Danish wind power consultancy Peak Wind announced on Tuesday that it is acquiring a minority stake in domestic virtual power plant (VPP) technology provider Hybrid Greentech, so as to prepare for stronger integration between generation and Power-to-X (P2X) assets.
Subject to certain pre-agreed conditions, Peak Wind has the option to increase its holding to 27.5%. The equity investment comes as a result of a partnership established at the start of 2021.
Founded in 2018, Hybrid Greentech is developing an artificial intelligence (AI)-driven virtual power plant software for aggregating energy storage and P2X systems in the energy and power markets. The start-up's proprietary software platform, HERA, allows for intelligently sizing and managing battery solutions so as to unlock full revenue potential and optimise the lifetime cost of energy storage. The technology is used in shipping, aviation, large-scale electric vehicle (EV) charge point infrastructure and hydrogen electrolysers together with solar or wind plants.
"With this investment, we will be able to provide energy management services and solutions, which - in the near future - will be pivotal as the entire power system needs to cater for more renewable electricity and consequently more intermittency," said Lars Nagstrup Conradsen, co-founder of Peak Wind.
The transaction is scheduled to close some time this month.
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