Good Energy agrees near-£100m takeover by UAE-linked firm
A British green electricity supplier, Good Energy, has agreed a near-£100m takeover by a company controlled by a member of Abu Dhabi's ruling family.
The retail energy company said on Monday that it had agreed a deal with the Dubai-headquartered Esyasoft for a cash offer of £4.90 a share, valuing it at £99.4m.
The share price of Good Energy, listed on London's junior Alternative Investment Market, rose by a fifth on Monday morning to £4.75. The offer was two-thirds higher than Good Energy's share price on the day before Esyasoft's interest was first revealed in October.
Good Energy serves about 245,000 customers in the UK, providing 100% renewable electricity as well as specialising in letting users sell solar power back to the grid. It also installs solar panels and heat pumps.
Esyasoft is ultimately controlled by the Abu Dhabi International Holding Company (IHC), the investment company chaired by Sheikh Tahnoun bin Zayed al-Nahyan, the son of the United Arab Emirates' founder, and part of the Abu Dhabi ruling family.
IHC owns companies involved in oil and gas drilling, including servicing the huge growth of the US shale gas industry. However, IHC also counts solar power among its investments, and Esyasoft focuses on power distribution technology.
The takeover would give a windfall to the energy entrepreneurand Labour donor Dale Vince, whose holding company Green Britain Group is the largest shareholder in Good Energy, with a 26% stake.
Good Energy was co-founded in 1999 by Martin Edwards and Juliet Davenport, who left the company in 2021 and offered her backing for the deal. The investment would give the 'opportunity to scale the Good Energy propositions' and 'make a real difference to climate change', she said.
Edwards has a 7.3% stake in the business, while Davenport holds 2.7% of the shares, according to Reuters.
'I founded Good Energy 25 years ago to be a pioneer in the provision of clean power to all customers in the UK,' she said. 'The energy industry back then was very different, founded around fossil fuels and designed to be a centralised system.'
Sign up to Business Today
Get set for the working day – we'll point you to all the business news and analysis you need every morning
after newsletter promotion
Esyasoft said that it will spend six months working out a long-term strategy for the company, but that 'Good Energy Group would continue to operate in materially the same way without significant disruption to its business or operations'. However, it also said it wanted to expand Good's solar installation and maintenance business, sell its services internationally, and try to make the electric car charger app Zapmap profitable.
Nigel Pocklington, who took over as chief executive from Davenport, said the deal would provide a 'partner that shares our sustainable energy vision and has the resources to accelerate our purpose substantially', including by operating in new markets in which Esyasoft already works.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Powys County Times
an hour ago
- Powys County Times
‘Significant challenges' in use of AI within UK screen sector
The use of artificial intelligence (AI) within the UK screen sector raises 'significant legal, ethical, and practical challenges' such as the use of copyrighted material being used without the permission of the rights holders, a report has warned. Other issues highlighted by the British Film Institute (BFI) report include the safeguarding of human creative control, the fear of jobs being lost as positions are replaced through the use of AI, and investment in training in new skills. High energy consumption and carbon emissions, and the risks to creative content around biased data, are also described as being of concern. The report, which has been carried out in partnership with CoSTAR universities Goldsmiths, Loughborough and Edinburgh, analyses how the screen sector is using and experimenting with rapidly evolving generative AI technologies. It warned that the 'primary issue' was the use of copyrighted material – such as hundreds of thousands of film and TV scripts – in the training of generative AI models, without payment or the permission of rights-holders. 'This practice threatens the fundamental economics of the screen sector if it devalues intellectual property creation and squeezes out original creators,' the report said. But it added that the UK's strong foundation in creative technology – as it is home to more than 13,000 creative technology companies – means that the UK screen sector is well positioned to adapt to the technological shift. The report – titled AI in the Screen Sector: Perspectives and Paths Forward – said generative AI promises to democratise and revolutionise the industry, with the BBC, for example, piloting AI initiatives. Meanwhile, projects such as the Charismatic consortium, which is backed by Channel 4 and Aardman Animations, aim to make AI tools accessible to creators regardless of their budget or experience. It said this could empower a new wave of British creators to produce high-quality content with modest resources, though concerns about copyright and ethical use remain significant barriers to full adoption. The report sets out nine key recommendations it suggests should be addressed within the next three years to enable the UK screen sector to thrive in using AI. These include establishing the UK as a world-leading market of IP licensing for AI training, and embedding sustainability standards to reduce AI's carbon footprint. It also calls for structures and interventions to pool knowledge, develop workforce skills and target investments in the UK's creative technology sector, while it urges support for independent creators through accessible tools, funding and ethical AI products. The BFI's director of research and innovation, Rishi Coupland, said: 'AI has long been an established part of the screen sector's creative toolkit, most recently seen in the post-production of the Oscar-winning The Brutalist, and its rapid advancement is attracting multimillion investments in technology innovator applications. 'However, our report comes at a critical time and shows how generative AI presents an inflection point for the sector and, as a sector, we need to act quickly on a number of key strategic fronts. 