Engie Acquiring Texas-based power storage firm
- August 24, 2023
- Posted by: Quatro Strategies
- Categories: ESG & Renewable Energy, Europe, EVs & Battery Technology, United States
French utility company Engie has announced its acquisition of full ownership of Broad Reach Power, a power storage company based in Houston, Texas. This move is part of Engie’s broader strategy to expand its global battery infrastructure capabilities.
The acquisition deal involves assets that are currently in operation with a combined capacity of 350 megawatts. Additionally, there are ongoing projects under construction that amount to 880 megawatts, as well as projects in an advanced project stage that collectively reach 1.7 gigawatts.
The transaction is set to be finalized in the fourth quarter of this year, and specific financial details have not been disclosed at this time. This acquisition underscores Engie’s commitment to strengthening its presence in the energy storage sector and aligns with the broader trend of companies investing in renewable energy and energy storage technologies to meet sustainability goals and adapt to changing energy landscapes.
“This acquisition is fully in line with ENGIE’s strategy: it will contribute to the development of a low-carbon, affordable and resilient energy system where flexible assets will play a critical role alongside renewables.” Engie CEO Catherine MacGregor said
Interested in learning more?
Sign up for Top Insights Today
Top Insights Today delivers the latest insights straight to your inbox.
You will get daily industry insights on
Oil & Gas, Rare Earths & Commodities, Mining & Metals, EVs & Battery Technology, ESG & Renewable Energy, AI & Semiconductors, Aerospace & Defense, Sanctions & Regulation, Business & Politics.
Read more insights
China’s industrial sector under strain as global trade tensions escalate
China’s industrial sector continues to grapple with severe margin pressures, as official data showed profits declining for the second straight month in June. The 4.3% year-on-year drop in industrial profits last month follows a sharper 9.1% plunge in May, underscoring the deepening challenges of deflation, weak domestic demand, and global trade instability.
The overall profitability of industrial firms in the first half of 2025 declined by 1.8% compared to the same period last year, accelerating slightly from the 1.1% decline recorded in the first five months. The deterioration comes despite Beijing’s efforts to stabilize growth, and it reinforces the growing concern that China’s post-COVID recovery remains fragile and uneven across sectors.
Start-ups race to transform rare earth refining, posing challenge to China’s dominance
In the race to transform the refining process for rare earth minerals, start-up technology firms are emerging as contenders, seeking to revolutionize a sector that plays a crucial role in electronic devices and clean energy technologies. The existing industry standard for rare earth refining, known…
Chinese property developer Country Garden at risk of default
Chinese property developer Country Garden is facing another deadline, with two coupons totaling $66.8 million due on Monday. These coupons are tied to Country Garden’s bonds maturing in April 2024 and April 2026. While the payments have a 30-day grace period, the company faces a…