News blog

Energetix Group

• BY: Andrew Hore |
• POSTED: 01/05/2013 |

Peter Richardson has stepped down as chief executive of energy products developer and supplier Energetix Group after fewer than eight months in the job. 

Richardson is a former Dyson chief operating officer. The theory was that he would be ideal to launch the Flow microCHP boiler on the market. The appointment has not worked out and Richardson has agreed to step down. Tony Stiff, who has been running dual fuel energy supply business Flow Energy, takes over as chief executive. Flow is the core business and it makes sense for Stiff to be chief executive of the group. The additional management level of having a separate chief executive was probably not required. The full year figures appear to be in line with expectations.

Last October, Energetix raised £13.7m through a placing and open offer at 28p a share. The share price has declined today by 4.25p to 18.75p, which values Energetix at £24.8m.

There was £12.1m in the bank at the end of 2012 but house broker Cenkos believes that this cash pile could fall to £2m by the end of 2013. There are also borrowings of £1.99m.

The cash outflow is due to investment in 175 boilers for commercial trials in the second half of 2013. The company admits that it will need to raise more cash. Energetix still has a stake in Aim-quoted voltage optimisation technology developer VPhase but this is not a good time to sell.

Energetix still owns 100% of back-up power business Pnu Power. Pnu is tendering for a major contract with National Grid.

Energetix intends to offer its boiler to householders at no charge except for installation costs. In return Energetix will generate income from selling gas and electricity to the customer, who has to sign up for five years. Volume boiler-related sales are due to start in the autumn of 2014. Flow is already selling energy.

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