eLight agrees merger deal with UK’s eLight Works
RTÉ | 16.07.2018
Dublin-based eLight Group has acquired the UK’s Energy Works in a deal that will create a new company, eLight Works, with a combined turnover of €12m.
Both firms are “Lighting As A Service” providers and they refit companies with energy efficient lighting which is paid for by taking a cut of the savings over an extended period of time.
The company said this deal makes it the biggest lighting as a service company in Europe and it now plans to invest €100m in projects over the next three years.
The combined firm has 40 employees in Ireland and the UK and that is also set to double in the next year as part of its expansion plans.
Existing eLight clients include, IRES REIT, UCD, Euro Car Parks and Dalata Hotel Group in Ireland and David Brown, Sealed Air, Mettis Aerospace and Vale in the UK.
It has also completed major projects including the Dubai Festival Mall and ACC Mall, also in Dubai.
The company completed over 600 lighting upgrade projects up to 2017, installing over 275,000 LED lighting products.
Its clients are estimated to save over €10m on their energy bills this year.
“This merger will increase our ability to access capital, meaning that we can deliver this service for our growing client base,” commented Ian McKenna, the managing director of eLight Ireland.
“This new expanded group structure will position the eLight Group for growth in existing and new markets. We are looking forward to growing our team to exploit this opportunity,” he added.