Aggreko has agreed to acquire battery storage technology developer Younicos for a £40m cash consideration.
Younicos has over 200MW of installed storage systems, and has a pipeline of projects in developing and emerging markets, Aggreko said.
“This acquisition strengthens our position as global energy markets continue to evolve and is in line with our strategy to invest in technology in order to reduce the cost of energy for our customers,” it added.
Aggreko said it expects acquisition to be loss making in the short term and “therefore earnings dilutive”.
Aggreko chief executive Chris Weston said: “Together we are a powerful combination; our scale, fleet and global presence, coupled with a smart energy capability, will allow us to open up new markets and provide our customers around the world with a reliable, cheaper and cleaner source of energy.”
Alexa Capital advised Younicos on the deal.
Image: Aggreko
