UK-based renewable energy company Drax has agreed to acquire Flexitricity, an optimiser of flexible energy assets, from Quinbrook for £36m ($48.2m).
The acquisition is expected to be finalised in the first quarter of 2026, pending regulatory approvals, and is projected to yield returns significantly above Drax's weighted average cost of capital.
Established in 2004, Flexitricity offers services focused on optimising flexible energy assets and facilitating market access. Utilising its proprietary controls platform, the company supports participation in wholesale energy markets, as well as balancing and ancillary services.
Flexitricity supports more than 900MW of operational assets including gas peakers, battery energy storage systems (BESS), demand-side response and renewables.
Flexitricity's scalable platform is projected to enhance Drax's plans to create a gigawatt-scale pipeline of BESS opportunities. This initiative comprises both physical assets and the ability to optimise third-party assets.
Currently, Drax facilitates around 2,000 embedded third-party renewable assets as part of its Drax Energy Solutions operations.
Based in Edinburgh, Scotland, Flexitricity, with roughly 85 employees, anticipates that its workforce will be integrated into Drax following the completion of the acquisition.
Drax Group CEO Will Gardiner said: “We are pleased to announce the acquisition of Flexitricity. We are ambitious about growing and developing our FlexGen business and Flexitricity’s technology and team are a strong strategic fit for us.
“Adding Flexitricity’s expertise and capability, which uses AI and advanced machine learning software, delivered via their proprietary platform, supports our options for growth, particularly in our plans for a GW-scale BESS portfolio as a part of our FlexGen business, while continuing to provide energy security to the UK power system and delivering new energy services for our customers.”
In October 2025, Drax signed an agreement to purchase three BESS projects from Apatura, a UK renewable energy and BESS developer.
The portfolio includes three ready-to-build BESS sites with a total capacity of 260MW across Scotland and northern England.
