(RTTNews) - Drax Group plc (DRXGY, DRX.L), a renewable energy company, on Wednesday said the company has agreed to acquire Flexitricity Ltd., an optimiser of flexible energy assets, from Quinbrook Infrastructure Partners Ltd., in a deal valued at 36 million pounds.
The transaction is expected to be completed in the first quarter of 2026.
The acquisition is expected to deliver returns significantly above Drax's weighted average cost of capital.
Flexitricity helps manage and sell energy from over 900MW of assets, including batteries, gas peakers, renewables, and demand-response, using its own digital platform.
Drax said Flexitricity's scalable platform will support plans to develop a gigawatt-scale battery energy storage pipeline, alongside optimisation of third-party assets.
Flexitricity was founded in 2004 and is based in Edinburgh, employs about 85 people, who will join Drax following completion of the transaction.
On Tuesday, Drax closed trading, 1.90% lesser at GBp 879.50 on the London Stock Exchange.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
