Energy solutions provider Powerstar has attained additional investment from existing shareholder SCF Partners, with SCF taking full ownership of Powerstar, the two companies announced in separate press releases. Financial terms were not disclosed.
Previously a minority shareholder in Powerstar as of December 2021, the transaction will support Powerstar’s growth and development of smart electrification solutions. The company also develops battery energy storage systems.
“Global demand for electricity will grow significantly in the coming decade as transportation and other sectors of the economy move towards electrification,” said Colin Welsh, partner with SCF and Powerstar board director. “Powerstar’s unique solutions will be critical in enabling reliable and affordable energy supply as consumers move to decarbonize. SCF is excited to continue our support of the Powerstar team and their goal of overcoming the complex power management challenges of the energy transition.”
Powerstar’s Founder and CEO Dr. Alex Mardapittas will step down as chairman and director but continue to serve as a consultant. Solon Mardapittas will succeed Dr. Mardapittas as CEO.
“Alex has been the driving force behind Powerstar’s success all these years,” said Solon Mardapittas. “This further investment and commitment from SCF demonstrate the strength of Powerstar’s positioning in the net zero and decarbonization space.”
Headquartered in Sheffield, U.K., Powerstar was founded in 2001 and designs and manufactures power resilience technologies.
Recommended Reading
NOV Announces $1B Repurchase Program, Ups Dividend
2024-04-28 - NOV expects to increase its quarterly cash dividend on its common stock by 50% to $0.075 per share from $0.05 per share.
Repsol to Drop Marcellus Rig in June
2024-04-28 - Spain’s Repsol plans to drop its Marcellus Shale rig in June and reduce capex in the play due to the current U.S. gas price environment, CEO Josu Jon Imaz told analysts during a quarterly webcast.
US Drillers Cut Most Oil Rigs in a Week Since November
2024-04-26 - The number of oil rigs fell by five to 506 this week, while gas rigs fell by one to 105, their lowest since December 2021.
CNX, Appalachia Peers Defer Completions as NatGas Prices Languish
2024-04-25 - Henry Hub blues: CNX Resources and other Appalachia producers are slashing production and deferring well completions as natural gas spot prices hover near record lows.
Oceaneering Won $200MM in Manufactured Products Contracts in Q4 2023
2024-02-05 - The revenues from Oceaneering International’s manufactured products contracts range in value from less than $10 million to greater than $100 million.