Calisen’s business produces high-quality cash flows which are relatively predictable because of the structure of its contracts with customers. Even with consumer switching, Calisen continues to receive revenue from meters, and if a meter removal does take place, contracts most often provide compensation for Calisen from the relevant energy retailer. Calisen’s customers tend to have high credit quality, with all Large Legacy Energy Retailers rated investment grade. The business faces no direct exposure to end-consumers.

Calisen has a diversified and established customer base, holding MAP contracts with the Large Legacy Energy Retailers as well as Other Large and Medium Energy Retailers. This means we are well positioned to grow irrespective of market share swings between the different energy retailers. The acquisition of Lowri Beck has boosted our ability to capture further market share. We can now provide a combined suite of procurement, installation, ownership and management services to our customers.

Calisen expects to enjoy significant growth in numbers of meters in the near and medium term. Calisen’s MAP pipeline as at 31 December 2020 consisted of approximately 7.2 million meters, which represents future growth that is reasonably certain. Calisen is well placed to take advantage of British Government policy, which requires energy retailers to offer smart meters to all homes and small non-domestic settings by 30 June 2025. Currently, Calisen expects to have approximately a 26 per cent share of the 51.2 million smart meters that are estimated to be installed by the end of the Government-mandated roll-out.

Calisen’s excellent meter tracking capabilities, key contractual relationships, funding structure and low meter fault rates contribute to efficient operations. The Group has been able to leverage these strengths to continue winning MAP contracts, allowing us to build our position and generate scale to operate more efficiently. Our ability to continuously track our meters and to accurately bill the correct energy retailer further contributes to efficiency. The high-quality meters with low fault rates that we use allow us to avoid potential disruptions, while our IT system ensures customers are billed accurately and on time.

Calisen is led by a seasoned Executive team with diverse backgrounds and a strong history of operating in the finance, smart metering and infrastructure sectors. With an average of more than 20 years of experience, executives have a track record of delivering growth and managing complex operations.