Simble Solutions has upgraded its energy comparator app, and investors approved
Tech micro-cap Simble Solutions (ASX:SIS) caught the market’s attention this morning with the rollout of some new app features.
The $4.84m company said it’s made some upgrades to its SimbleHome App — a price comparator for energy companies.
Along with price comparisons, the app will also offer a feature for users to switch retailers.
To drive distribution, Simble said it had signed a distribution deal with Accurassi Pty Ltd — a tech company which offers an online energy marketplace for customers to source the best deals.
Via the SimbleHome App, the company said it will supply the marketplace platform for residential homes and SME customers “to help them reduce energy costs by finding the best value plans”.
And the company is also targeting a SaaS model by including an option for SimbleHome Plus, which will allow users to gauge real-time energy consumption figures for a fixed fee.
Shares in the company jumped more than 58 per cent in morning trade to a new 2020 high of 3.8c.
Simble said the partnership with Accurasi was the by-product of a six-year working partnership between the two companies.
Along with SimbleHome Plus subscription fees, the company said it expected to derive revenue from the new functionality in the app which allowed users to switch retailers if they found a better deal.
The company described SimbleHome Plus as an “Energy Internet of Things” (IoT) device which “further enables users to monitor power usage, solar generation, battery storage and the consumer’s carbon footprint”.
Along with residential customers, Simble said it also planned to take advantage of pandemic working conditions to gain access to commercial SME clients.
Simble “aims to help those employees working from home (or otherwise) to gain a better understanding of their energy usage, while also being able to pick a plan from the marketplace and switch energy retailers”, the company said.
In addition, the partnership with Accurassi will “allow us to reach a broader market of electricity consumers and achieve scale in a fast and a cost-effective manner”, CEO Ronen Ghosh said.
Simble said it would roll out the new app functionality to domestic markets across the eastern seaboard, before looking to expand Australia-wide.