'Whilst it offers significant opportunities for the screen sector such as speeding up production workflows, democratising content creation and empowering new voices, it could also erode traditional business models, displace skilled workers, and undermine public trust in screen content. 'The report's recommendations provide a roadmap to how we can ensure that the UK's world-leading film, TV, video games and VFX industries continue to thrive by making best use of AI technologies to bring their creativity, innovations and storytelling to screens around the globe.' Professor Jonny Freeman, director of CoSTAR Foresight Lab, said: 'This latest CoSTAR Foresight Lab report, prepared by the BFI, navigates the complex landscape of AI in the screen sector by carefully weighing both its transformative opportunities and the significant challenges it presents. 'The report acknowledges that while AI offers powerful tools to enhance creativity, efficiency, and competitiveness across every stage of the production workflow – from script development and pre-production planning, through on-set production, to post-production and distribution – it also raises urgent questions around skills, workforce adaptation, ethics, and sector sustainability.' CoSTAR is a £75.6 million national network of laboratories that are developing new technology to maintain the UK's world-leading position in gaming, TV, film, performance, and digital entertainment. Last month stars including Sir Elton John, Sir Paul McCartney and Sir Ian McKellen, wrote a joint letter to Sir Keir Starmer, urging the Prime Minister to introduce safeguards against work being plundered for free.
North Wales Chronicle
an hour ago
- North Wales Chronicle
‘Significant challenges' in use of AI within UK screen sector
Other issues highlighted by the British Film Institute (BFI) report include the safeguarding of human creative control, the fear of jobs being lost as positions are replaced through the use of AI, and investment in training in new skills. High energy consumption and carbon emissions, and the risks to creative content around biased data, are also described as being of concern. The report, which has been carried out in partnership with CoSTAR universities Goldsmiths, Loughborough and Edinburgh, analyses how the screen sector is using and experimenting with rapidly evolving generative AI technologies. It warned that the 'primary issue' was the use of copyrighted material – such as hundreds of thousands of film and TV scripts – in the training of generative AI models, without payment or the permission of rights-holders. 'This practice threatens the fundamental economics of the screen sector if it devalues intellectual property creation and squeezes out original creators,' the report said. But it added that the UK's strong foundation in creative technology – as it is home to more than 13,000 creative technology companies – means that the UK screen sector is well positioned to adapt to the technological shift. The report – titled AI in the Screen Sector: Perspectives and Paths Forward – said generative AI promises to democratise and revolutionise the industry, with the BBC, for example, piloting AI initiatives. Meanwhile, projects such as the Charismatic consortium, which is backed by Channel 4 and Aardman Animations, aim to make AI tools accessible to creators regardless of their budget or experience. It said this could empower a new wave of British creators to produce high-quality content with modest resources, though concerns about copyright and ethical use remain significant barriers to full adoption. The report sets out nine key recommendations it suggests should be addressed within the next three years to enable the UK screen sector to thrive in using AI. These include establishing the UK as a world-leading market of IP licensing for AI training, and embedding sustainability standards to reduce AI's carbon footprint. It also calls for structures and interventions to pool knowledge, develop workforce skills and target investments in the UK's creative technology sector, while it urges support for independent creators through accessible tools, funding and ethical AI products. The BFI's director of research and innovation, Rishi Coupland, said: 'AI has long been an established part of the screen sector's creative toolkit, most recently seen in the post-production of the Oscar-winning The Brutalist, and its rapid advancement is attracting multimillion investments in technology innovator applications. 'However, our report comes at a critical time and shows how generative AI presents an inflection point for the sector and, as a sector, we need to act quickly on a number of key strategic fronts. 'Whilst it offers significant opportunities for the screen sector such as speeding up production workflows, democratising content creation and empowering new voices, it could also erode traditional business models, displace skilled workers, and undermine public trust in screen content. 'The report's recommendations provide a roadmap to how we can ensure that the UK's world-leading film, TV, video games and VFX industries continue to thrive by making best use of AI technologies to bring their creativity, innovations and storytelling to screens around the globe.' Professor Jonny Freeman, director of CoSTAR Foresight Lab, said: 'This latest CoSTAR Foresight Lab report, prepared by the BFI, navigates the complex landscape of AI in the screen sector by carefully weighing both its transformative opportunities and the significant challenges it presents. 'The report acknowledges that while AI offers powerful tools to enhance creativity, efficiency, and competitiveness across every stage of the production workflow – from script development and pre-production planning, through on-set production, to post-production and distribution – it also raises urgent questions around skills, workforce adaptation, ethics, and sector sustainability.' CoSTAR is a £75.6 million national network of laboratories that are developing new technology to maintain the UK's world-leading position in gaming, TV, film, performance, and digital entertainment. Last month stars including Sir Elton John, Sir Paul McCartney and Sir Ian McKellen, wrote a joint letter to Sir Keir Starmer, urging the Prime Minister to introduce safeguards against work being plundered for free.
