Aggreko to buy energy storage firm Younicos for £40m
Glasgow-based temporary power provider Aggreko has agreed to buy energy storage company Younicos in a £40m cash deal.
Younicos specialises in smart energy systems, based on battery storage.
Aggreko said the acquisition was in line with its strategy of investing in technology in order to reduce the cost of energy for its customers.
Younicos is based in Germany and the USA and has more than 200MW of installed storage systems.
Last year, it reported revenues of £7m and made an operating loss of £15m. Aggreko said it expected the acquisition to be loss-making in the short term.
Aggreko 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."
Last month, Aggreko expanded its operations in Indonesia by acquiring power rental company KBT in a deal worth up to $32.8m (£25.7m).
KBT has about 200MW of diesel and gas contracts on hire with Indonesian utility company PLN.
The deal will add to the 140MW that Aggreko already has contracted with PLN.