German energy company Innogy SE has bought UK-based large-scale lead-acid energy storage system firm Belectric Solar and Battery.
The two companies signed the relevant share purchase agreement — believed to be in a high double-digit million Euro range— at the end of August, but completion was only announced on January 3.
The new subsidiary will be called BELECTRIC innogy.
Peter Terium, chief executive officer of Innogy SE said the deal allowed the firm to ‘close the gap’ in the field of utility-scale photovoltaic power plants, where he admitted the company had previously lagged behind.
He said: “Our new subsidiary BELECTRIC innogy is now in an ideal position to successfully implement large-scale photovoltaic projects in Europe and our growth regions.
“Moreover, the combination of expertise in renewable energy and battery storage technology solutions will help us keep our energy system stable, despite the increasing influx of fluctuating renewables.”
Innogy is a subsidiary of the German energy company RWE. It was created on April 1, 2016, when RWE split its renewable, network and retail businesses into a separate entity.
Belectric will remain active in regions not among Innogy’s target markets for project development.
Belectric develops a range of turn-key large-scale battery storage, with technology developed and manufactured at the company’s plants in Germany and India.