Summit has added to it's portfolio of modular building contracts whilst delivering a project finance facility to a major UK Government health provider.
Summit In The Metering Marketplace
EAM is the leading UK based independent meter asset manager and data collector for large industrial users of gas, water and electricity.
It provides metering and data collection products, offers expertise in the commercial management of both energy consumption and carbon emission targets and technical assistance in mitigating continually rising energy costs.
In January 2006 EAM was listed on AIM via a reverse takeover. An essential part of the offering was the construction of a sales financing facility for the meters and data logging equipment required to fullfill EAM's business contracts.
Being a newly emergent industry, with complex inter relationships, finding such a facility and a funder capable or prepared to understand its workings, had proved challenging for the EAM management team.
EAM turned to Summit Asset Management, who were able to provide the required sales financing line.
Summit worked closely with EAM’s management to ensure that the line met the immediate criteria, yet retained a satisfactory degree of flexibility to adapt and expand as EAM’s business grew.
In addition Summit worked with EAM to maximise the use of enhanced capital allowances (ECAs) by the appropriate parties utilising the Summit facility.
Alan McKeating, EAM’s Managing Director, stated that “Summit have solved all of the financing problems we have thrown at them whilst our product offering has adapted to meet market demand. This covered such diverse activities as input on customer contract terms to give maximum credit headroom, conveying ECAs to the appropriate party and allowing smaller drawdown levels initially to accommodate the typical business ramp up”.
Additional information on the efficient use of energy can be found at the Carbon Trust website at http://www.carbontrust.co.uk. and more information on EAM can be found at http://www.energyassets.co.uk/ or by emailing email@example.com.