Aggreko to buy energy storage company Younicos for £40m
FTSE 250 temporary power provider Aggreko has agreed to buy energy storage company Younicos for £40m.
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Younicos delivers smart energy solutions integrating battery storage, which are modular and scalable. Its knowledge of batteries combined with proprietary control systems, enables the seamless integration and management of all forms of power, including thermal, renewable and battery energy resources.
Aggreko said the deal strengthens its position as global energy markets continue to evolve and is in line with its strategy to invest in technology to reduce the cost of energy for its customers. It said the Younicos integration and control systems, combined with batteries, can be deployed across its existing business to lower the cost of energy, ensure reliability and reduce carbon emissions for its customers around the world.
Chief executive Chris Weston 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. 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."
At 0855 BST, the shares were up 0.3% to 923p.