Telford LED lighting group Luceco has made a major strategic investment after buying shares in a long standing partner.
The business has confirmed it will invest more than £1.75m in net zero energy services provider eEnergy, giving it 9 per cent of the shares in the group.
It comes as eEnergy revealed it could sell its Energy Management Division after the board received a number of approaches expressing interest in acquiring it.
Harvey Sinclair, CEO of eEnergy plc, said: “I am delighted to welcome Luceco as a new shareholder to the Group.
“The strategic investment cements our already longstanding relationship and demonstrates our combined confidence in the growth opportunities for our markets. I look forward to working with them on this new partnership”
John Hornby, CEO of Luceco plc, said: “Energy efficiency has been an important driver of growth for Luceco through our LED lighting category.
“More recently we have invested in EV charging because we anticipate that this, and the clean energy category more generally, will be an important growth area.
“eEnergy’s Energy Services division is already an important customer for our lighting projects business.
“As the economy decarbonises it is well positioned to become an increasingly relevant channel in the non-residential segment, and we look forward to supporting the growth of eEnergy and exploring the potential for increased co-operation between our businesses,” he added.
Luceco revealed yesterday it had seen an 8.3 per cent rise in sales in the third quarter of its financial year.
Thebusiness, which also supplies wiring accessories, electric vehicle chargers and portable power products, said results were encouraging for the three months to the end of September.
Adjusted operating margin was just below 12 per cent in quarter three from a first half margin of 10.7 per cent.
Source: Shropshire Star
