Europe’s leading demand response aggregator, REstore NV, has been acquired by Centrica for €70m ($81m) in cash.
Headquartered in Antwerp, Belgium, REstore manages 1.7 GW of peak load from a portfolio of industrial and commercial customers across Belgium, the UK, France and Germany.
The company’s software and international patents are currently used by over 150 of Europe’s largest energy users, including chemical, steel and food manufacturers.
Centrica said the REstore business will form part of its international Distributed Energy & Power unit, which provides energy insight, asset optimization and energy solutions to large energy users under the Centrica Business Solutions banner.
“Through this acquisition, demand response aggregation will become a core part of the offer to customers and is expected to represent a significant growth opportunity for Centrica as global electricity markets evolve,” it added in a statement.
REstore has key capabilities in asset optimization, one of the five strategic pillars of Centrica Business, and is complementary to those provided by Centrica’s previous acquisitions of Panoramic Power, Neas Energy and ENER-G Cogen. The acquisition will also further expand Centrica’s footprint into new European markets.
Jorge Pikunic, managing director of Centrica Distributed Energy & Power, said the 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’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.”