Centrica buys demand response aggregator for £62 million

Demand response aggregation is expected to be a "significant growth opportunity" says Centrica

Centrica has bought Europe’s leading demand response aggregator – REstore NV – for £62 million in cash.

REstore will become part of Centrica’s international distributed energy and power unit, which provides asset optimisation and solutions to energy users under the Centrica Business Solutions banner.

According to a statement by Centrica, demand response aggregation will “become a core part of the offer to customers” and is expected to represent a  “significant growth opportunity” for the company as electricity markets evolve.

REstore is based in Antwerp and currently manages 1.7GW of peak load from industrial and commercial customers across Belgium, the UK, France and Germany.

The firm’s software and international patents are currently used by more than 150 of Europe’s largest energy users, including chemical, steel and good manufacturers.

“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,” said Centrica Distributed Energy and Power’s managing director, Jorge Pikunic.

“REstore’s proprietary technology and track record with large industrial and commercial customers will add to our optimisation capabilities and enable growth opportunities as global markets for flexibility continue to evolve.”

REstore’s co-founders, Pieter-Jan Mermans and Jan-Willem Rombouts, added: “Thiere is clearly momentum in the market right now, so we are thrilled to be working with Centrica 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.”