Investment helps EA Technology smarten grids
- October 21, 2024
- Steve Rogerson
Norwegian private equity firm Summa Equity, known for its sustainability-focused approach, has invested in UK electrical asset management and smart grid company EA Technology.
The electricity sector is on the cusp of major transformation, driven by the need for decarbonisation, infrastructure modernisation and the rise of renewable energy. With Summa Equity’s investment, EA Technology is poised to address these challenges while accelerating its global growth and innovation.
As energy grids become more complex, operators face mounting pressures to maintain reliability and integrate distributed energy resources. EA’s technology could be critical in supporting this transition, ensuring that grids remain resilient, flexible, and sustainable.
Summa Equity invests in companies that provide innovations for a sustainable future. This shared vision was a pivotal factor in the collaboration with EA Technology.
“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,” said Gisle Glück Evensen, partner at Summa Equity. “Solving these challenges is essential to achieve energy decarbonisation and presents a multi-generational investment opportunity to upgrade and modernise grid infrastructure. By partnering with EA Technology, 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.”
Robert Davis, CEO of EA Technology, added: “Our partnership with Summa Equity 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. Summa Equity’s focus on sustainability and innovation makes them the ideal partner to help EA Technology expand its reach in existing and new markets.”
Over the next decade, significant investments in digital technologies and grid infrastructure will be required to meet growing energy demands. EA Technology (eatechnology.com) is well-positioned to provide operators with tools to navigate this integration. This partnership with Summa Equity (summaequity.com) should further enhance EA Technology’s ability to lead the energy transition.
Founded in 1966, EA Technology specialises in asset management and monitoring for electrical networks and assets. Headquartered in the UK, the company provides software and services to electricity generation, transmission and distribution companies, as well as power plant owners.