Last checked at 11 Oct 2022 07:01
11 October 2022
Eneraqua Technologies plc
("Eneraqua", the "Company" or the "Group")
Investment in B2C offering
Eneraqua Technologies plc, a specialist provider of energy and water efficiency solutions, is pleased to announce that, following the success of net water neutrality pilot programmes with two English local authorities, the Board has confirmed the decision to invest in a direct B2C offering.
The water neutrality pilots were to demonstrate how Control Flow HL2024 installed in existing homes can save water to offset the demand of new homes in the area. This would allow Control Flow HL2024 to be used in unlocking some of the estimated 120,000 new build homes across the UK currently stuck in planning due to water and nitrate concerns.
By eliminating water flow fluctuations, Control Flow HL2024 reduces water wastage and improves the performance of hot water systems. The pilots involved 100 homes and found that the Control Flow HL2024 system reduced the household daily energy and water bills equivalent to an average saving of c.£360 a year. The analysis, which was carried out jointly by Eneraqua and local authority staff, was based on actual gas and water meter data, taking before and after meter readings to determine the change in daily consumption, which is then multiplied by the current energy and water prices.
Customer satisfaction surveys were carried out post installation to monitor householder experience, which showed over 99% user satisfaction with the product and supply of water.
As a result of the success of the pilots, from both a saving and customer satisfaction perspective, the Company will shortly commence the launch of the product direct to consumers, with pre-launch costs of approximately £0.5m in H2 FYJan23 to cover marketing and operational delivery teams.
The Board strongly believes the B2C offering has the potential to create a new and exciting revenue stream for the business in FY24.
Mitesh Dhanak, CEO of Eneraqua Technologies commented:
"We are delighted to announce the success of our water neutrality pilots have encouraged us to launch a direct to consumer product. In the current climate, as consumers face heightened financial pressure due to the rising cost of utility bills, Control Flow HL2024 is able to make a genuine positive impact by significantly reducing domestic energy and water bills.
"Our Research and Development teams remain focused on developing new, innovative solutions, with the sole aim of reducing carbon emissions and water consumption in both buildings and agriculture domestically and internationally."
For more information, please contact:
Eneraqua Technologies plc | Via Alma PR |
Mitesh Dhanak, CEO | www.eneraquatechnologies.com |
Iain Richardson, CFO | |
finnCap Limited - Nominated Adviser and Joint Broker | +44(0)20 7220 0500 |
Ed Frisby / Charlie Beeson - Corporate Finance | |
Andrew Burdis / Sunila de Silva - ECM | |
Singer Capital Markets - Joint Broker | +44(0)20 7496 3000 |
Sandy Fraser / Justin McKeegan / Rachel Hayes | |
| |
Alma PR - Financial PR and IR | +44(0)20 3405 0205 |
Justine James / Sam Modlin / Will Ellis Hancock | eneraqua@almapr.co.uk |
Notes to editors
Eneraqua Technologies (AIM:ETP) is a specialist in energy and water efficiency. The Group designs and delivers improved energy and water systems which utilise its wholly owned intellectual property, Control Flow HL2024. Energy was the first market the Company entered and this is the larger sector, with the Company focused on clients with end of life gas, oil or electric heating and hot water systems. The Group provides turnkey retrofit district or communal heating systems based either on high-efficiency gas or ground/air source heat pump solutions that support Net Zero and decarbonisation goals.
Water is a growing service offering focused on water efficiency upgrades for utilities and commercial clients including hotels and care homes. It has also expanded into agritech systems.
The activities in both areas are underpinned by the Company's wholly-owned intellectual property, the Control Flow HL2024 family of products which reduce water wastage and improve the performance of heating and hot water systems.
The Company's main country of operation is the United Kingdom. The Company's head office is in London with additional offices in Leeds, Washington (Sunderland), India, Spain and the Netherlands. The Company has 144 employees, with the majority employed within the UK. Eneraqua Technologies has received the London Stock Exchange's Green Economy Mark.
To find out more, please visit: www.eneraquatechnologies.com