m&a activity
Houston clean energy startup acquired by battery storage company FlexGen
A North Carolina company has acquired Houston-based Clean Energy Services, a provider of services for battery energy storage systems and utility-scale solar, for an undisclosed amount.
The buyer is Durham, North Carolina-based FlexGen Power Systems, a provider of battery energy storage software and services.
Clean Energy Services (CES), whose offices are at the Ion, will operate as a subsidiary of FlexGen. Existing CES customers will continue to receive services from CES without disruption or change, FlexGen says.
“Demand for reliable, high-performance power is accelerating, and customers need partners who can deliver at scale,” Kelcy Pegler, CEO of FlexGen, said in a news release. “The addition of CES strengthens our service platform and reinforces our leadership in energy storage technology.”
Ahmad Atwan and Constantine Triantafyllides co-founded CES in 2022. As a startup, CES had raised $8 million in venture capital, according to PitchBook.
“CES has achieved a market leadership position in battery storage services by focusing on reliable speed of service delivery and optimizing asset performance,” Atwan, the company’s CEO, added the release. “FlexGen and CES have been strong partners for years, and this transaction enables us to deliver more robust solutions across a complementary set of customers and markets.”
CES will continue to operate its remote operations center in Houston for over 1 gigawatt of solar assets and 4.5 gigawatt-hours of battery assets, while FlexGen will maintain its remote operations center in Durham.