UK-based temporary power provider Aggreko has announced the acquisition of Younicos in a £40 million (€45.53 million) deal.
Headquartered in the US, Younicos is a technology company that develops and sells energy storage systems and control software.
Aggreko said that the acquisition of Younicos strengthened its position as global energy markets continued to evolve. It added that the acquisition was in line with its strategy to invest in technology in order to reduce the cost of energy for its customers.
Younicos delivers smart energy solutions integrating battery storage, which are modular and scalable. Aggreko said that its knowledge of batteries combined with proprietary control systems, enabled the seamless integration and management of all forms of power, including thermal, renewable and battery energy resources.
In addition to the £40 million (€45.53 million) purchase price, there will be a net debt/cash adjustment of £7 million (7.97 million) payable.
Chris Weston, Aggreko CEO, said, “As energy markets continue to decarbonise, decentralise and become more digital, the integration and control of multiple energy sources, including thermal and renewable, will be essential to ensure the provision of reliable power.
“As a pioneer of smart energy solutions based on battery storage, Younicos is at the forefront of this trend.”
Mr Weston added that the two companies together were a powerful combination, given their joint scale, fleet and global presence, coupled with smart energy capability, allowing them to open up to new markets.
Meanwhile, Stephen Prince, Younicos CEO, said, “We are delighted to be joining with a market leading power provider in Aggreko. Batteries are an economically attractive and reliable asset which will play an increasing role as we transition from today’s energy market to the energy market of the future.
“Integration and management of multiple distributed energy sources will be necessary to optimise energy systems and deliver customers with greater stability at a lower economic and environmental cost.”