French state-owned utility EDF has acquired UK-based start-up Pivot Power for an undisclosed sum through its subsidiary EDF Renewables.
Pivot Power is a battery technology company that has 40 projects throughout the UK including installing its batteries at the Emirates Stadium, the home of Arsenal football club and working with the National Grid to build 2GW of grid-scale batteries and electric vehicle (EV) charging points around the country.
These projects contribute towards EDF’s Electricity Storage Plan, which calls for the company to install 10GW in additional storage in Europe by 2035. Under its Electricity Mobility Plan, the company also aims to install 75,000 charge points and provide power for 600,000 EVs.
EDF states that its plans for battery storage and EV charging are two “significant enablers” for the UK’s plan to reach net-zero carbon emissions by 2050.
EDF’s stock price is currently €9.19 a share, giving the company a market capitalisation value of just under €28bn. It has been a difficult year for the company, as costs for building new nuclear reactors at Hinkley Point C in the UK and Flamanville in France have risen by £2.9bn and £1.6bn respectively.
EDF share price in 2019
EDF Energy CEO Simone Rossi said: “Battery storage and electric vehicles are two key technologies which will help lower carbon emissions, alongside generation from renewables and nuclear. 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.”
Pivot Power co-founder Matt Allen said: “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.”