British energy supplier Centrica has acquired Belgian power management startup REstore for €70 million to further expand Centrica’s geographic footprint.
Founded in 2010 and headquartered in Antwerp, REstore focuses on automated demand side management (DSM). The company offers demand response services to C&I Consumers and delivers cloud-based DSM solutions to utilities. In total, REstore manages 1.7GW of peak load for more than 150 of Europe’s largest energy users including ArcelorMittal, Total and Sappi. REstore has offices in Belgium, France, the UK, Germany and the US.
“This acquisition is an important step forward”
With the acquisition, REstore brings key capabilities in asset optimisation, one of the five strategic pillars of Centrica Business, and is complementary to those provided by Centrica’s previous acquisitions of Panoramic Power, Neas Energy and ENER-G Cogen. The acquisition of the Belgian power management startup will also further expand Centrica’s geographic footprint into new European markets.
Jorge Pikunic, Managing Director of Centrica Distributed Energy & Power, claims, “This acquisition is an important step forward in the delivery of our strategy, expanding on our offer to business customers to help them take control of their energy and gain competitive advantage.”
“There is clearly a momentum in the market right now to further scale the go-to-market REstore's solutions"
REstore’s co-founders Pieter-Jan Mermans and Jan-Willem Rombouts are thrilled to be working with Centrica, “There is clearly a momentum in the market right now to further scale the go-to-market of REstore’s software solutions and demand response services in the UK, North America and other international markets.”