Renewable energy provider Good Energy Group has signed a conditional binding agreement to acquire Empower Energy, a commercial solar installation company, for an initial consideration of £7 million ($7.56 million).
The acquisition, structured on a debt-free, cash-free basis, includes £6.25 million in cash and the allotment of 254,237 new ordinary shares in Good Energy at 295 pence per share, subject to a 12-month lock-up followed by a 12-month orderly marketing period.
An additional deferred consideration of £1 million will be payable in January 2026, contingent upon conditions related to Empower’s founder and managing director, Ryan McShea, who will join Good Energy post-acquisition. Empower reported unaudited revenue of £10.1 million and a pre-tax profit of £1.8 million for the year ending August 31, 2024.
Good Energy’s CEO, Nigel Pocklington, highlighted that the acquisition bolsters the company’s commercial solar installation capabilities, particularly across Hampshire and the South of England. With Empower marking Good Energy’s fourth solar acquisition in 18 months, the company aims to consolidate its solar services under a unified brand, leveraging increased scale and vertical integration to meet growing demand for energy-saving solar solutions.
Admission of the new shares to the Alternative Investment Market (AIM) is expected on October 29, 2024, bringing Good Energy’s total shares in issue to 18,506,399.