Energetix raises £4.6m for new boiler venture

CHESHIRE-based Energetix is raising £4.6m through a share placing of 18.2 million shares at 25p to fund a new venture.

The Capenhurst-based company said it would create an “unique dual fuel energy company” that will provide its Kingston microCHP boilers free to its customers in return for a commitment to purchase gas and electricity for a fixed period.

Called Kingston Energy the venture will be led by former energy regulator Clare Spottiswoode, who joined Energetix as a non-executive director last year, and who will become executive chairman.

Another industry veteran, Tony Stiff, will become its chief executive.

Energetix said: “The Kingston microCHP boiler will be able to generate a proportion of the household’s electricity needs in the home which should enable Kingston Energy to achieve a higher profit from each customer than for a typical energy supplier.

“The directors believe the Kingston Energy proposition is unique and represents a substantial opportunity to use the Kingston boiler appliance to become a major energy supplier.

 Adrian Hutchings, chief executive of Energetix Group, said:  “Over the past year we have been evaluating the unique concept of building a dual-energy supply business around the Kingston microCHP appliance.

“We have recently been delighted to recruit Clare Spottiswoode and Tony Stiff, seasoned senior executives with substantial experience within the energy supply industry, to oversee the development of the new Kingston energy supply business.

“Clare and Tony have already added significant value to Kingston energy and presented a clear commercialisation strategy that is set to deliver significant shareholder value.

“This is obviously an exciting time for Energetix and a major step forward for the group and one that I am very proud to be part of. We are delighted that current and new institutional investors have provided us with support to fund this phase of the company’s development.”

Energetix also announced that director Alan Aubrey has left the group.

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