Aggreko Buys Energy Storage Startup Younicos for £40 Million
July 3, 2017
Younicos delivers modular and scalable smart energy storage and has over 200 MW of installed storage systems, with a strong pipeline across both developed and emerging markets. The Younicos CEO, Stephen Prince, will report directly to Chris Weston, Aggreko Chief Executive. For the calendar year 2016, Younicos had revenues of £7m and made an operating loss of £15m; gross assets at 31 December 2016 were £20m. Aggreko expects it to be loss making in the short term and therefore earnings dilutive. The investment will be made in cash.
Chris Weston, Aggreko Chief Executive, said: “As energy markets continue to decarbonize, decentralize 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.”
Lead Image: Photo of energy storage at Younicos headquarters in Berlin, Germany. Credit: Renewable Energy World.