Danish energy trading company MFT Energy has completed the acquisition of a majority stake in Northium Energy, a developer of grid-connected battery storage systems. The deal has been completed and marks MFT Energy's entry into the battery storage market, MFT Energy said in a press release.
Northium Energy develops large-scale battery energy storage projects that are used to stabilize the electricity grid and support an increasing share of renewable energy. The acquisition provides the company with capital to accelerate and scale up its project portfolio, while also gaining access to MFT Energy's competencies in market optimization, algorithmic trading and execution in the energy markets.
- With MFT Energy as a majority owner, we gain a strong capital base and access to trading and optimization competencies, which enable us to scale our battery projects and realize the value of our project portfolio, says Nikolaj Krog Juhl, CEO of Northium Energy.
According to MFT Energy, the acquisition means that the company expands its business by combining energy trading and market insight with the development and operation of battery storage projects. The goal is to create value across both development, operation and participation in the electricity markets.
- This partnership is an important milestone in our Envision ’28 strategy. By investing in physical assets and combining our market expertise, trading capabilities and technological foundation with Northium Energy's development platform, we create a setup to realize the potential of battery energy storage, says Bo Palmgren, CEO of MFT Energy.
The partnership is anchored in MFT Energy's management with a focus on ownership and governance, while Northium Energy continues to work on developing and maturing battery projects in collaboration with the new majority owner. The value of the deal is not disclosed by the parties.
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