1 December 2017
Operating losses reduced to €2.8m as energy provider meets targets
Pinergy, the smart energy provider, has reported sales of €22.3 million for the 12-month period ended 31 December 2016, up 15.5% from €19.3 million in the previous financial year. Accounts recently filed with the Companies Registration Office (CRO) show operating losses reduced to €2.8 million (2015: €3.8 million) for the 12-month period. This loss reflects the costs associated with the company’s stated growth strategy of building a sustainable market share providing electricity and energy efficient technology solutions to both domestic and business customers.
Commenting on the performance for the year, Enda Gunnell, CEO of Pinergy said: “2016 was very much a year of significant continued investment by the business in building market position through the acquisition and retention of new customers and the rollout of our smart energy meters. Building our business in a highly competitive market requires upfront capital and marketing expenditure, which our investors fully support. Last year, the business was successful in securing equity investment of €9.5 million, of which €6.5 million was received before the end of last year.”
He continued: “We are pleased with the progress that the company made last year and we are very much on track to deliver a sustainable long-term business, that meets the energy needs of our customers while delivering a return for our investors. The business is currently in a growth phase and will return profits in the coming years consistent with our business plan.”
Following its launch in 2013, the Pinergy customer base has grown to over 35,000 businesses and homes, representing about 2% of the Irish electricity market. Pinergy’s smart technology solutions also help tackle and reduce energy spend through more effective monitoring, managing and controlling of energy usage. Users of its smart technology can enjoy savings of up to 20% through more efficient usage and waste reduction.
Pinergy recently announced the establishment of a new Energy Services division that comprises a specialist energy advisory team and strategic partnerships with some of Ireland’s most innovative energy technology providers that support a range of solutions including solar energy, wind energy, heat pumps, LED lighting and refrigeration energy systems.
In the past 12 months, the business has expanded to directly employ over 50 people today and has strengthened its leadership team with a number of senior recruitment hires in Customer Experience, Sales, Human Resources, Marketing and Energy Services.