The best regulated crypto exchange
Find out why?
A Win-Win
Referral Programme
Refer a friend to Currency.com and get a two-way bonus
Learn more

EDF powers up its battery business with takeover of British start-up

By Ramla Soni

French-controlled energy giant buys up electric-vehicle charging specialist Pivot Power

EDF takes over British start up

Energy company EDF Group has agreed to buy British start-up Pivot Power, which specialises in battery storage and infrastructure for electric vehicle (EV) charging.

The deal will allow EDF, the largest low-carbon electricity producer in the UK, to become a leader in battery storage, it said.Terms of the takeover were not revealed

Pivot Power has a portfolio of projects at more than 40 locations throughout Britain.

There are plans to install batteries connected directly to the high-voltage transmission system – with a total capacity of up to 2GW.

The first two storage projects – at Kemsley, in Kent and Cowley, Oxford – have land, planning and grid connection agreements in place and are expected to be commissioned in 2020.

Pivot Power will also develop a private wire infrastructure to develop mass rapid-charging points across the UK.

Battery storage and EV rapid-charging infrastructure are important for the UK’s goals to reach net zero carbon by 2050, the French state-controlled energy group said.

This acquisition contributes to EDF’s target of being the leader in Europe with 10GW of additional storage by 2035. It is also in line with the EDF Electric Mobility Plan, which aims to make it the leading electric mobility company by 2022 in the UK, France, Italy and Belgium.

Beyond 2022, EDF aims to provide power for 600,000 electric vehicles and provide 75,000 charging points.

Like to share your thoughts and ideas about crypto and trading? You could join us as an external author. Email us on [email protected] to find out how you could become a Currency.com contributor.
Subscribe to Currency.com news
iMac Image
The most beautiful trading app
google play storeapple store
iPhone Image
iPhone Image