French energy giant Engie has announced the signing of a share purchase agreement for an over 50% controlling interest in Parisian renewable storage company Electro Power Systems (EPS).
EPS, an energy storage and microgrids firm, has developed effective storage that enables intermittent renewable energy sources to be transformed into a stable power source.
The transaction was completed at £8,2 a share and is expected to be finalised in the first quarter of 2018.
Shankar Krishnamoorthy, executive vice president of ENGIE, said: “EPS is a recognized technology provider in the micro-grid market with a differentiating control technology and already significant micro-grid installed base, in particular in Africa and Asia Pacific.
“We sincerely welcome EPS at ENGIE and its highly specialized and sophisticated high-tech teams. Together, we will achieve a major step to become a decentralized energy leader and confirm that energy transition is at the core of the strategy and transformation of ENGIE. With decentralized clean energy, we also bring a key contribution towards more harmonious development.”
Headquartered in Paris, EPS currently have 90 employees based in its research and development office in Italy.
Carlalberto Guglielminotti, chief executive officer and general manager of EPS, said: “This is a transformational step for EPS. We share Engie’s strategic vision of a paradigm shift in the energy system towards decentralized energy solutions in advanced economies renewables are displacing conventional centralized power plants, calling for distributed energy storage to secure flexibility and capacity; thus, value added migrates from traditional energy supply to the delivery of advanced services.
“In parallel, in emerging economies, storage-enabled renewables open a market of 2.4 billion people reliant on diesel generation. EPS has been delivering one of the largest installed bases of commercial microgrids and utility-scale systems globally; today, our unique technological platform combined with Engie’s global reach, establishes a driving force of the energy transition.”
Recommended for you
