- Sabien Technology shares surged 6.8% on a partnership with City Energy.
- The company is looking to triple its domestic market share in the UK.
- However, Sabien shares have fallen 49.9% in 2022. Are they a buy?
The Sabien Technology Group Plc (LON: SNT) share price surged by 6.8% after announcing that it had applied for the UK’s Standard Assessment Procedure (SAP) approval. The SAP approval would give it access to the residential/domestic market where it can offer district heating schemes.
The company is focused on building a better future by targeting CO2 emissions at the consumption level by targeting the heating, cooling, and transport segments. Sabien said that SAP approval would increase its addressable market by three times.
Also read: The Best UK Renewable Energy Shares To Buy.
Sabien said its unique technology would immediately address the current energy crisis in the UK by reducing energy consumption and CO2 emissions. The company has partnered with City Energy to deliver its energy-saving installations quickly and efficiently.
Investors cheered the news that Sabien had already installed its first residential M2G Cloud solution via a contract with a government department. It was quickly followed by its second installation the next day.
Sabien revealed that the data collected from a diverse customer base of 109 customers on 11 July 2022 showed that its systems had resulted in 17% average daily savings in gas usage and lower CO2 emissions.
The company pointed out that these cost savings were achieved during the peak energy consumption summer season, which is a testament to the system’s efficiency.
Richard Parris, Sabien Technology’s Chairman, stated: “This partnership with City Energy and, through them, with EDF will significantly increase Sabien’s firepower to sell more M2G units into more markets. While further work is required to complete SAP certification and the supply of silicon chips remains challenging, I am confident this announcement represents a step-change in Sabien’s go-to-market firepower. This bodes well for future sales, especially as the demonstrated average immediate saving of 17% gas heating bills is nationally significant to businesses and consumers alike.”
Sabien Technology shares have fallen 49.89% this year and seem to be trading at a discount. So, is it a buy? The company’s prospects are promising, and I would consider buying its shares at their current prices.
*This is not investment advice. Always do your due diligence before making investment decisions.
Sabien Technology share price.
The Sabien Technology share price surged 6.80% higher to trade at 12.55p, rising from Thursday’s closing price of 11.75p.