French oil giant Total expands into US microgrid market with Go Electric acquisition

Dive Brief:

  • Battery manufacturer Saft, a subsidiary of French oil company Total, on Tuesday announced that it is buying Indiana-based microgrid solutions provider Go Electric for an undisclosed price.
  • It’s Total’s third investment in a grid-edge technology company in the last two years, following deals with sustainability company Green Flex and battery developer Iconic materials. 
  • The acquisition of Go Electric is an important step in Saft’s strategy to accelerate the growth of its energy storage systems business, Philippe Sauquet, president of gas, renewables and power at Total, said in a statement.

Dive Insight:

What started as a spree has seemingly turned into a long-term strategy for many European energy giants as they prepare for the energy challenges of the future, investing in small, grid-edge companies.

Saft, which was acquired by Total in 2016 for $1.1 billion, is adding to this ever-increasing list through its acquistions of U.S. microgrid solutions provider Go Electric.

Go Electric, founded in 2011, offers battery storage microgrid solutions that deliver uninterruptible power to facilities, lower energy costs, allow the integration of more renewables, and provide grid stabilizing services.

For Total, the purchase of Go Electric through Saft is the third investment in a grid-edge technology company in the last two years. The company inked a deal with sustainability company Green Flex in the third quarter of 2017, followed by an investment in U.S. battery developer Iconic materials in April 2018. 

Total Energy Ventures, the venture capital arm of the French conglomerate, has invested around $160 million in over 30 start-ups in the technology and energy sector, Reuters reported in April last year.

The deal with Saft will accelerate the company’s growth beyond North America by benefiting from Saft’s brand recognition and long-standing experience, Go Electric CEO Lisa Laughner said in a statement.

2019-06-19T09:59:00-05:00Solar News|