top of page

Good Energy Board Approves £100 Million Takeover Deal with Esyasoft Group

Hammaad Saghir

Image Credit: Good Energy
Image Credit: Good Energy

Good Energy has agreed to a £99.4 million takeover offer from Dubai-based Esyasoft, a company linked to the UAE royal family. The deal, valued at 490p per share, represents a sweetened bid after rejection of earlier offers of 412p per share. This follows multiple deadline extensions as Esyasoft negotiated terms with Good Energy.


Founded in 1999 and based in Chippenham, Wiltshire, Good Energy supplies renewable electricity to 275,000 UK customers. Initially describing Esyasoft's approach as unsolicited and undervaluing its growth potential, Good Energy has deemed the revised offer a favourable opportunity to enhance its renewable energy mission.


Chief executive Nigel Pocklington said: “Today, we have an opportunity with a partner that shares our sustainable energy vision and has the resources to accelerate our purpose substantially.


“Whilst the board remains confident in Good Energy’s strategic delivery as a publicly listed company, Esyasoft’s financial resources, in addition to its presence in new markets, present a significant increase in our potential.”


“The energy industry back then was very different; it was founded around fossil fuels and designed to be a centralised system.


“This new investor for Good Energy offers an opportunity to scale the Good Energy propositions, leading the decentralised and flexible clean power offering for the prosumers of the future to make a real difference to climate change.”


Juliet Davenport, founder and former chief executive of Good Energy, said: “I founded Good Energy 25 years ago to be a pioneer in the provision of clean power to all customers in the UK.


Esyasoft, a specialist in smart grid technology powered by artificial intelligence and data analytics, is backed by the Abu Dhabi International Holding Company (IHC), chaired by Sheikh Tahnoun bin Zayed Al Nahyan, a prominent member of the UAE's ruling dynasty. The acquisition is expected to bolster Good Energy’s contribution to the UK's renewable energy integration and grid modernisation.


The proposed takeover remains subject to shareholder approval but is anticipated to be completed in the first half of 2025. Good Energy's shares surged by 22% upon news of the agreement, building on a 65% increase over the last six months due to Esyasoft's ongoing interest.


Good Energy’s directors recently discussed measures to support UK bill-payers amidst broader energy market challenges with Labour's energy consumers minister, Miatta Fahnbulleh. The acquisition aligns with a growing focus on renewable innovation and smart energy solutions for the future.


Bipin Chandra, chief executive and founder of Esyasoft said: “We have a strong track record of supporting businesses involved in critical energy infrastructure and climate technologies, and therefore, our portfolio of services is highly complementary to Good Energy.


“We believe that, through our strategic partnership, we can support Good Energy in accelerating delivery of its purpose and growth ambitions by realising the extensive opportunities that exist for this business both in the UK and internationally.”

Comments


bottom of page