Aggreko to take over batteries maker Younicos

UK mobile power company Aggreko plc (LON:AGK) said today it has agreed to buy energy storage systems provider Younicos in a GBP-40-million (USD 52m/EUR 46m) all-cash deal.

Younicos, which has units in Germany and the US, offers modular and scalable smart energy solutions integrating battery storage. Aggreko noted that Younicos’s integration and control systems could be deployed across the firm’s existing business to lower the cost of energy, ensure reliability and cut carbon dioxide (CO2) emissions.

The business being acquired has more than 200 MW of installed storage systems, and a solid pipeline across both developed and emerging markets. Last year, it recorded revenues of GBP 7 million and an operating loss of GBP 15 million. Aggreko expects that the target will be loss making in the short term and therefore earnings dilutive.

"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,” said Chris Weston, Aggreko’s CEO. Weston added that the combination will help open up new markets for the company.

(GBP 1.0 = USD 1.297/EUR 1.139)

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