Shares in Good Energy, the 100% renewable electricity supplier, powered ahead by more than a 28% this week after it received what it called “an unsolicited indicative, non-binding proposal” from a Dubai-based group.
The move, which comes two-and-a-half years after Chippenham-headquartered Good Energy repelled an approach from arch-rival Ecotricity, has come from Esyasoft, a global energy industry player that already has operations in the UK.
Esyasoft’s approach – which Good Energy said its board was evaluating – also coincided with Good Energy announcing its latest acquisition, solar installation company Amelio.
Lincoln-based Amelio, which Good Energy is paying up to £8m to buy, is its fifth acquisition in past two years and the fourth in solar installation services.
Good Energy’s shares rose as investors mulled over Esyasoft’s approach.
In a statement to the London Stock Exchange, Good Energy said its directors were in talks with the firm’s financial and legal advisers and a further announcement would be made “as and when appropriate”.
The statement added: “There can be no certainty that an offer will be made, nor as to the terms of any such offer.”
Under Stock Exchange rules, Esyasoft must announce a firm intention to make an offer for Good Energy by 5pm on 25 November.
EsyaSoft, a subsidiary of the highly acquisitive Abu Dhabi-based International Holding Company (IHC) conglomerate, specialises in power grid automation through smart grid technologies, advanced metering infrastructure, EV-charging infrastructure, energy storage and advanced analytics.
It has offices in more than10 countries.
Good Energy, which was founded in 1999 with a mission to power a cleaner, greener future, has targeted solar installation for growth and has ventured into the heat pump installation market through acquisition.
It also part owns electric vehicle charge point mapping app Zapmap.
This summer the firm, which employs more than 250 people in Chippenham, became the first UK household energy supplier to be certified as a B Corp, recognising its high standards of social and environmental performance, transparency and accountability.
It has a long-running rivalry with Ecotricity which dates back to 2017 when the Stroud-based green energy firm – founded and still led by hippie-turned-green entrepreneur Dale Vince – made it first approach.
Since then Ecotricity has since failed five times to buy Good Energy. By Monday lunchtime Good Energy’s shares were trading 23.7% higher on the day at 366.5p
