German companies Bosch and Ads-Tec Group are partnering on the development and management of energy storage systems.
Bosch Thermotechnology has acquired a 39% stake in Ads-Tec, following an agreement signed on October 12.
The deal is subject to the approval of the anti-trust authorities. No financial details of the transaction have been disclosed.
Bosch Thermotechnik chairman of the board of management Uwe Glock said: “In cooperation with Ads-Tec Energy, we can offer comprehensive systems for local energy management in buildings and housing estates, thus making an important contribution to the energy transition.
“Our investment in Ads-Tec is the perfect strategic fit for our forward-looking positioning as a digital climate and energy company.”
Ads-Tec chief executive Thomas Speidel said: “We are looking forward to cooperating with Bosch Thermotechnology and to the new possibilities the cooperation will open up.
“We ideally complement each other and will mutually add value to our activities.”
Both companies also stressed the potential for sector coupling, where different forms of energy are connected, to meet growing demand on neighbourhood energy supply.