ENGIE Acquires Majority Stake in Green Charge Networks
ENGIE announces today its acquisition of an 80 percent stake in Green Charge Networks (Green Charge), an industry-leading battery storage company based in California. Green Charge, utilizing its advanced patented software algorithms and analytics, deploys, owns, operates, and optimizes battery systems at commercial & industrial (C&I) and public sector customer sites in the United States. Terms of the deal were not disclosed.
With offices in Santa Clara, New York and San Diego, Green Charge has developed a portfolio of 48 MWh of battery storage projects either deployed or under construction across more than 150 sites. To date, the company has helped customers across the country to reduce their electric bills up to 30 percent while providing stability to the grid.
Green Charge will benefit from the support of a larger family of ENGIE businesses in North America, which span the continent, providing renewable and natural gas-fired power production, natural gas and liquefied natural gas (LNG) deliveries, retail energy sales to homes and businesses, and services to enhance energy efficiency.
“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,” said Isabelle Kocher, Chief Executive Officer of ENGIE. “The company’s “stand-alone battery” and “solar + battery” solutions complement our existing offers. In the U.S., ENGIE has developed a large, customer base across all 50 states. Together with Green Charge, we are 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 Group around the world”.
Today in the United States, ENGIE offers a variety of energy efficiency, customized demand response and renewable solutions to commercial and industrial customers, allowing them to optimize their load requirements and energy-related costs. Lately, the Group has invested in numerous energy management solutions, such as in February 2015 in Tendril, a Colorado-based company working on Energy Service Management thanks to an open, cloud-based software platform, and earlier this year, ENGIE has acquired OpTerra Energy Services, a company which provides a comprehensive set of energy and sustainability management services to thousands of customers.
Green Charge Networks’ mission is to power the world efficiently and sustainably. Green Charge empowers businesses, municipalities, and schools of all sizes to use power more efficiently, cut carbon emissions, and reduce costs through energy storage delivered as a service. Founded in 2009, the company is headquartered in Santa Clara, California, with offices in New York and San Diego. For more information visit www.greencharge.net.
ENGIE develops its businesses (power, natural gas, energy services) around a model based on responsible growth to take on the major challenges of energy’s transition to a low-carbon economy: access to sustainable energy, climate-change mitigation and adaptation and the rational use of resources. The Group provides individuals, cities and businesses with highly efficient and innovative solutions largely based on its expertise in four key sectors: renewable energy, energy efficiency, liquefied natural gas and digital technology. ENGIE employs 154,950people worldwide and achieved revenues of €69.9 billion in 2015. The Group is listed on the Paris and Brussels stock exchanges (ENGI) and is represented in the main international indices: CAC 40, BEL 20, DJ Euro Stoxx 50, Euronext 100, FTSE Eurotop 100, MSCI Europe, DJSI World, DJSI Europe and Euronext Vigeo (Eurozone 120, Europe 120 and France 20).