Renu Energy owns 14% of green power retailer Enosi. It just scored a contract with Singapore’s largest power generator

Thu 01 Dec 22, 5:22pm (AEST)
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Key Points

  • Singapore’s largest electricity generator to shuffle several thousand customers onto Enosi’s Powertracer software platform
  • Powertracer allows one to see where the electricity they are using was generated and using what technology
  • ReNu earning a 14% stake in Enosi through a binding

ReNu Energy (ASX:RNE) has today flagged that Enosi, a green electricity retailer of which ReNu 14%, has signed a contract with Singapore’s largest electricity generator, Senoko Energy. 

Senoko operates Singapore’s Senoko power plant and is thought to generate up to 20% of Singapore’s electricity wholemeal. 

Under an agreement minted between the two players, Senoko will bring its customers over onto Enosi’s software product offering which ultimately allows electricity users to trace where their power was generated. 

Enosi, an ESG-based and green conscious power retailer, first received interest from ReNu back in September.

At the time, ReNu flagged its intention to invest $1m to acquire a 14% stake and install a non-executive onto Enosi’s board; a move still pending but essentially guaranteed (worth noting also is that ReNu’s tranche-based funding deal to $1m is still underway and not yet fully triggered, but locked in.) 

Ever wanted to know where your electricity comes from? 

Enosi’s software product, which traces the source point of electricity used by households, is called Powertracer

The company itself describes it best on the product webpage: “we unlock the ability for small customers to source their electricity directly from solar and wind farms.” 

The product ultimately intends to provide a way for customers to literally see where the electricity powering their A/C has come from, in the same way one would expect to see a certificate of authentication when buying a piece of artwork or vehicle. 

Senoko has in the past piped in natural gas from Malaysia to fire gas-powered turbines. 

As ESG focus grows in popularity (and necessity,) Enosi is baking on the notion small consumers will increasingly demand a fully transparent supply chain, as far as the emissions profile of their household energy use is concerned. 

Enosi isn’t a small player trying out a new thing—it has already garnered attention from UNSW, and, Google itself. 

It’s not just Senoko 

Separate to the deal with Senoko Energy, ReNu and Senoko are also in talks to apply Powertracer tech to ReNu’s planned Green Hydrogen projects in Tasmania

ReNu already has support from German engineering heavyweight WIRCON Group with regards to its green hydrogen plays, and, Tasmanian utility Tas Gas has already minted a retailer deal.

For the uninitiated, Green Hydrogen is that produced by an electrolyser which uses renewably-sourced electricity. For a deeper dive into Green Hydrogen, you can check out Market Index’s deep dive here

So, how many customers will Senoko hand over?

Under the agreement, Senoko will move “several thousand” customers onto Powertracer. Singapore has a small but established solar power generation capacity. 

While the agreement in question is not expected to provide material revenues for ReNu at this time, it will stand as something of a test business case, and given solid performance (and healthy demand,) would allow Enosi to point to its success in marketing its software to entities perhaps more scrutinous of ESG. 

A look at ReNu Energy's three month charts
A look at ReNu Energy's three month charts
Disclaimer: Market Index helps small-cap ASX listed companies connect with Australian investors through clear and concise articles on key developments. ReNu was a client at the time of publishing. All coverage contains factual information only and should not be interpreted as an opinion or financial advice.


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Written By

Jonathon Davidson

Finance Writer

Jonathon is a journalism graduate and avid market watcher with exposure to governance, NGO and mining environments. He was most recently hired as an oil and gas specialist for a trade publication.

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