Switzerland-based MET Group announces the acquisition of Comax, an independent producer of electricity which, after investing in combined heat and power generation, directed its attention to battery energy storage systems (BESS).
Original article in French: Le Figaro
The transaction, the amount of which was not disclosed, is indicative of a fundamental trend in the sector. Small participants in the energy transition are changing hands through mergers and acquisitions or equity investments by infrastructure funds.
MET Group, already present in France through its trading activities, is making its first asset acquisition in the country. The move will back up the company’s European portfolio. The group, present in 15 countries, boasted a turnover of EUR 24.5 billion in 2023. Comax adds 170 megawatts of small-scale cogeneration capacity and 29 MW of storage capacity. "Above all, Comax has projects of several hundred MWh in development. With this acquisition, we are providing the capital needed to implement them," explains MET Group CEO Benjamin Lakatos, convinced that the energy storage market offers significant growth potential.
The development of renewables in France and Europe means that we need to set up systems to compensate for their intermittent nature. "When there's no wind or sun, consumers still need electricity. The first issue is security of supply," adds Benjamin Lakatos. Several solutions exist: nuclear generation, hydroelectricity, gas-fired power plants and battery storage. “European regulators are pushing producers to abandon gas. Batteries will replace gas in the long term, but it's important to stress that gas will remain an essential fuel for the energy transition," he believes.
Flexibility pays off
Battery energy storage systems have a bright future ahead of them - by securing electricity supplies while renewables are expanding, and also in bringing flexibility to the market. MET Group bets on this dual opportunity. On the one hand, batteries enable electricity to be stored for resale when spot prices are more attractive; on the other, they can be favoured for the flexibility they bring to the grid.
"The problem with the energy transition is that many players are waiting for decisions from the regulator, from Europe, and for public financial support... We prefer to bet on small assets, like battery energy storage systems, that can make a difference," adds Benjamin Lakatos, convinced that we should put our trust in entrepreneurs. "We're not going to solve France's problems on our own, but we can help find solutions.”