Centrica buys Europe's REstore for £62m
By Frank Prenesti
Date: Friday 03 Nov 2017
(ShareCast News) - Centrica said it has bought European demand response aggregator REstore, for €70m (£62m) in cash.
Headquartered in Antwerp, Belgium, REstore manages 1.7GW of peak load from a portfolio of industrial and commercial customers across Belgium, the UK, France and Germany, Centrica said.
Restore's software and international patents are currently used by more than 150 of Europe's largest energy users, including chemical, steel and food manufacturers, it added.
The business will form part of Centrica's international Distributed Energy & Power unit, which provides energy insight, asset optimisation and energy solutions to large energy users.
"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," Centrica said.
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