FILE PHOTO: A logo of French electric company EDF is seen at an office building in La Defense business district in Courbevoie near Paris, France, October 12, 2019. REUTERS/Regis Duvignau
(Reuters) – French state-controlled energy group EDF has agreed to buy Pivot Power, a British start-up company that specializes in battery storage and infrastructure for electric vehicle charging points.
EDF, which did not disclose the financial terms of the acquisition, said the deal would allow it to become a leader in the fast-growing field of battery storage.
Pivot Power is looking at means to host a battery capable of exporting 50 megawatts (MW) of power and to provide support for hundreds of fast electric vehicle chargers, which could be suitable for large retail sites, logistics centers, and bus depots.
The takeover of Pivot Power also follows EDF’s acquisition in September of U.S. electric vehicle technology company PowerFlex Systems.
Reporting by Sudip Kar-Gupta, editing by Louise Heavens