ENGIE buys 80% share in Green Charge Networks
Written By: Stratton Report
May 10, 2016
On May 10, ENGIE announced it had acquired an 80 percent stake in Green Charge Networks a battery storage company based in California.
Green Charge, utilizing its software algorithms and analytics, deploys, owns, operates, and optimizes battery systems at C&I and public sector customer sites in the United States. Terms of the deal were not disclosed.
Green Charge has developed a portfolio of 48 MWh of battery storage projects either deployed or under construction across more than 150 sites. According to ENGIE, Green Charge has reduced customer electric bills up to 30 percent while providing stability to the grid.
Frank Demaille, President and CEO of the North American business unit of ENGIE remarked:
“With 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. The company’s stand-alone battery and solar + battery solutions complement our existing offer. In the U.S., ENGIE has developed a large customer base across all 50 states. Together with Green Charge, we’re able to offer an even greater range of leading-edge solutions for commercial, industrial, and public sector customers. This acquisition will also reinforce ENGIE’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 company around the world.”
Vic Shao, CEO of Green Charge observed: “By working with ENGIE, Green Charge looks forward both to continued growth in California as well as expansion across the U.S. and internationally. ENGIE’s long-term financial and commercial support presents an opportunity to scale our business to a completely new level.”
William Kriegel, chairman of Green Charge noted: “ENGIE has the capabilities to propel Green Charge forward in its next stage of growth in the emerging global energy storage marketplace.”
ENGIE has invested in energy management solutions from companies such as Tendril and through the acquisition of OpTerra Energy Services.