IRELAND’S eEnergy Group has bought the UK firm Renewable Solutions Lighting for £2.2 million in a bid to create the the biggest supplier of turnkey LED lighting installations funded by energy savings to the education sector.
Founded in 2016, RSL provides fully funded, turnkey LED lighting installations to the education sector across the UK.
Based in Suffolk, the company focuses on the state school sector and has completed 32 projects last year with an average contract value of over £50,000.
RSL is especially strong in the academy sector, which serves almost four million pupils across England.
RSL has recently secured deals with two major multi-academy trusts to install lighting at 20 schools in the UK.
The eEnergy Group says the combination of eEnergy and RSL will create the UK’s market leader in providing what it calls ‘energy efficiency as a service’.
There is currently limited overlap between the two businesses, which should provide an opportunity for eEnergy to expand geographically and deepen its exposure to the state education sector.
The eEnergy Group is already a leading supplier of energy efficiency services to the education sector in the UK and Ireland.
The Group has completed LED lighting installations at 170 schools over the last three years, with 33 undertaken in 2020.
The Group has been especially successful in working with the independent school sector.
In 2020, the company installed LED lighting at several leading independent schools, including Marlborough College and Wycliffe College.
In addition to completing committed projects, the Group says that it ‘continues to benefit from an expanding pipeline of new customer opportunities’.
With more than 25,000 schools in the UK, eEnergy management believes the education sector represents a significant opportunity.
The directors estimate that over 80 per cent of UK schools have not yet transitioned to energy-efficient lighting, which represents a market opportunity of over £1 billion.
Harvey Sinclair, CEO of eEnergy, told Lux: ‘The acquisition of RSL will make eEnergy the market leader in providing Energy Efficiency-as-a Service to the UK education sector.
‘Schools represent a substantial growth opportunity where the combination of the pressing need to save money and to fight climate change, means energy efficiency is topping the agenda.
‘Our strategy remains to supplement our organic growth with high-quality strategic acquisitions in the energy management sector, and RSL is the first. We are looking forward to welcoming the RSL team to eEnergy and working with them.’