- Simble Solutions has completed a $1.89 million share placement to fund growth in the U.K energy market
- Over the past six months, Simble has signed up to $7 million worth of contracts in the U.K
- Simble’s CEO and Chairman will subscribe for $100,000 each in the placement
- Along with the capital raising, Simble is also undergoing some board changes
Simble Solutions is set to keep lighting up the UK with a $1.89 million share placement secured today.
The energy efficiency company will issue 37.8 million shares at 5 cents a piece to fund expansion into the U.K’s $26 trillion energy market. The capital raising comes in the light of some significant U.K contracts signed by Simble this year.
In the past six months, Simble has landed up to $7 million worth of contracts with big names in the U.K — including BidEnergy, UCR, RATP Dev and a leading U.K confectionery manufacturer.
Simble Managing Director and CEO Fadi Geha said the capital raising will take advantage of the momentum the company has seen this year to propel growth.
“Simble expects to use the net funds raised from the offer to convert its ever-strengthening pipeline of opportunities in the UK and drive significant revenue growth in 2020,” Fadi said.
Both Fadi and Simble Chairman Philip Tye will participate in the placement — agreeing to subscribe for $100,000 worth of shares each.
Simble’s proprietary software harvests energy data from energy and internet appliances throughout a home or business. This data can then be used for analysis and comparison to lower energy consumption and associated costs and reduce a company’s environmental footprint.
Through Simble’s Software as a Service (SaaS) platform, businesses and homes can track energy costs not just through a monthly bill, but for each individual section of their operations.
Along with the capital raising, Simble has also announced the immediate resignation of director David Astill, and subsequent appointment of Ben Loiterton as a new independent non-executive director.
Ben has served on several company boards, for both private and public companies. He has nearly three decades of experience in investment banking, executive management and entrepreneurial activity.
Ben will assume his new directorial role today.
Chairman Philip Tye said the company is delighted to have Ben come on board.
“After a number of years of foundation building and developing our technology, we are excited to bring on board Ben to help guide the Company through its next chapter of growth as we execute on our global expansion strategy,” Philip said.
Simble management said David resigned to pursue other business ventures.