The stake will be bought from the main shareholders of EPS which includes 360° Capital Management, Ersel Asset Management SGR and Prima Industrie at a price of €9.5 per share.
Through the transaction, Engie and EPS are aiming to speed up their vision further to be at the forefront of the energy transition. The duo will be particularly focusing on decentralised energy solutions.
EPS CEO and general manager Carlalberto Guglielminotti said: “We share Engie’s strategic vision of a paradigm shift in the energy system towards decentralized energy solutions: in advanced economies renewables are displacing conventional centralized power plants, calling for distributed energy storage to secure flexibility and capacity; thus, value added migrates from traditional energy supply to the delivery of advanced services.”
Listed on Euronext, EPS has a team of around 90 in its research and development centre and industrial facilities in Italy.
The company has executed 36 projects in 21 countries. These include off-grid hybrid systems and microgrids powered by renewables and energy storage with a gross capacity of 47MWh.
Engie executive vice president Shankar Krishnamoorthy said: “EPS is a recognized technology provider in the micro-grid market with a differentiating control technology and already significant micro-grid installed base, in particular in Africa and Asia Pacific.
“We sincerely welcome EPS at Engie and its highly specialized and sophisticated high-tech teams. Together, we will achieve a major step to become a decentralized energy leader and confirm that energy transition is at the core of the strategy and transformation of Engie.”
The transaction is expected to be completed in the first quarter of the year, subject to satisfaction of standard closing conditions.
