the UK government's social housing decarbonisation fund, which will be match funded by the GFP at the same value or more.
The GFP currently anticipates investing around GBP95 million across the UK under this framework between 2023 to 2025, according to Kinovo.
Kinovo said that, following this and other recent direct awards and contract wins, it has invested further in its Renewables pillar by appointing a fully qualified retrofit assessor and co-ordinator as its retrofit lead, alongside a technical co-ordinator and retrofit liaison officer.
These additions will provide "further technical expertise and qualifications covering domestic retrofit, domestic energy assessment and green deal advisory services", Kinovo said.
Chief Executive Officer David Bullen said: "I believe Kinovo has all the qualifications, skills and experience to act as a 'one stop shop' to support housing associations and local councils in meeting the [UK] government's net zero carbon emissions target by 2050, alongside their objective for all social homes to achieve an EPC 'C' rating by 2030."
Shares in Kinovo were up 3.5% to 59.00 pence each in London on Wednesday afternoon.
On Thursday last week, Kinovo said it was awarded additional framework wins, as well as a direct award.
The first was given under Eastern Procurement Ltd's asset improvement and sustainability framework. It has a maximum estimated aggregate value of GBP156 million across a total of five contractors over a term of four years in which awards can be granted and agreed.
Kinovo said it was awarded a place on three lots of the Hyde Group's alternative servicing frameworks. The overarching framework has a maximum estimated value of GBP28 million over four years across a total of five contractors, and the framework can also be accessed by other public bodies.
Lastly, Kinovo said it received a direct award with a new client, Broadland District Council, from the UK government's social housing decarbonisation fund.
By Greg Rosenvinge, Alliance News reporter
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Kinovo Plc (KINO)