Stockholm-based impact investment firm Summa Equity has announced an investment in Chester-based EA Technology, partnering with selling management and employee shareholders.
EA is a solutions provider for monitoring and management of electricity grids and assets.
“Founded in 1966, EA Technology has for decades been a pioneer within research, development and innovation in the UK electricity industry,” said Summa.
“The company’s industry-leading product suite of smart grid hardware, software and services today serves a global customer base across five regional offices, with a mission to promote the development of decarbonized, resilient, accessible and low-cost energy networks …
“Under the company’s existing leadership, EA has experienced significant growth reaching GBP 48m in annual revenue in 2023 with ~300 full time employees.
“The company is well-positioned in several markets through its leading product portfolio, industrial know-how and unique cross-disciplinary competence.
“Through Summa’s investment, EA will be able to enhance its capabilities and accelerate the delivery of its products and solutions to the market on a larger, global scale.”
Robert Davis, chairman and CEO at EA Technology, said: “Our partnership with Summa will help us scale and enhance our offerings, ensuring we remain at the forefront of smart grid technologies.
“This investment aligns perfectly with our mission to support the energy transition and drive innovation in the sector.”
Gisle Glück Evensen, Partner at Summa, said: “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.
“Solving these challenges is essential to achieve energy decarbonization and presents a multi-generational investment opportunity to upgrade and modernize grid infrastructure.
“By partnering with EA, we aim to accelerate the roll-out of EA’s industry-leading smart grid technology in the UK and internationally, accelerating the transition to a cleaner, more sustainable energy future.”