EDF Group has accelerated its development of battery storage and electric vehicle charging technologies with the acquisition of Pivot Power.
Under the transaction, Pivot Power will become a wholly-owned subsidiary of EDF Renewables. The purchase will build on EDF’s recent acquisition of USA-based PowerFlex Systems, EDF said in a statement.
“Following PowerFlex Systems recent acquisition in the United States, this new acquisition of a smart electricity storage and electric vehicle charging systems player is strengthening our expertise globally,” said Bruno Bensasson, EDF Group’s Senior Executive Vice President, Renewable Energies and Chairman & CEO of EDF Renewables. “Thanks to the skills developed within this specific field of electricity, the Pivot Power team will be a great addition to EDF. This is another positive step in the rollout of the Group’s Electricity Storage and Mobility Plans.”
Pivot Power has an extensive portfolio of projects across more than 40 locations throughout the UK. As part of its projects, Pivot Power will develop a private wire infrastructure to enable, among other opportunities, the development of mass rapid charging points across the UK.
This acquisition contributes to EDF’s target of being the leader in Europe with 10 GW of additional storage by 2035. The acquisition is also in line with the EDF Electric Mobility Plan, to become the leading electric mobility company by 2022 in the UK, France, Italy and Belgium. Beyond this 2022 date, EDF’s goal is to provide power for 600 000 electric vehicles and providing 75 000 charging points.
Simone Rossi, EDF Energy CEO said: “Battery storage and electric vehicles are two key technologies which will help lower carbon emissions, alongside generation from renewables and nuclear. The acquisition of Pivot Power shows EDF is investing in a wide range of projects to deliver the huge shift to low carbon energy the UK will need to reach net zero by 2050.”