EDF acquires UK battery storage developer Pivot Power

04 November 2019 - 12:00 am UTC

EDF Renewables has acquired energy storage and electric vehicle charging developer Pivot Power, which aims to install 2 GW of batteries across the UK.

Pivot Power last year launched a GBP 1.6bn fundraising advised by Morgan Stanley, but has now scrapped the Project Catalyst process in favour of a outright sale to the subsidiary of Paris-based EDF Group.

Shareholders included the company’s founders, CEO Matt Allen, COO Mikey Clark and chief commercial officer Matthew Boulton, as well as angel investors and funds managed by Downing LLP.

Pivot, which had initially looked to raise GBP 250m to fund its pipeline of projects, has not disclosed its sale value to EDF.

The company has a pipeline of 45 sites in the UK that will form the first stage of an electric vehicle charging and grid-connected battery network.

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