French energy giant Engie to buy controlling stake in battery power storage company Green Charge Networks
11 May 2016
French energy company Engie yesterday struck a deal to buy a controlling an 80-per cent stake in California-based battery power storage company Green Charge Networks.
Engie, earlier known as GDF Suez, did not disclose the financial terms of the deal, but Green Charge competes against rival California startup Stem, SolarCity and Tesla.
"With Green Charge, Engie immediately gains a strong position in the growing battery storage market in the US and further develops its offering of load management solutions," said Isabelle Kocher, CEO of Engie.
Founded in 2009, Green Charge has developed a portfolio of 48 MWh of battery storage projects either deployed or under construction across more than 150 sites.
The company says that it has helped customers across the country reduce their electric bills by up to 30 per cent while providing stability to the grid.
Green Charge will benefit from the Engie's businesses in North America, which span the continent, providing renewable and natural gas-fired power production, natural gas and liquefied natural gas (LNG) deliveries, retail energy sales to homes and businesses, and services.
''With Green Charge, ENGIE immediately gains a strong position in the growing battery storage market in the US and further develops its offering of load management solutions at customer sites,'' said Frank Demaille, president and CEO of the North American business unit of Engie.
Engie offers energy efficiency, customised demand response, and renewable solutions to commercial and industrial customers in the US, allowing them to optimize their load requirements and energy-related costs.
Recently, the company has invested in energy management solutions from companies such as Tendril, a Colorado-based company working on reinventing Energy Service Management, and earlier this year through the acquisition of OpTerra Energy Services, a company which provides a comprehensive set of energy and sustainability management services to thousands of customers.