Engie has reached an agreement to take a majority interest in French energy storage technology and microgrid company Electro Power Systems (EPS).
The agreement with EPS’s main shareholders – 360 Capital Partners, Ersel and Prima Industrie – is for just over 50% of the share capital and voting rights in the company.
The companies said they aim to grow the business on a global scale, particularly the provision of decentralised energy systems.
The transaction, which is subject to standard condition precedents, is expected to be completed during the first quarter of 2018.
Engie executive vice president Shankar Krishnamoorthy said: “Together, we will achieve a major step to become a decentralised energy leader.”
EPS chief executive Carlalberto Guglielminotti said: “We share Engie’s strategic vision of a paradigm shift in the energy system towards decentralised energy solutions.
“In advanced economies renewables are displacing conventional centralised 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.”
Image: Engie
Engie takes French storage stake
By EBS