Finnish Caverion to buy Denmark-based Gunderlund

Caverion acquires Gunderlund. Image by Caverion.

March 10 (Renewables Now) - Finnish energy-efficient solutions provider Caverion Oyj (HEL:CAV1V) on Monday announced it will buy for an undisclosed amount Denmark-based Gunderlund AS, which specialises in power grid expansions and upgrades.

The move comes in response to the strong demand for power grid modernisation and expansions in Denmark. In the Nordic country, renewable energy sources are experiencing strong growth and there is a need for a grid that can take the power load from new projects and deal with the fluctuating nature of power from such sources. Denmark currently has a goal of cutting greenhouse gas emissions 70% by 2030 from the 1990 level.

Caverion, which provides projects and services for power transmission and distribution operators as well as for solar power companies in Denmark, has already worked with Gunderlund on a number of projects.

The Danish company has a headcount of about 10 and booked revenues of around EUR 3.2 million (USD 3.6m) in the year to September 2019.

(EUR 1.0 = USD 1.137)

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Before joining Renewables Now, Alex was a UK-focused business news reporter. Now she is covering global news from the renewable energy industry with a special interest in M&A.

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