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Outbyte Driver Updater FREEScan for outdated or missing drivers - takes under a minuteDriver Scan →Outbyte PC Repair FREERepair Windows errors before they cause bigger problemsFix Now →eEnergy Group plc announced a conditional placing and subscription intended to raise about £6.3 million before expenses, with a separate retail offer of up to £2 million also proposed. The company said the proceeds would help address overdue creditors and provide working capital while it collected delayed cash from a large schools programme managed by Mace. As of 3 October 2026, the proposed funding had not yet completed and shareholder approval remained pending.
What eEnergy announced on 2 October
The AIM-listed energy services company proposed issuing 2,018,754,878 new ordinary shares in a placing and a further 83,333,333 shares through a direct subscription. Both were priced at 0.3 pence per share, with gross proceeds expected to total approximately £6.3 million before expenses. The terms and conditions, including shareholder resolutions, still had to be satisfied. The company expected the new shares to be admitted to trading on or around 26 October 2026; that was a proposed date, not confirmation of admission. eEnergy’s 2 October announcement
Separately, eEnergy intended to make a retail offer of up to £2 million. That amount was a maximum proposed addition, not money confirmed as raised. The retail offer and the placing/subscription were distinct parts of the financing.
| Component | Announced terms | Status on 3 October 2026 |
|---|---|---|
| Placing and direct subscription | Approximately £6.3m gross at 0.3p per share | Conditional; completion and shareholder approval pending |
| Retail offer | Up to £2m additional proceeds | Proposed; final take-up and completion not established |
Has eEnergy received the money or paid creditors?
The 2 October announcement described a proposed, conditional fundraise. It did not establish that the company had received the proceeds or that overdue creditors had already been paid. The announcement said admission of the shares was expected on or around 26 October, subject to the required conditions. As of 3 October, the outcome of the shareholder vote, completion of the retail offer, admission and resumption of trading had not been established.
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The financing followed an earlier 30 September announcement describing a minimum £4 million proposed raise and the Capital Access Window. The 2 October announcement set out the later, more specific terms: approximately £6.3 million from the placing and subscription, plus the separate retail offer of up to £2 million. The earlier proposal provides chronology, not the final terms of the later announcement. eEnergy’s 30 September announcement
How the company said it would use the proceeds
eEnergy said net proceeds would principally be used to pay down overdue creditors, provide working capital while it collected receipts from the Mace-managed programme, and support growth plans. The company explicitly said the funds would not be used to repay £2.5 million of shareholder loans. These were intended uses; they do not confirm that a particular creditor has since been paid. eEnergy’s 2 October announcement
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Why cash was tight: delayed receipts from the Mace schools programme
The immediate working-capital pressure described by eEnergy was a delay in collecting payment for work on its large schools programme managed by Mace. In a 14 September 2026 update, the company said approximately £2.8 million remained outstanding: £1.9 million for solar PV and batteries, £0.5 million for EV chargers and £0.4 million for LED work. eEnergy’s 14 September update
| Work category | Outstanding amount reported | Collection timing described by eEnergy |
|---|---|---|
| Solar PV and batteries | Approximately £1.9m | Could take up to six months; documentation had to be completed and submitted for Mace approval |
| EV chargers | Approximately £0.5m | Expected within two months |
| LED work | Approximately £0.4m | Expected within two months |
The company said the solar and battery documentation had not been properly prepared and maintained, and identified retrospective planning approval for batteries at 42 sites as part of the issue. It said the delayed receipts had affected its ability to pay trade creditors within normal terms. Those timings and explanations were company statements, not independent confirmation of when the cash would arrive. eEnergy’s 14 September update
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A large and concentrated project
eEnergy described the Department for Education (DofE) programme as its largest project to date, valued at approximately £16 million. It said installations were substantially complete and sites energized by 30 June 2026: solar at 65 sites, batteries at 42, EV chargers at 36 and LED lighting at 34. The programme represented approximately 70% of group revenue in the first half of 2026, according to the company. That scale helps explain why delays in collecting project payments could create significant pressure on working capital. eEnergy’s 2 October announcement eEnergy’s 14 September update
Potential dilution for existing shareholders
The new placing and subscription shares would dilute existing shareholders if issued. eEnergy said the new shares would represent approximately 88% of the enlarged share capital if the retail offer were fully taken up. This is a conditional scenario based on maximum retail-offer uptake, not a statement of actual final dilution. The eventual percentage would depend on which parts of the fundraising completed and the number of retail-offer shares issued. eEnergy’s 2 October announcement
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What the company said about performance and its outlook
The fundraising announcement also reported company figures and forecasts. In the first half of 2026, eEnergy reported revenue of £21.8 million, compared with £10.1 million in the first half of 2025, and adjusted EBITDA of £1.2 million, compared with £0.5 million. The company expected full-year 2026 revenue of approximately £32 million and adjusted EBITDA of approximately £1.7 million; these were forecasts, not final results.
eEnergy said a restructuring begun in June 2026 was expected to deliver annualized savings of approximately £2 million. For FY27, it forecast revenue above £25 million and adjusted EBITDA of approximately £2.5 million, excluding a possible DofE retrofit and renewal contract from that base forecast. It also cited an approximately £65 million sales pipeline across its target markets; pipeline value is not contracted revenue. These are management-reported figures and expectations, not guarantees of future performance. eEnergy’s 2 October announcement
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