Vphase up on Tesco energy deal

SHARES in energy saving pioneer VPhase rose 6% after it announced a new deal to supply retail giant Tesco.

Rick Smith, chief executive of the AIM-listed Cheshire company said the move was “really exciting”.

Under the agreement Tesco’s Home Efficiency service will offer VPhase’s voltage optimisation product to consumers and businesses. The device has been proven to save around 12% per year from household bills.

Vphase’s contract is with Enact Energy Renewables, which supplies  energy efficiency measures provider to Tesco.

The product is already being showcased on the Tesco Home Efficiency website: www.tesco.com/homeefficiency

Rick Smith, added  “VPhase is a unique product, offering the householder up to 12% p.a. savings off their electricity bills, with no change in lifestyle. 

“We are delighted to have secured an agreement with Enact, which gives us access to a significant number of households through the well known Tesco Home Efficiency Service.

“As rises in energy bills continue to impact families across the UK, many are looking to new ways to be more efficient. 

“It is encouraging that through Enact, Tesco provides ways for consumers to access energy saving technologies in a way that is easy to understand and VPhase is delighted to be a part of it.”

Smith said the product would be supplied and installed for around £300 including VAT.

“We believe we can cope with significant demand from Tesco”, he added  Shares in the Capenhurst firm rose 6.5% or 0.09p to 1.36p on the news.