Restore, a Belgian pioneer in energy technology, was purchased by the British energy company Centrica for €70m. REstore specializes in demand management for electricity and developed software that can be used to remotely increase or decrease the power consumption of large companies. They do that by, for instance, cooling the refrigerators in cold stores earlier or later.
This so-called demand management is needed because of the rise of renewable energy from wind and sun. Indeed, it is very difficult to predict how much electricity solar panels and wind turbines will generate, with fluctuations between supply and demand as a result. If these differences are not eliminated within thirty seconds, they can have disastrous consequences for the entire high-voltage grid. The entire grid might even go down, resulting in the lights being off everywhere.
The business will form part of Centrica’s international Distributed Energy & Power unit, which provides energy insight, asset optimisation and energy solutions to large energy users under the Centrica Business Solutions banner. Through this acquisition, demand response aggregation will become a core part of the offer to customers and is expected to represent a significant growth opportunity for Centrica as global electricity markets evolve.
REstore’s co-founders Pieter-Jan Mermans and Jan-Willem Rombouts, said: “There is clearly a momentum in the market right now so we are thrilled to be working with Centrica to further scale the go-to-market of REstore’s software solutions and demand response services in the UK, North America and other international markets.”