Smart energy retailer, GreenBox Group, has deferred its listing to the ASX due to unfavourable financial market conditions.
The company has suspended trading on the ASX, pending the restructure of the business.
It planned to re-brand and re-launch its energy retailing business following the acquisitions of energy retailer, Jackgreen International and GreenBox IP. It adopted the name GreenBox Group following shareholder approval in December.
“The board has determined to defer its planned re-instatement until further notice, an action which it considers prudent given the recent serious international events and the related market volatility,” GreenBox said in a statement to the ASX.
GreenBox said listing on the ASX would be advantageous for the company at a future date, but intends to proceed only when market conditions are more appropriate.
The GreenBox service is designed to allow households to manage and reduce their energy usage in an easy way, and save on energy costs. It planned to deliver its new energy management retail service to 7.2 million households across the country.
Last year, the company announced it was seeking to raise $5 million to help launch its smart energy retail business, based on new technology that can reduce household energy bills.
At the time, executive director, Simon Barnes, said GreenBox aimed to become a leader in ‘smart energy retail’ through the use of new technologies and business models to help consumers use power more efficiently and reduce carbon footprints.
Barnes planned to deploy bundled energy retail and automated home energy monitoring and management service, designed to reduce consumer bills and to promote energy efficiency.
“This ‘smart energy retailer’ service will be provided through the company’s energy retail business,” Barnes said. “As power bills continue to rise, we expect energy providers will need to develop innovative solutions to help customers avoid ‘bill shock’ and improve customer service levels”.
Unlike smart meters, the GreenBox service has been designed to communicate with multiple energy consuming appliances to measure, manage and reduce energy consumption in real time.
In December last year, it formed an alliance with SP AusNet to pilot the GreenBox smart energy and electricity demand management service. Under the deal, SP AusNet worked with GreenBox technology to see how it can operate with smart grids. The pilot was intended to start in the second quarter of 2011.