Drax completes acquisition of AI-enabled asset optimisation platform
Drax is pleased to announce it has completed the acquisition of Flexitricity Limited (“Flexitricity”), a UK-based optimiser of flexible energy assets, from Quinbrook.
Founded in 2004, Flexitricity provides optimisation and route-to-market services to owners of flexible energy assets, via its proprietary controls platform, enabling their participation in the wholesale energy, balancing and ancillary services markets. Flexitricity provides both front-of and behind-the-meter solutions for grid scale assets as well as demand response services to over 900MW of operational assets, primarily battery energy storage systems (BESS), gas peakers, renewables and demand-side response.
Flexitricity’s scalable platform is expected to support Drax’s plans to develop a gigawatt-scale pipeline of BESS opportunities comprised of physical assets and the capability to optimise third-party assets with the provision of route to market, floor and tolling structures. Drax already provides a route to market for c.2,000 embedded third-party renewable assets with capacity of c.800MW via its Drax Energy Solutions business.
Drax Group Chief Commercial Officer, Paul Sheffield, said: “This is an exciting moment for both Drax and Flexitricity as we bring two great teams together. The completion of the acquisition provides Drax with AI-enabled optimisation capabilities that will enhance how we manage and monetise flexible generation and storage assets.
“As we continue to develop our gigawatt-scale pipeline of BESS opportunities, alongside our other flexible generation assets, we can enhance our system support, further strengthen security of supply and deliver 24/7 renewable power to our customers
“We will continue to explore options to invest in flexible and renewable energy, creating value for stakeholders and attractive returns for shareholders in line with our capital allocation policy.”
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