eEnergy Group (AIM:EAAS), the AIM-listed installer of solar PV, LED lighting, battery storage and EV chargers, said it faces short-term delays in collecting roughly £3.2m owed for completed work on its 65-site Mace project.
The 65 Mace sites are fully operational, but outstanding paperwork, principally roughly solar PV, is holding up payment, a process the company expects to finalise over the coming months.
To shore up working capital, eEnergy extended the repayment deadline on the remaining £0.5m of its February 2026 Harwood Holdco secured loan from 30 November to 28 February 2027, with interest unchanged at 1% a month payable on repayment.
The company also secured £0.5m in new funding from Nigel Burton, a former director and current shareholder, structured as a floating-charge loan carrying the same 1% monthly interest rate and a 1% arrangement fee.
The new loan is also repayable by 28 February 2027 and Harwood has consented to its arrangement.
Because Burton served as a director within the past 12 months, the loan qualifies as a related party transaction under AIM Rule 13, which the board, advised by Strand Hanson, deems fair and reasonable to shareholders.
News Intelligence what this means for the company
eEnergy has secured £0.5m in fresh funding and extended an existing £0.5m loan to February 2027, but only because it faces a £3.2m cash collection delay on a completed 65-site Mace contract—work is finished but payment is held up by outstanding paperwork. The company is now dependent on related-party funding and debt extension to cover the gap, signalling near-term working capital stress.
The Mace delay is material: £3.2m represents cash the company has already earned but cannot yet collect, forcing it to borrow at 1% monthly (12% annualised) to bridge the shortfall. Even if paperwork clears 'over the coming months' as promised, the reliance on a former director's loan and the need to extend existing debt suggests limited liquidity buffers and raises questions about cash conversion on large contracts.
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