Conrad Energy, the Abingdon-based portfolio company of I Squared Capital and an independent power producer focused on flexible power generation, battery storage and energy management services, has announced the acquisition of the leading software provider in the flexible power generation market, TGG Solutions.
TGG is one of Conrad Energy’s major software providers that specialises in solutions for the management of flexible power assets in a dynamic energy environment. Its flagship product, iON, has already been deployed across the Conrad Energy portfolio of power and battery storage assets.
It is the main Supervisory Control and Data Acquisition (SCADA) system that links Conrad Energy’s commercial desk to the sites that it manages, by communicating in real-time with all the assets. This product will be combined with Conrad Energy’s in-house algorithmic trading and asset management capabilities.
Damian Darragh, Executive Chairman at Conrad Energy, said: “The acquisition of TGG will allow us to move quickly towards our goal of market-leading sophistication in the management of flexible power generation, renewable energy and battery storage assets, whether connected to the grid or directly to our customer’s sites.
“With the TGG team joining the business, we will be well equipped to build further upon our approach of end-to-end process automation for system forecasting, decision making, order placing, dispatch and asset monitoring. As intermittent renewable energy and battery storage increase within the UK system, these capabilities become ever more important.”
Conrad Energy is the UK’s largest flexible power producer with over 600MW of generation across 45 sites, and over 200MWh of battery storage in construction to add to their existing 40MWh storage site. Conrad Energy works with commercial clients to maximise the potential of on-site generation and energy import
Steven Hardman, Chief Operating Officer at Conrad Energy, said: “Owning and operating assets gives us the insight to manage third party assets. Our Power Purchase Agreements (PPAs) give customers peace of mind and optimal outcomes, whatever the technology, as we treat their generation like our own.
“We believe that value can only be fully unlocked by having cutting-edge, automated processes. The acquisition of TGG will enable our teams to make the most of all market opportunities for the benefit of both our portfolio and the customers we serve.”
TGG co-founders Chris Cody and Rhys Kirk said, “Conrad Energy shares our vision that business success in the energy transition era requires state-of-the-art system design with algorithmic trading and machine learning techniques at the fore.
“We are delighted to be combining our companies to deploy the modern computing solutions that the power market needs.”