Quinbrook has sold its Flexitricity energy-optimization business to Drax Smart Generation HoldCo, a subsidiary of Drax Group.
The agreed-on sale price generates expected total sale proceeds of approximately £42 million ($57 million), which represents an enterprise valuation of £36 million ($48 million) plus an estimated net working capital and cash adjustment of £6 million ($8 million), which is subject to customary closing adjustments.
Quinbrook first acquired the next-generation flexible energy platform in 2020. Since then, Quinbrook has invested in Flexitricity’s growth, more than doubling its contracted portfolio of flexible energy assets from 540 megawatts to approximately 1.3 gigawatts of distributed capacity, including battery storage, industrial demand response and flexible generation.
From its 24/7 control room in Edinburgh, Scotland, Flexitricity uses data science–powered optimization tools and real-time trading to manage a portfolio of customer
