Small Cap Awards Nominee Profiles: Good Energy
As we approach the Small Cap Awards, due to take place on 25th June, Master Investor profiles some of the companies shortlisted. Good Energy has been shortlisted for the Impact Company of the Year award.
- Please provide a brief description of the business.
Founded in 1999, Good Energy plc supplies 100% renewable electricity and is focused on providing innovative technology-enabled energy services with a view to creating an integrated model and differentiating the Company from its perceived peers.
‘Energy as a Service’ is core to the company’s development strategy with the company focussing on being at the forefront of empowering customers to use, share, generate and store clean energy.
- 2019/20 was clearly a strong year for the company, to what do you attribute your success?
We’ve continued to perform against our long-term strategy to shift from an energy supply business to one which provides energy services and allows customers to share clean energy. We believe the benefits to our customers are compelling propositions at a competitive price that simplify their lives and cut carbon, whilst delivering sustainable value for all stakeholders.
Our existing strong cash balance and continued profit growth has allowed further success over the past year. We continue to invest in new technologies and develop customer products to support this success; this includes investing in a streamlined customer platform called Kraken; launching a new electric vehicle (EV) service for businesses called One Point; and supporting our partners Zap-Map bring new EV products to market. We have also focussed on new business customer growth and increasing our share of Feed-in Tariff portfolios.
- How would you characterise the long-term drivers for your business?
Good Energy will continue to target both homes and businesses with an expanded customer proposition, which can be scaled up rapidly by cross-selling and up-selling a range of energy services with a view to lowering customer acquisition cost, improving customer retention and increasing overall customer lifetime value.
Furthermore, we are taking tangible steps to develop a business model as an energy services company, from capabilities across SMART metering and investing in technology enabled services to support the rapidly growing electric vehicle (EV) market. These capabilities mean we are extremely well placed to continue growing at pace in the medium to long term – with the company set to grow market share by offering a range of competitive zero-carbon products for our business and retail customers, integrated across supply, generation and storage.
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