Power equipment supplier Aggreko has completed the acquisition of energy storage developer, Younicos.

The £40 million deal will see Aggreko strengthen it's position as global energy markets "continue to evolve".

In addition, the company said the acquisition is "in line with our strategy to invest in technology in order to reduce the cost of energy for our customers".

Younicos delivers smart energy solutions integrating battery storage, which are modular and scalable. Its knowledge of batteries combined with proprietary control systems, enables the seamless integration and management of all forms of power, including thermal, renewable and battery energy resources.

Aggreko said: "The capabilities brought by Younicos, leveraged through our global footprint and experience in distributed power generation, are compelling. The Younicos integration and control systems, combined with batteries, can be deployed across our existing business to lower the cost of energy, ensure reliability and reduce carbon emissions for our customers around the world."

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Chris Weston, Aggreko Chief Executive, said: "As energy markets continue to decarbonise, decentralise and become more digital, the integration and control of multiple energy sources, including thermal and renewable, will be essential to ensure the provision of reliable power.

"As a pioneer of smart energy solutions based on battery storage, Younicos is at the forefront of this trend. Together we are a powerful combination; our scale, fleet and global presence, coupled with a smart energy capability, will allow us to open up new markets and provide our customers around the world with a reliable, cheaper and cleaner source of energy."

Stephen Prince, Younicos Chief Executive, said: "We are delighted to be joining with a market leading power provider in Aggreko. Batteries are an economically attractive and reliable asset which will play an increasing role as we transition from today's energy market to the energy market of the future. Integration and management of multiple distributed energy sources will be necessary to optimise energy systems and deliver customers with greater stability at a lower economic and environmental cost."

(LM)