Engie acquires major stake in Kiwi Power

Engie has acquired a majority stake in energy and flexibility aggregator KiWi Power in a deal which has seen chief executive Yoav Zingher leave the company.

KiWi Power confirmed the deal this morning, revealing that Engie had acquired the stakes held by both Zingher and fellow co-founder Ziko Abram.

French power giant Engie had already invested in KiWi three years ago. The duo entered into a “strategic relationship” in 2015 to expand the latter’s demand response services and to develop energy storage projects, and the new acquisition is intended to strengthen that collaboration.

Engie has become the majority shareholder in KiWi Power, with the second-largest share held by an unnamed private equity firm.

A statement issued by KiWi Power this morning said the deal marked the “next phase of growth” for the firm and would allow it to upscale its technology for further deployment in the UK and across the world, utilising Engie’s existing operations.