Significant growth in demand from commercial customers for Green Electricity Supply and Solar Energy services.
Pinergy, the energy transition company, has reported revenues of €215m for the year ended 31 December 2023. This represents growth of 38% on the previous year. Pinergy attributes the increase in revenue to an accelerated growth in core business performance, largely driven by a growing base of larger commercial customers and rising demand for its solar solutions. Growing revenue numbers are also reflective of continued and inflated (albeit reduced) wholesale costs of energy that have impacted all energy users across the sector.
Across 2023 and now into 2024, Pinergy is seeing a significant increase in demand from commercial customers for its range of clean energy transition services across green electricity supply, data insights and energy solutions including solar energy.
Its supply business accelerated in 2023, increasing by 72%, with new and larger commercial clients looking for innovative and sustainable energy related products and pricing. Pinergy’s solar business saw income increase by 53% as more businesses and homes invested in their energy future by enabling themselves to generate their own electricity and reduce their reliance on grid-based energy. During 2023, Pinergy was awarded the Green Energy Company of the Year by Chambers Ireland at the InBusiness Recognition Awards.
Despite the challenges the business has faced during the energy crisis, Pinergy’s track record of resilience, agility and diversification within the energy sector, has now delivered on its profitability targets, reporting an EBITDA of €13.3m for 2023. This compares to its negative EBITDA of €3.3m in 2022 during the peak of the energy crisis, reflecting a significantly improved performance. Pinergy is reporting an operating profit of €10.6m for 2023, compared to a loss of €6.1m in 2022.
Pinergy remains committed to shielding residential supply customers from the worst of inflated and volatile wholesale pricing. Pinergy reduced residential pricing twice in 2023 and once in 2024, following a period of increases during 2021 and 2022.
Commenting on its latest reported set of financial results, Enda Gunnell, CEO of Pinergy said: “Today’s announcement marks a milestone and a pivotal moment for Pinergy in building a strong, commercially sustainable business for the future. Our focus remains committed to building an energy brand that delivers a range of renewable energy solutions for businesses and homes who are on their own energy transition journey.”
He added: “The business has become stronger and more diversified, growing both organically and through complementary energy-related business acquisitions in recent years. In 2023, we purchased energy measurement systems business Acutrace, to enhance our analytics and ESG reporting capabilities for our commercial customers.
“We are continuously re-investing in the business, from new technologies to enhance our customer experience through to the creation of over 65 new roles in the last 18 months and the investment in our brand to create more awareness of our products and services.”
The business outlook for Pinergy this year is very positive with some high-profile commercial customers, including JLL, Knight Frank and Christchurch signing up for Power Purchase Agreements (PPAs) as part of Pinergy’s Guarantee of Origin offering for renewable energy supply. Its senior team has also been strengthened during 2024, with the appointment of Daire Keating as Chief Commercial Officer.
Pinergy continues to advocate on behalf of its customers with policymakers in Ireland directly, in order to bring about market reform for the energy sector. The business has consistently voiced its concerns that Irish energy users are paying too much for their electricity, even before the recent ‘energy crisis’ and geo-political issues. Pinergy has stated that without reform of the market and investment in the Grid & renewables, that wholesale costs will not revert to historical levels for the foreseeable future.
Today, Pinergy is supporting business and residential customers through the energy transition, from data-led measurement & supply of green electricity, leading solar energy and storage solutions through to commercial electric vehicle charging infrastructure.
Media Queries: pressoffice@pinergy.ie