Strategic growth: Top 10 smart energy acquisitions in 2024

Whether it’s in mind of geographic growth, asset expansion or tapping into tech developments, 2024 has been fat with money moves and acquisitions by leading energy powerhouses in their bids to stay ahead of the game.

Here are the top 10 energy and power sector acquisitions over the last 365 days:

German smart meters company Solandeo acquired in rollout drive

In a deal that includes an order for 500,000 smart meters, infrastructure fund Ancala acquired Solandeo, a fast-growing owner and operator of smart meters in Germany.

The acquisition provides Solandeo with fresh capital and the funding certainty needed to meet rapidly growing demand.

EnBW strengthens smart grid portfolio with enersis acquisition

In a move to strengthen its tech and digital competencies in-house, particularly in smart grids, German energy company EnBW has acquired enersis, a provider of energy sector digital twins.

enersis offers digital twins for clients in the energy sector as a SaaS solution. With these twins, says EnBW, it is possible to create a digital image of distribution networks that is fed with various energy data in real time.

Iberdrola acquires British network operator Electricity North West

Global energy giant Iberdrola signed an agreement to acquire 88% of UK network operator Electricity North West in a deal valuing the company at €5 billion ($5.5 billion).

The company said the move is in line with their strategy to invest in electricity networks and in countries with a strong credit rating, such as the United Kingdom, which has an AA credit rating.

Sympower acquires Nordic flexibility tech provider Flextools

Amsterdam-based Sympower, an energy flexibility services provider specialising in demand response and BESS, has acquired Flextools, a Nordic flexibility technology provider.

The acquisition, their first, responds to a growing demand for advanced and mature flexibility solutions and will accelerate the company’s growth throughout Europe, says Sympower.

Siemens enhances grid modernisation portfolio with Trayer acquisition

In a move to broaden its grid modernisation product portfolio, Siemens acquired Californian Trayer Engineering Corporation, which designs and manufactures MV secondary distribution switchgear.

With the acquisition, the company will provide complementary technologies to the German tech giant’s Electrification and Automation Business Unit, enabling them to tap the market trends of undergrounding overhead electrical networks and boosting distribution grid resilience in the US.

Enel sells 49% of Italian storage business to Sostoneo

Enel Italia sold a stake of 49% in Enel Libra Flexsys, a company overseeing a 1.7 GW battery energy storage product portfolio, to Sostoneo.

The transaction, valuing €1.1 billion ($1.2 billion at the time), is in line with Enel’s “Partnership” business model outlined in the group’s 2024-2026 Strategic Plan. It is part of the company’s efforts to reduce net debt while retaining control of strategic assets.

London’s Penso Power acquired by BW ESS

BW ESS, a global energy storage owner-operator, acquired all remaining shares not already owned in Penso Power, a London-headquartered energy storage developer.

BW ESS was already the largest shareholder in the company and the transaction will see the founders of Penso Power become shareholders and members of the senior management team of the newly combined entity.

Italy’s Terna buys €203m in high voltage grid assets

Terna signed an agreement with utility company Acea to purchase aerial and underground lines, substation components and a fibreoptic network, all along the Roman transmission network.

The agreement sees Terna acquire 100% of share capital in a newly created company, known as NewCo, within which Areti will contribute part of its high voltage grid assets in the metropolitan area of Rome.

Kraken acquires Dutch EV charging solutions provider Jedlix

To expand its platform, Kraken Technologies acquired Rotterdam-based Jedlix, which specialises in smart and bi-directional charging solutions.

Jedlix specialises in smart and bi-directional charging solutions and also brings an international catalogue of API integration agreements with EV and charger manufacturers and energy companies.

GB’s EDF acquires solar PV and battery installer

Britain’s EDF has acquired the Chorley-based solar panel and battery installer Contact Solar as part of its strategy towards net zero.

With the acquisition, energy supplier EDF is positioning itself to meet the expected take-up of solar panels as the demand increases, with projections indicating an up to 75% increase by 2030.