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Good Energy & Ecotricity

Dale Vince, the new-age traveller turned green-energy entrepreneur, has launched a furious attack on the directors of a rival renewable power company that he has been trying to buy. Vince’s firm Ecotricity owns 27 per cent of competitor Good Energy and has repeatedly tried to acquire the Aim-listed company this year. Over the summer, Vince offered 340p a share for the company, and in September, increased his bid to 400p — a price valuing the business at about £66.5 million. But Ecotricity’s approaches were rebuffed by Good Energy, which said they were “opportunistic” and undervalued the group. The shares are now just 275p. Vince said: “I speak as the largest shareholder in Good Energy. I have seen a serious destruction of value to Ecotricity’s shareholding in Good Energy, along with all other shareholders.” The latest chapter in the fracas between the two companies erupted after Good Energy told investors on Thursday that it was planning to sell its wind farms and other generation assets, and instead focus on services for electric vehicles. This would include its Zap-Map platform for electric cars. Vince said the moves made “no sense” and that he should have been told when he was trying to take over the company. “We will be considering what steps are now available to both prevent this value-destroying disposal … and to hold the directors of Good Energy properly to account,” he added.

Times 28th Nov 2021 read more »

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