ENGIE North America Acquires Genbright

HOUSTON–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/DER?src=hash” target=”_blank”gt;#DERlt;/agt;–ENGIE North America Inc. today announced the acquisition of Genbright
LLC of Hingham, MA, a company pioneering the integration of distributed
energy resources into wholesale electricity markets. The purchase
enables ENGIE and its DER businesses, including ENGIE
Storage
, to further the adoption and growth of DERs within markets
throughout the United States. ENGIE Storage has been working with
Genbright since 2017 to unlock the full potential of energy storage by
establishing the capability to deliver valuable competitive services
into wholesale electricity markets. ENGIE’s purchase of Genbright
enables the full integration of wholesale market bidding, scheduling,
and dispatch optimization capabilities into ENGIE Storage’s GridSynergy®
platform. Genbright currently manages a portfolio of more than 50 MW of
DERs, including front and behind-the-meter solar, demand response and
energy storage, using its proprietary wholesale market platform. The
purchase was finalized on May 10, 2019.

“This acquisition coupled with ENGIE Energy Marketing NA’s power market
operations allow ENGIE Storage to deliver co-optimized energy storage
services seamlessly that span from behind-the-meter peak demand shaving
and energy arbitrage to in-front-of the-meter wholesale electricity
market capacity, energy, and ancillary services, all from a single
energy storage asset,” said Christopher Tilley, chief executive officer
of ENGIE Storage. “This unique, integrated capability allows us to
unlock significant additional value for our customers.”

Distributed energy storage and grid storage can improve the reliability,
resiliency, and stability of the electricity grid, and enable the
adoption of more renewable energy resources such as wind and solar.
Recognizing these benefits, the Federal Energy Regulatory Commission
issued an order for electric grid operators across the country to
establish rules allowing the full participation of energy storage
resources in regional wholesale electricity markets. ENGIE’s acquisition
of Genbright ensures that ENGIE Storage is positioned to deliver
capacity, energy and ancillary services effectively in markets operated
by Regional Transmission Organizations and Independent System Operators
as these rules are rolled out across the United States.

“This acquisition paves the path toward realizing the stacked-value
stream potential of energy storage referred to by so many in the energy
industry,” said Tim Larrison, chief financial officer of ENGIE Storage
who along with Tilley will serve as a director on the Genbright board.
“Working with Genbright will further support both ENGIE Storage’s market
offerings and asset management of ENGIE North America’s generation
portfolio.”

“ENGIE has played a leading role in market development from shaping
policy to new business models designed to get more storage on the grid,”
said Joseph G. Crespo, chief executive officer from Genbright. “We look
forward to supporting ENGIE North America’s energy storage and
generation portfolio.”

About ENGIE in North America Inc.

ENGIE North America manages a range of energy businesses in the United
States and Canada, including clean power generation, cogeneration, and
energy storage; retail energy sales; and comprehensive services to help
customers run their facilities more efficiently and optimize energy and
other resource use and expense. Nearly 100 percent of the company’s
power generation portfolio is low carbon or renewable. Globally, ENGIE
is the largest independent power producer and a leading energy
efficiency services provider in the world, with operations in 70
countries employing 160,000 people, including 1,100 researchers in 12
R&D centers. For more information on ENGIE North America, visit our Instagram,
LinkedIn, Twitter,
or Facebook
pages or www.engie-na.com
web site.

About ENGIE Storage Services NA LLC

ENGIE Storage helps power the world more efficiently and sustainably. As
the nation’s number one distributed energy storage company, it serves
energy producers, distributors, and consumers, including utilities,
network operators, and energy consumers in business and government.
Visit www.engiestorage.com
to learn more.

Contacts

Julie Vitek
713 636 1962
julie.vitek@engie.com

Anne Smith
408 313 8089
anne.smith@engie.com

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