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eEnergy Group plc announced a conditional placing and subscription intended to raise about £6.3m before expenses, alongside a separate retail offer of up to £2m. The company said it would use the proceeds mainly to address overdue creditors and working capital while collecting delayed cash from its Mace-managed schools programme. As of 3 October 2026, shareholder approval and completion were still pending; the announcement did not confirm that the money had arrived or creditors had been paid.
What eEnergy announced on 2 October 2026
eEnergy Group plc (AIM: EAAS), a UK energy services provider, said it had conditionally placed 2,018,754,878 new ordinary shares and arranged a direct subscription for 83,333,333 shares, each priced at 0.3 pence. The placing and subscription were expected to raise approximately £6.3m before expenses. The announcement made the transaction conditional, including on shareholder resolutions; it was not confirmation of a completed fundraising. eEnergy’s 2 October 2026 announcement
Separately, eEnergy intended to launch a retail offer for existing and other eligible retail investors to raise up to a further £2m, subject to its terms and conditions. The company expected admission of the new shares on or around 26 October 2026. Both the retail offer and admission date were proposals or expectations at the time, not completed milestones.
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eEnergy said net proceeds would principally help pay down overdue creditors, provide working capital while Mace programme receipts were collected, and support growth plans. It explicitly said the proceeds would not repay £2.5m of shareholder loans. The company’s chief executive, John Gahan, said the proposed fundraising would help bring overdue creditors back within normal payment terms and strengthen the balance sheet while outstanding programme receipts were collected. eEnergy’s 2 October 2026 announcement
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Why cash was tight: delayed receipts from the Mace schools programme
In a 14 September 2026 update, eEnergy reported that approximately £2.8m remained to be collected for work under a large schools programme managed by Mace. The company broke that balance down as follows: eEnergy’s 14 September 2026 update
| Work category | Outstanding amount reported by eEnergy | Collection estimate at 14 September 2026 |
|---|---|---|
| Solar PV and batteries | £1.9m | Could take up to six months; project documentation still had to be completed and submitted for Mace’s approval. |
| EV chargers | £0.5m | Expected by eEnergy within two months. |
| LED work | £0.4m | Expected by eEnergy within two months. |
These were company estimates, not confirmation of later collections. eEnergy said the solar and battery receipts were delayed in part because project documentation had not been properly prepared and maintained, and because retrospective planning approval was required for batteries at 42 sites. The company said the cash delays had affected its ability to pay trade creditors within normal terms.
A large, concentrated programme
eEnergy described the Department for Education programme as its largest project to date, with an approximate value of £16m. 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 H1-26, according to the company. That scale helps explain why delayed project receipts mattered to near-term working capital.
Fundraising components and potential dilution
The main placing and subscription and the separate retail offer were distinct parts of the announced plan:
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| Component | Announced size and price | Status on 3 October 2026 |
|---|---|---|
| Placing and direct subscription | Approximately £6.3m gross at 0.3p per share | Conditional; shareholder resolutions and completion remained outstanding. |
| Retail offer | Up to a further £2m | Intended, with final participation and proceeds unconfirmed. |
eEnergy said the new shares would represent approximately 88% of enlarged share capital if the retail offer were fully taken up. That is a conditional maximum-uptake scenario, not the confirmed dilution or final shareholding position. The number of shares issued and actual dilution depended on completion and retail-offer participation. eEnergy’s 2 October 2026 announcement
Trading context and company outlook
The fundraising followed an earlier 30 September 2026 announcement describing a proposed minimum £4m raise and the Capital Access Window; trading was paused in that earlier context. On 2 October, eEnergy set out the later, larger placing and subscription terms and the separate retail offer. The earlier proposal should not be confused with the terms announced two days later. eEnergy’s 30 September 2026 announcement
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Alongside the fundraising, eEnergy reported H1-26 revenue of £21.8m, compared with £10.1m in H1-25, and adjusted EBITDA of £1.2m, compared with £0.5m. These are company-reported figures. The company also gave forecasts and operating expectations, which should be read as management estimates rather than completed results:
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- FY26 revenue of approximately £32m and adjusted EBITDA of approximately £1.7m.
- Approximately £2m of annualized savings expected from restructuring begun in June 2026.
- FY27 revenue above £25m and adjusted EBITDA of approximately £2.5m in the base outlook; this excluded a possible DofE retrofit and renewal contract.
- An approximately £65m sales pipeline across target markets, which is not contracted revenue.
eEnergy’s solutions include solar PV, battery storage, LED lighting and EV charging, serving sectors including education, healthcare, commercial and industrial customers, and the wider public sector. The financial metrics and outlook above were stated by eEnergy in its 2 October 2026 announcement. eEnergy’s 2 October 2026 announcement
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What was and was not known on 3 October 2026
At that date, the announced funding remained conditional. The information available here does not establish whether shareholders later approved the resolutions, whether the retail offer completed, whether the shares were admitted, or whether trading resumed. Accordingly, the £6.3m was an intended gross raise before expenses, not cash confirmed as received, and the stated creditor payments were intended uses rather than completed payments.
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