ENGIE Acquires Majority Stake in Green Charge Networks
ENGIE announced today its acquisition of an 80 percent stake in Green Charge Networks, an industry-leading battery storage company based in California. Green Charge, utilizing its advanced patented software algorithms and analytics, deploys, owns, operates, and optimizes battery systems at commercial & industrial (C&I) and public sector customer sites in the United States. Terms of the deal were not disclosed.
With offices in Santa Clara, New York and San Diego, Green Charge has developed a portfolio of 48 MWh of battery storage projects either deployed or under construction across more than 150 sites. To date, the company has helped customers across the country to reduce their electric bills up to 30 percent while providing stability to the grid.
Green Charge will benefit from the support of a larger family of ENGIE businesses in North America, which span the continent, providing renewable and natural gas-fired power production, natural gas and liquefied natural gas (LNG) deliveries, retail energy sales to homes and businesses, and services to enhance energy efficiency.
â€œWith Green Charge, ENGIE immediately gains a strong position in the growing battery storage market in the U.S. and further develops its offering of load management solutions at customer sites,â€ said Isabelle Kocher, Chief Executive Officer of ENGIE. â€œThe companyâ€™s â€˜stand-alone batteryâ€™ and â€˜solar + batteryâ€™ solutions complement our existing offers. In the U.S., ENGIE has developed a large, customer base across all 50 states. Together with Green Charge, we are able to offer an even greater range of leading-edge solutions for commercial, industrial, and public sector customers. This acquisition will also reinforce ENGIEâ€™s strengths and skills in the activities of decentralized energy management, off-grid solutions and power reliability, which are identified as areas for growth for the Group around the world.â€
Today in the United States, ENGIE offers a variety of energy efficiency, customized demand response and renewable solutions to commercial and industrial customers, allowing them to optimize their load requirements and energy-related costs. Lately, the Group has invested in numerous energy management solutions, such as in February 2015 in Tendril, a Colorado-based company working on Energy Service Management thanks to an open, cloud-based software platform, and earlier this year, ENGIE has acquired OpTerra Energy Services, a company which provides a comprehensive set of energy and sustainability management services to thousands of customers.