From pv magazine Germany.
French investment company EDF Pulse Croissance Holding, a unit of French energy giant EDF, intends to take over German direct energy marketing company Energy2market (e2m).
Upon acquisition, Leipzig-based e2m would aim to continue its international activity and the development of virtual power plants, the company today announced.
The agreement stipulates the French company will acquire the stock of e2m’s founding shareholders and of Trailstone UK Ltd, pending approval by European antitrust authorities, in a process which could take up to four months. A spokeswoman for Energy2market told pv magazine she expects a decision to be made much sooner, with the transaction potentially finalized by the end of September. The company did not want to reveal the purchase price but the spokeswoman said e2m will maintain its brand until the transaction is complete.
The new unit will then be named EDF Local Energy Management (EDF-LEM) and will control e2m and its energy-related subsidiaries, such as French energy aggregator Agregio and U.K. peer Powershift, both of which match renewables generators to business energy users.
E2m sees better opportunities to achieve its growth objectives in Belgium and further afield through the tie-up. “This will require investments in people, systems and markets. On this basis, new markets should open in the coming years,” said the German business. The Leipzig firm also expects to be able to enter the market with long term supply contracts.
EDF’s objective with the takeover is to become a major player in the German market for direct marketing and energy flexibility. At a European level, the energy aggregation and local flexibility market is estimated at 200 GW – including 75 GW in Germany – and is expected to double by 2030.
EDF completed the acquisition of French solar company Luxel in April and has also announced a plan to expand activity in the African off-grid market. The utility has also entered China’s rooftop solar market as well as investing in solar-related blockchain projects and floating PV.