Rhyl Journal
an hour ago
- Rhyl Journal
SNP calls on Labour to match Scottish Government action on poverty
Ahead of the UK spending review, the SNP asked the House of Commons Library to produce an independent analysis on the number of British children in poverty and the impact that replicating Scottish Government policies across the UK would have. The research showed 1.83 million families would be lifted out of poverty if policies were matched, including abolishing the two-child benefit cap, scrapping the bedroom tax and raising the child element of Universal Credit to match the Scottish child payment, according to the SNP. Statistics showed a third of British children were anticipated to be living in poverty by 2029-30 unless action was taken. Sir Keir Starmer was urged to act on the figures ahead of the UK spending review on Wednesday amid warnings the number of British children living in poverty is expected to rise to a record 4.6 million by 2029-30. Over the past decade, the number of children living in poverty has risen from 3.7 million (27%) in 2013/14 to 4.5 million (31%) in 2023/24, the SNP said. The SNP said Scotland is the only part of the UK where child poverty is falling, due to 'bold' policies such as the Scottish child payment of £27.15 per child, per week, paid in addition to other benefits. Replicating it UK-wide, by raising the child element of Universal Credit by the same amount, would lift 732,000 families out of poverty, including a further 38,000 families in Scotland, analysis showed. The SNP said it has also mitigated the bedroom tax and is in the process of ending the two-child benefit cap in Scotland. It said replicating the policies would lift a further 609,000 British families out of poverty, with the combined impact of introducing all three policies lifting 1.83 million families out of poverty, including a further 75,000 in Scotland. The UK Government delayed its child poverty taskforce review to the autumn and last year Labour MPs voted against abolishing the two-child benefit cap, in a motion tabled by the SNP. The Chancellor has previously rejected proposals to abolish the bedroom tax. The SNP said the UK Government's own impact analysis showed planned cuts to disability benefits will push 250,000 more people into poverty, including 50,000 children, with families losing out on £4,500 a year on average as a result of the cuts, branding it 'shameful'. SNP work and pensions spokeswoman Kirsty Blackman MP said: 'The evidence shows Keir Starmer's Labour Government is keeping almost two million families in poverty by failing to match SNP action across the UK. 'It's shameful that UK child poverty is rising to record levels under the Labour Government, which has pushed thousands more children into deprivation by imposing punitive welfare cuts. 'It's vital that the Prime Minister finally listens to families struggling with the soaring cost of living – and takes the long-overdue action needed to end child poverty at the UK spending review this week. 'That means abandoning the devastating austerity cuts to disabled families, matching the Scottish child payment UK-wide, abolishing the bedroom tax and scrapping the two-child limit and benefit cap. 'With 4.5 million children living in poverty in the UK, only bold and immediate action will do. 'The two-child benefit cap and bedroom tax must be abolished immediately, but that alone isn't enough to end child poverty. It's vital the Labour Government matches the Scottish child payment by raising the child element of Universal Credit across the UK. 'Scotland is the only part of the UK where child poverty is falling – and families receive the best cost-of-living help of anywhere in the UK. 'Westminster must match this action – or it will leave millions more children languishing in poverty.' A UK Government spokesperson said: 'We are determined to bring down child poverty and we have already expanded free breakfast clubs, increased the national minimum wage for those on the lowest incomes, uprated benefits in April and supported 700,000 of the poorest families by introducing a fair repayment rate on universal credit deductions. 'We will also publish an ambitious child poverty strategy later this year to ensure we deliver fully funded measures that tackle the structural and root causes of child poverty across the country.'
