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eEnergy Group proposes £6.3m raise to address overdue creditors

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eEnergy Group plc announced a conditional placing and subscription intended to raise approximately £6.3 million before expenses, with a separate proposed retail offer of up to £2 million. The company said proceeds would help pay overdue creditors and provide working capital while it collects delayed cash from a schools programme managed by Mace. As of the 2 October 2026 announcement, shareholder approval and completion were still pending, so the announcement did not confirm that eEnergy had received the money or paid creditors.

What eEnergy announced

On 2 October 2026, eEnergy Group plc (AIM: EAAS), a UK energy services provider, announced a placing of 2,018,754,878 new ordinary shares and a direct subscription of 83,333,333 shares, each priced at 0.3 pence. The company said those transactions were intended to raise approximately £6.3 million before expenses. The terms were conditional, including on shareholder resolutions; the company expected admission of the new shares on or around 26 October 2026. Those were proposed terms and dates, not confirmation of completion. eEnergy’s 2 October announcement

Separately, eEnergy intended to launch a retail offer for up to a further £2 million. That was an additional potential fundraise, not part of a confirmed cash receipt. The company estimated that new shares would represent approximately 88% of enlarged share capital if the retail offer were fully taken up. This is a maximum-uptake scenario in the announcement, not the final dilution figure.

Where the proposed proceeds would go

eEnergy said net proceeds would principally be used to pay down overdue creditors, provide working capital while receipts from the Mace programme were collected, and support growth plans. The company explicitly said the fundraising would not repay its £2.5 million of shareholder loans. eEnergy’s 2 October announcement

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CEO John Gahan said: “The proposed Fundraising will enable us to bring overdue creditors back within normal payment terms and strengthen the balance sheet while the outstanding receipts under this programme are collected.” This describes the intended effect; it does not establish that creditors had been paid.

Why cash from the Mace schools programme was delayed

The immediate working-capital pressure described by eEnergy came from outstanding receipts for its large Department for Education (DofE) schools programme, managed by Mace. As of 14 September 2026, the company said approximately £2.8 million remained to collect:

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  • £1.9 million for solar photovoltaic (PV) systems and batteries
  • £0.5 million for electric-vehicle chargers
  • £0.4 million for LED work

eEnergy expected to collect the EV-charger and LED amounts within two months of its 14 September update. It said collection of the solar and battery amounts could take up to six months because it still needed to complete and submit project documentation for Mace’s approval. The company specifically cited retrospective planning approval for batteries at 42 sites. It said the delayed receipts had affected its ability to pay trade creditors within normal terms. eEnergy’s 14 September update

The programme was eEnergy’s largest project to date, according to the company. By 30 June 2026, installations were substantially complete and sites had been energized: solar at 65 sites, batteries at 42, EV chargers at 36 and LED lighting at 34. The programme accounted for approximately 70% of group revenue in H1-26, making the timing of its receipts significant to the company’s cash flow. eEnergy’s 14 September update

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The scale of the project and company outlook

In the 2 October announcement, CEO John Gahan put the DofE programme’s value at approximately £16 million. The same announcement reported H1-26 revenue of £21.8 million, compared with £10.1 million in H1-25, and adjusted EBITDA of £1.2 million, compared with £0.5 million. These are company-reported figures. eEnergy’s 2 October announcement

eEnergy also set out forward-looking figures, which should not be read as completed results or guaranteed revenue:

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  • For FY26, it expected revenue of approximately £32 million and adjusted EBITDA of approximately £1.7 million.
  • It expected annualized savings of approximately £2 million from restructuring that began in June 2026.
  • Its FY27 base outlook was revenue above £25 million and adjusted EBITDA of approximately £2.5 million; the company excluded a possible DofE retrofit and renewal contract from that base forecast.
  • It cited an approximately £65 million sales pipeline across target markets. Pipeline value is not contracted revenue.

These estimates and outlook figures were management statements in the announcement, not audited outcomes. eEnergy’s 2 October announcement

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What is known about completion and dilution

At the time of the announcement on 2 October 2026, shareholder approval and completion of the placing and subscription were pending. The retail offer was proposed separately, and the share-admission date was an expectation. The available announcement therefore establishes the proposed financing terms, not whether the vote passed, the retail offer completed, the shares were admitted, or trading resumed.

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The earlier 30 September 2026 announcement had outlined a minimum £4 million proposed raise and referred to a Capital Access Window. The later 2 October announcement set out the terms reported here: the conditional approximately £6.3 million placing and subscription, plus a separate retail offer of up to £2 million. eEnergy’s 30 September announcement eEnergy’s 2 October announcement

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