EDF acquires battery storage firm Pivot Power from Downing
EDF Renewables UK has acquired Pivot Power from funds managed by Downing, alongside Pivot Power’s founders and angel investors.
Announcing the deal, Downing said the battery storage and electric vehicle charging network provider was sold to EDF for an undisclosed sum.
Pivot Power was set up to develop, own and operate grid-scale batteries and electric vehicle charging stations connected directly to the national grid high-voltage transmission system.
Downing has since the company’s inception provided investment and support over the course of the last two years to secure 45 electric vehicle sites across the UK.
Sean Moore, investment director at Downing, said: “We are delighted that the dedication and ambition of Pivot Power’s management team has been recognised by EDF Renewables UK and are confident that this acquisition will really help accelerate the firm’s next stage of growth.”
Colin Corbally, partner and head of investment strategy at Downing, said: “At Downing we’re also extremely proud to play a small part in supporting the UK’s transition towards sustainable energy and transport, both through our support for Pivot Power and through our ongoing investment in the UK’s first rapid EV charging station and battery storage site in Southampton.
“This is a brilliant example of the type of profitable investment with the environmental and social impact which Downing is committed to seeking out on behalf of our investors.”
Matt Allen, CEO of Pivot Power, said: “The Downing team have been a key part of Pivot Power’s journey so far and have helped us reach where we are today.
”We’re delighted to have had their support and now look forward to the next stage of our journey as a business.”