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Downing-backed Pivot Power acquired by EDF Renewables UK
Pivot Power, a privately-owned developer of transmission-connected battery storage and electric vehicle (EV) charging networks, has been acquired by EDF Renewables UK from funds managed by Downing LLP.
Downing has partnered with Pivot Power since its inception, having provided key investment and support over the course of the last two years to secure 45 sites across the UK as part of the first stage of a world-first EV charging and grid connected battery network. The funding and support have helped Pivot Power grow from two members of staff to a team of fifteen in that period.
As well as providing critical infrastructure for EV charging, Pivot Power’s battery development portfolio (at 2GW across 45 sites) represents a huge increase in battery capacity for the UK market. This storage capability creates a key resource for the National Grid, allowing it to better manage increasing supply and demand issues and support the integration of more renewable energy resources as part of the UK's sustainable energy mix.
The divestment is the latest in a series of transactions that Downing has completed in the space, building on the installation of one of the UK's largest behind-the-meter battery storage systems at Arsenal Football Club’s Emirates Stadium in November last year and the acquisition, structuring and ongoing construction of the first of Pivot Power’s projects in Southampton, now owned by Downing.
Sean Moore, Investment Director at Downing LLP, comments: “We are delighted that the dedication and ambition of Pivot Power’s management team has been recognised by EDF Renewables UK and are confident that this acquisition will really help accelerate the firm’s next stage of growth.”
Colin Corbally, Partner and Head of Investment Strategy at Downing, adds: "At Downing we’re also extremely proud to play a small part in supporting the UK's transition towards sustainable energy and transport, both through our support for Pivot Power and through our ongoing investment in the UK’s first rapid EV charging station and battery storage site in Southampton. This is a brilliant example of the type of profitable investment with the environmental and social impact which Downing is committed to seeking out on behalf of our investors.”
Matt Allen, Chief Executive Officer of Pivot Power, comments: “The Downing team have been a key part of Pivot Power's journey so far and have helped us reach where we are today. We're delighted to have had their support and now look forward to the next stage of our journey as a business.”
The investment came via Downing’s Estate Planning Service, which is a flexible discretionary managed portfolio service for UK investors. By investing in unlisted UK trading businesses, their investment is exempt from inheritance tax after two years.