Centrica has acquired demand-side response aggregator Restore for £62m.
The firm, which operates across northern Europe, specialises in unlocking and monetising industrial flexibility. It claims a total portfolio of 1.7GW under management across Belgium, the UK, France and Germany.
The move comes as other energy companies look to partner with or acquire aggregators, with some market participants predicting further consolidation.
It also follows the recent acquisition of Enernoc by Italian utility Enel, and a major investment in Limejump by Statkraft, whose boss Erik Nygard has suggested the UK Big Six will have to acquire aggregators or “fall by the wayside”.
With Centrica’s resource and geographical footprint, Restore will now also target the US market.
Restore’s co-founders Pieter-Jan Mermans and Jan-Willem Rombouts, said: “There is clearly a momentum in the market right now so we are thrilled to be working with Centrica to further scale the go-to-market of Restore’s software solutions and demand response services in the UK, North America and other international markets.”
Jorge Pikunic, managing director of Centrica Distributed Energy & Power, said: “I am delighted to welcome Restore to Centrica. This acquisition is an important step forward in the delivery of our strategy, expanding on our offer to business customers to help them take control of their energy and gain competitive advantage.”
“Restore’s proprietary technology and track record with large I&C customers will add to our optimisation capabilities and enable growth opportunities as global markets for flexibility continue to evolve.”
Restore was one of the sponsors of The Energyst’s new DSR report. Read the company’s market views, as well as those of others, here.