Nov 4, 2019 - 05:44 pm

EDF acquires startup Pivot Power

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The French electricity company Électricité de France (EDF) has announced the acquisition of Pivot Power, a UK startup specialising in battery storage and charging infrastructure.

EDF has not released the financial details of the deal. The French state-owned group only states that it would become a leader in the fast-growing field of battery storage with the acquisition. EDF intends to install 10 GW of additional storage capacity in Europe by 2035.

As reported, Pivot Power is building a battery-powered HPC charging network for electric cars in the UK. The first two storage projects in Kemsley (Kent) and Cowley (Oxford) are expected to come online in 2020. In the future, Pivot Power will operate as a wholly-owned subsidiary of EDF Renewables.

“Battery storage and electric vehicles are two key technologies that will help reduce CO2 emissions,” said Simone Rossi, CEO of EDF Energy. “The acquisition of Pivot Power shows that EDF is investing in a variety of projects to achieve the huge shift to low carbon energy that the UK must bring to zero by 2050.

Pivot Power is not the only acquisition of EDF in recent months. In September, the French company had already acquired a majority stake in the American electric car specialist PowerFlex. This year, EDF focused on electric mobility. Together with Nuvve, a joint venture for V2G charging solutions was founded in May. In April, the French energy provider founded its own subsidiary for hydrogen technologies called Hynamics. EDF is also cooperating with Nissan.

reuters.com, edf.fr, pivot-power.co.uk

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Found on electrive.com
https://www.electrive.com/2019/11/04/edf-acquires-startup-pivot-power/
04.11.2019 17:52