eEnergy has made interim boss John Gahan its permanent CEO following a ‘turbulent’ summer.
eEnergy, founded in 2018 and based in London, is a designer and installer of Solar PV, LED lighting, battery storage and EV chargers serving public sector and commercial portfolios.
With customers including UK schools, it claims to reduce customers’ energy costs by up to 70% and takes no upfront payments.
Following the departure of Harvey Sinclair at the end of May – and a change of chair – then-CFO Gahan was appointed interim CEO of the firm, listed on London’s junior AIM market.
He reviewed the company’s sales pipeline and, concluding that this was materially overestimated, issued a sharp downgrade to its full-year revenue and adjusted EBITDA expectations – from £38 million to £32m, and £4.5m to £1.7m, respectively.
He also launched a major restructuring programme to reduce operating costs from £6.3m to around £2m.
Gahan has now been made CEO, and the company does not intend to fill his previous position of CFO at this time “with the financial management of the group being carried out by existing staff”.
John Samuel, chairman, said: “On behalf of the board, I would like to thank John for taking the reins of the business at short notice in May and providing stability at a turbulent time.”
eEnergy’s share price is down 57% in the year to date.
It recently secured an extension to repayment of an existing £500k loan, as well as a new £500k loan from shareholder Nigel Burton, following delays to payments from its ‘Mace’ sites, 65 of which are now operational.