EDF acquires Pivot Power
EDF has acquired 100% of Pivot Power and the move is part of the French company’s long-term plan to become a market leader in both energy storage and EV charging.
The French utility is aiming to develop 10GW of battery storage by 2035 and wants to become an electric vehicle charging leader in the UK, French, Italian and Belgian markets by 2022, a plan any future acquisition of Pod Point would help to accelerate.
EDF’s acquisition of Pivot Power follows the company’s purchase in September  of PowerFlex Systems, a California-based startup that develops grid balancing technology for EV chargers.
London-based Pivot Power announced last year  that it was planning to develop 2GW of battery storage across the UK in conjunction with a new network of rapid EV chargers. The first two sites are currently in the early stages of development in Kent and Oxford and are due online by the end of 2022.
“We have a pipeline of 40 battery storage sites in England and Wales that will become the first stage of a world-first EV charging and grid-connected battery network and we have committed to developing these projects.
To achieve our aims, we need to develop a deep market understanding, capability and resources and EDF can help us to accelerate this process,” Matt Allen, Pivot Power’s CEO tells inspiratia.
“The deal with EDF is a result of our fundraising efforts over the past year and the alignment and fit with EDF led to the deal’s successful conclusion. Our plans for the future will not change and this deal will help us to achieve our aims,” Allen adds.
Asset manager Downing has backed Pivot Power financially since the company’s inception and is playing a considerable role in the business’s plans to ensure that its pipeline gets built. The company has played a part in a number of other projects with Pivot Power too.
At the end of last year, for example, Arsenal became the first football club in the UK to install a battery storage system, adding a 3MW device beneath its home ground in north London. Pivot Power installed the unit in the stadium’s basement, with funding provided by Downing’s Bagnall Energy Fund.