Pinergy builds momentum for sustainable business but energy market issues in 2021 are proving to be challenging
Pinergy, the smart clean energy supplier and solutions business, has reported revenues of €45.6 million for the year ended 31 December 2020. This represents growth of 19% on the previous year which the company attributes largely to a growing portfolio of customers across various commercial sectors and its focus on supplying “Energy with insight” using its smart energy technology solutions.
Pinergy produced an EBITDA (earnings before interest, tax, depreciation, and amortisation) of €1.6 million for the 12-month period ended 31 December 2020, building on an EBITDA of €281k reported for the previous financial year.
The company’s results are in line with its overall expectations which set out to build scale and deliver on its stated ambition to achieve stronger profitable performance for the year ending in 2020, given the economic impacts of the COVID-19 pandemic.
Commenting on its latest reported set of financial results, Enda Gunnell, CEO of Pinergy said: “Overall, we are satisfied with business performance in 2020 which saw the company maintain its growth trajectory and deliver an improved EBITDA despite the pandemic. We are confident that our strategy, proposition and services are increasingly relevant to the environmental and sustainability message that is very relevant in today’s world post COP26.”
According to Gunnell, “Pinergy is putting in place the building blocks to achieve a long-term sustainable business model that can provide real choice and competition in the market with a growing portfolio of innovative smart energy solutions that puts measurement of consumption & sustainability at its heart.”
Earlier this year, Pinergy announced its strategic acquisition of Solar Electric Ireland, one of Ireland’s leading designers and installers of solar PV and energy storage systems. The acquisition will enable Pinergy to diversify further and access new commercial opportunities in helping customers to self-generate, store, use or sell onward the energy they will not use.
However, Gunnell pointed out that the outlook for 2021 is proving to be very challenging with the energy market in a state of well reported turmoil, both internationally and domestically over the past few months, with little sign of stability returning in the coming months.
“We are now all seeing the impact of the current energy crisis in our everyday lives, with energy costs now substantially increased across Ireland. Like other suppliers in the market, we have had to reluctantly pass on some of the wholesale energy cost increases to customers. Much of the impacts experienced throughout 2021 has regrettably been outside our control and will significantly impact on our ability to report positive EBITDA in 2021.
Gunnell says “On a more positive note, we have again seen significant growth particularly in the commercial sector as clients demand new and innovative ways to better manage their energy consumption. From 100% smart green energy, EV charging and Solar PV, which has long been underutilised in Ireland, we are seeing growing demand for our range of innovative energy solutions. We believe Pinergy is well positioned to continue its growth trajectory as the challenges of this current energy crisis are ultimately addressed within the markets.”
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