UK-based electrical asset management and smart grid solutions provider EA Technology has secured a strategic investment from Norwegian private equity firm Summa Equity.
The investment aims to support the growing complexity of energy grids, which face increasing challenges related to reliability and the integration of distributed energy resources, according to EA Technology.
Summa Equity's involvement will accelerate the rollout of EA Technology's smart grid solutions in the UK and internationally. Gisle Glück Evensen, partner at Summa Equity, emphasized the importance of upgrading grid infrastructure to handle the transition from fossil fuels to renewable energy.
“Transitioning from a fossil fuel-based system to renewables presents a significant challenge to today's electricity grids, driven by rapidly increasing electricity demand, intermittency and multi-directional flows,” Evensen said. He described this shift as “a multi-generational investment opportunity” necessary for energy decarbonization.
Robert Davis, EA Technology's chief executive, expressed enthusiasm about the partnership, noting its potential to enhance the company's offerings. “Our partnership with Summa Equity will help us scale and enhance our offerings, ensuring we remain at the forefront of smart grid technologies,” Davis said.
He added that Summa Equity's focus on sustainability and innovation made it the ideal partner for EA Technology's expansion into new and existing markets.
