EDF is to acquire battery storage and EV charging infrastructure firm Pivot Power in a bid to bolster its position in both markets.
The transaction, announced this morning, will see Pivot become a wholly owned subsidiary of EDF Renewables, a move which plays into EDF’s intent to become a market leader in both energy storage and EV charging.
Bruno Bensasson, chairman and CEO of EDF Renewables, said the acquisition stood to strengthen the company’s expertise globally, building on the company’s recent purchase of US-based PowerFlex Systems.
“Thanks to the skills developed within this specific field of electricity, the Pivot Power team will be a great addition to EDF. This is another positive step in the rollout of the Group’s Electricity Storage and Mobility Plans.”
Pivot Power made big waves in May last year when the company announced ambitious plans to deploy around 2GW of battery storage in the UK alongside a network of rapid EV chargers. Those plans, valued at around £1.6 billion, were described at the time as offering an “alternative model” to EV charging sector deployment by Pivot chief executive Matt Allen.
The energy storage pipeline is predominantly made up of around 40 50MW battery storage facilities intended to connect direct to the country’s transmission system at strategic locations. Pivot’s first two sites – at Kemsley, Kent and Cowley, Oxford – have received planning and grid consent and are expected to come online next year.
Pivot is also involved in a number of either high-profile or cutting-edge storage developments in the UK, deploying a battery storage system at Arsenal’s Emirates Stadium before partnering with long-duration energy storage technology firm redT for a grid-connected battery hybrid said to be a world first.
“Pivot Power’s purpose from the start has always been to accelerate the UK’s transition to a cost-effective, reliable, low-carbon energy system and in parallel fast-track the rapid adoption of clean transport. EDF Renewables shares our vision and of course brings the expertise, resources and platform to make this a reality,” Allen said.
EDF, meanwhile, said Pivot’s pipeline would make a strong contribution towards its plan to deploy 10GW of additional storage by 2035, while also falling in line with the firm’s Electric Mobility Plan.
That plan intends for the company to be a leader in emobility by 2022, specifically in the UK, French, Italian and Belgian markets.
Last week EDF was linked with the acquisition of another EV charging firm – Pod Point – but did not comment on the speculation.
“The acquisition of Pivot Power shows EDF is investing in a wide range of projects to deliver the huge shift to low carbon energy the UK will need to reach net zero by 2050,” Simone Rossi, CEO at EDF Energy, said.