ENGIE bolsters ownership of UK firm KiWi Power
French utility Engie has increased its ownership stake in UK distributed energy resource aggregator KiWi Power following an initial investment three years ago.
ENGIE has bought more KiWi Power shares from the business’ two co-founders, Yoav Zingher and Ziko Abram, according the energy firm.
When first investing in KiWi Power, ENGIE said that it recognises large potential for synergies between the two companies. At the time, they teamed up to provide demand response services and develop energy storage projects.
KiWi Power has stated that this latest share-purchase transaction marks the start of the next phase of growth for the UK firm.
Gérard Mestrallet, CEO of ENGIE, explains how the company belives in demand response as an environmentally-friendly and revenue-enhancing service for customers.
“It is a way to meet the challenges of the energy transition to a low carbon economy and further integration of renewable sources of generation,” he said.
“KiWi Power’s customer-friendly solution, real time metering, technology and automated processes have a lot to offer to commercial customers in this respect. We want to be able to continue to offer to our customers a wide variety of commercial solutions that work for almost every company under every set of circumstances.”
Yoav Zingher, Co-Founder and CEO of KiWi Power, added: “There are many opportunities opening up in the marketplace and our fast growth to date is indicative of our agility and drive to harness technology and innovation to bring new solutions to tackle the challenge of balancing energy demand and supply.”