Proactive Investors - eEnergy PLC (LON:EAAS) shares surged by over 40% after a £1.75 million investment in its shares from Luceco (LON:LUCEL), which supplies the company with LED lighting.
Shares in eEnergy rose to 5.6p on Wednesday morning, up from 4.2p at closing yesterday.
Luceco, a supplier of wiring, electric vehicle chargers and LED lighting, said it had subscribed for more than 35 million new ordinary shares in the group at a price of 5p each, representing an investment of £1.75 million.
The supplier said it now holds approximately 9% of the enlarged issued share capital in eEnergy and has gained the right to nominate a board member.
Luceco said in a statement that the “continuing trend towards clean energy technologies offers an opportunity for Luceco to expand its offering into developing categories”.
eEnergy is a customer of Luceco’s LED lighting division and operates two separate parts of its business, one in energy services and another in energy management.
Among its customers are public sector and healthcare clients such as the NHS.
The company’s energy services business generated approximately £19.5 million in revenue in the year through to the end of June 2023, marking 87% year-on-year growth.
“eEnergy's Energy Services division is already an important customer for our lighting projects business,” said John Hornby (LON:HRN), Chief Executive Officer of Luceco.
“As the economy decarbonises it is well positioned to become an increasingly relevant channel in the non-residential segment.”