Conrad Energy Acquires Viridis Power to Create the Largest Flexible Generation Platform in the UK
Conrad Energy, a portfolio company of I Squared Capital and an independent power producer focused on flexible power generation, battery storage and energy management services for network and commercial customers, today announces a significant acceleration in its plans to support the UK energy transition. Conrad Energy has agreed to acquire Viridis Power, more than doubling its share of flexible generation for the UK power market, and bringing its operational portfolio to over 440MW at 28 sites across the UK and equivalent to the average hourly electricity needs of one million homes.
The acquisition further strengthens the power generation, trading and operational capabilities of Conrad Energy, which specialises in innovative energy solutions that provide critical grid support. Conrad is already providing commercial customers with solutions for their energy needs, including flexible generators, storage and solar. This support will be critical as the UK integrates more renewable sources into its energy mix and to mitigate the fluctuations in electricity consumption patterns from Covid-19.
Alongside Conrad Energy’s generation capacity, the company is deploying battery technology that can store up to four hours of electricity to supply power during peak demand periods, mitigate grid constraints, and moderate excessive price volatility for consumers. The company is looking at building a total storage portfolio of 200MW.
Established in 2017, Conrad Energy is one of 18 global platforms created by I Squared Capital to meet a pressing demand for infrastructure.Gautam Bhandari, Managing Partner at I Squared Capital, said, “The UK’s energy market is at a pivotal point. Demand and usage patterns are changing and the future of nuclear remains uncertain. Localised, flexible generation will be vital to bridge the gap as the country integrates more renewables into its energy mix. Renewables are here to stay, and we need a cost-effective solution that will smooth the transition. This investment will help ensure the future security and stability of the UK’s national energy supply as the country pursues its net zero ambitions.”
“This acquisition marks a significant step forward in the growth of Conrad Energy and in providing reliable, flexible power to the National Grid. The businesses complement each other well and we look forward to combining the expertise of the teams,” said Damian Darragh, Executive Chairman of Conrad Energy. “We are creating a modern utility company from the ground-up that will drive the clean energy transition by supporting the integration of low carbon energy solutions that are cost-effective for consumers. Localised generation, smart grids and behind the meter solutions are crucial pieces of the puzzle in creating a modern utility.”
About Conrad Energy
Radically transforming the way the energy market works, Conrad Energy is delivering a path toward the future of a flexible low carbon economy.
Supporting a radically changing energy market, Conrad Energy is powering the transition to a flexible low carbon economy.
A full-service independent power producer (IPP), Conrad Energy optimizes energy supply within the market by delivering fast and flexible power generation when needed. Its embedded power plants supply power in local networks and range in size from 2.5 to 40MW. Conrad Energy has a highly skilled team and is a portfolio company of I Squared Capital.
About I Squared Capital
I Squared Capital is an independent global infrastructure investment manager focusing on energy, utilities, telecom, transport and social infrastructure in the Americas, Europe and Asia. The firm has offices in Hong Kong, London, Miami, New Delhi, New York and Singapore.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20201001006000/en/
Contact information
Conrad Energy
Steven Hardman, Managing Director
+44 07477 582541
steven.hardman@conradenergy.co.uk
I Squared Capital
Andreas Moon, Managing Director and Head of Investor Relations
+1 (786) 693-5739
andreas.moon@isquaredcapital.com
Headland
Stephen Malthouse, Caroline Dobbin, Jane Glover
+44 (0)7734 956 201, +44 (0)78 8466 5526, +44 (0)78 847 42400
About Business Wire
Business Wire(c) 2018 Business Wire, Inc., All rights reserved.
Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Global CIOs geared up to scale AI but organizations aren’t as ready25.4.2024 05:00:00 CEST | Press release
AI is the CIO’s top priority, according to findings of Lenovo’s third annual global CIO report. Inside the Tornado: How AI is Reshaping Corporate IT Today, reveals that while CIOs need to adopt and scale AI urgently, their ambitions are threatened by speed, security, and other organizational functions lagging in AI readiness. In a stark contrast to previous years, CIOs are tabling non-traditional responsibilities to sharpen their focus on core IT functions. Slightly more than half (51%) of CIOs feel AI/ML is an urgent priority to address, matched only by cybersecurity. This urgency is directly correlated to the pressure that CIOs are under to drive business impact, rather than operational maintenance and preservation. 84% of CIOs revealed they are being evaluated on business outcome metrics more than ever before. “Today’s CIOs are working in a tornado of innovation. After years of IT expanding into non-traditional responsibilities, we’re now seeing how AI is forcing CIOs back to their
Mundipharma acquires all assets and rights related to REZZAYO ® (rezafungin) , reinforcing continued commitment to management of infectious diseases and specialty care therapeutic area24.4.2024 22:01:00 CEST | Press release
Mundipharma* today announced the acquisition of all assets and rights related to rezafungin globally from Cidara Therapeutics. This provides Mundipharma with global ownership of rezafungin including ongoing development and distribution. Rezafunginis a novel once-weekly echinocandin indicated for the treatment of invasive candidiasis in adults.1 Invasive candidiasis, is a severe, life-threatening infection of the bloodstream and/or deep/visceral tissues.2,3 It affects seriously ill people, especially those with a weakened immune systemand the mortality rate can be 40%4 or more.5,6 It can place a large burden on the healthcare system, with the potential for extended treatment regimens and long hospital stays.6 Over the last 15 years, there have been no new treatments and morbidity and mortality rates remain largely the same, indicating the need for alternative treatment options.7,8 “This acquisition places Mundipharma in the best position to realise the full potential of rezafungin inclu
Global Oncology Innovator BeiGene Highlights New Data across Hematology and Solid Tumor Portfolio at 2024 ASCO Annual Meeting24.4.2024 22:01:00 CEST | Press release
BeiGene, Ltd. (NASDAQ: BGNE; HKEX: 06160; SSE: 688235), a global oncology company, today announced it will share research outcomes from its broad hematology and solid tumor portfolio at the American Society of Clinical Oncology (ASCO) Annual Meeting in Chicago, May 31 - June 4, 2024. “Our presentations at this year’s ASCO highlight the strength of our growing oncology portfolio and our commitment to developing treatments that address the unmet needs of patients with B-cell malignancies and solid tumors,” Mehrdad Mobasher, M.D., M.P.H., Chief Medical Officer, Hematology at BeiGene. “The exciting data we will share during ASCO showcase BRUKINSA’s uniquely differentiated clinical profile and add to the growing body of evidence supporting its role across the blood cancer treatment paradigm.” BeiGene will share new data for BRUKINSA (zanubrutinib), which add to the robust efficacy and safety evidence differentiating it within the BTK class. Key highlights include: A network meta-analysis co
TSMC Celebrates 30 th North America Technology Symposium with Innovations Powering AI with Silicon Leadership24.4.2024 21:30:00 CEST | Press release
TSMC (TWSE: 2330, NYSE: TSM) today unveiled its newest semiconductor process, advanced packaging, and 3D IC technologies for powering the next generation of AI innovations with silicon leadership at the Company’s 2024 North America Technology Symposium. TSMC debuted the TSMC A16TM technology, featuring leading nanosheet transistors with innovative backside power rail solution for production in 2026, bringing greatly improved logic density and performance. TSMC also introduced its System-on-Wafer (TSMC-SoW™) technology, an innovative solution to bring revolutionary performance to the wafer level in addressing the future AI requirements for hyperscaler datacenters. This year marks the 30th anniversary of TSMC’s North America Technology Symposium, and more than 2,000 attended the event, growing from less than 100 attendees 30 years ago. The North America Technology Symposium in Santa Clara, California kicks off TSMC Technology Symposiums around the world in the coming months. The symposiu
Rimini Street Appoints Steve Hershkowitz as Chief Revenue Officer24.4.2024 18:50:00 CEST | Press release
Rimini Street, Inc. (Nasdaq: RMNI), a global provider of end-to-end enterprise software support, products, and services, the leading third-party support provider for Oracle and SAP software, and a Salesforce and AWS partner, today announced the appointment of Steve Hershkowitz as its new Chief Revenue Officer (CRO). This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240424061249/en/ Rimini Street Appoints Steve Hershkowitz as Chief Revenue Officer (Photo: Business Wire) “Steve’s leadership and extensive experience scaling businesses to deliver top-line growth will expand our sales reach to capture new logos and increase our opportunity to provide even greater value to our clients,” said Rimini Street president and CEO Seth Ravin. “The global revenue team and I are excited to work closely together with Steve to drive growth and broader capabilities for our company.” Leading the Next Chapter of Sales Growth and Continued Success f