(Sharecast News) - Quality assurance group Intertek has agreed to acquire solar energy and energy storage sector services provider Clean Energy Associates as part of an effort to expand its end-to-end sustainability offering.
Intertek said on Friday that the acquisition of Clean Energy Associates presented a "compelling opportunity" for the group to expand its sustainability service offering in the "fast-growing" quality assurance market for solar energy and energy storage.
The FTSE 100 listed group, which opted not to disclose any financial terms related to the deal, noted that the transaction was still subject to customary closing conditions and was expected to complete in early August.
Intertek also highlighted that CEA had "a strong track record" of organic growth, generating revenues of £21.7m in 2021.
Chief executive André Lacroix said: "With rapid changes taking place within the world's energy mix, the regulatory environment is becoming more complex as the pace towards decarbonisation and Net Zero speeds up. Solar power generation is expected to become the fastest-growing electricity source in the years ahead, bringing with it a heightened demand for mission-critical, end-to-end Total Quality Assurance solutions.
"We welcome the CEA team to Intertek and look forward to working together to seize the attractive opportunities ahead, supporting companies within the solar PV and energy storage industries on their sustainability journeys."
Reporting by Iain Gilbert at Sharecast.com
Intertek Group (ITRK)