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.
2023-10-02 - Eastern Energy’s acquisition of Conquest Completion Services gives Eastern access to favorable positions in the Permian and Eagle Ford.
2023-10-02 - OneSubsea, a joint venture between SLB, Aker Solutions and Subsea7, looks to improve subsea asset performance and efficiency while decreasing emissions.
2023-10-02 - Dallas-based Dorchester Minerals continues to scoop up oil and gas mineral and royalty interests in the Lone Star State.
2023-10-02 - HEYCO Energy purchased Egdon’s assets, containing interests in 33 licenses in the U.K. including Wressle Field, the country’s second-biggest oil field by volumes.
2023-09-29 - Primarily operated by Endeavor and Ovintiv, the acquisition encompasses approximately 5,000 net royalty acres in Midland’s Martin and Dawson counties, Texas.