BidEnergy cuts energy costs to help Salvos keep more money in the tins
Energy management provider BidEnergy will roll out its platform acoss Salvation Army properties nationally this month in a deal that bolsters its growth to 30 per cent in the past quarter.
The Salvos deal follows the announcement of a 36-month contract with Singaporean telco Singtel last month.
BidEnergy says it has increased annualised subscription revenue from $1.8 million to $2.4 million since December. The Salvos deal accounts for a third of the growth.
The shares (ASX:BID) jumped 10 per cent on the news, trading at 3.3c mid-morning, nearing a 52-week high of 3.51c.
BidEnergy’s platform helps businesses to reduce energy spend through a cloud-based platform – automatically capturing meter data to control electricity and natural gas use.
“We are delighted to be able to assist them in identifying improvements across their energy portfolio to ensure as much money as possible goes towards more meals, shelter and support for those in need,” said BidEnergy boss Guy Maine.
The Salvos contract is open ended, allowing for termination of the contract with 30 days of notice.
BID said it marked an increasing acceptance of the tech across a range of sectors.
“It is exciting to see that there is a deeper level of understanding within business that more sophisticated purpose-built robots can add incredible value targeting more complex problem areas such as energy spend management,” Mr Maine said.