Energy company Pinergy acquired by Tokyo-based multinational
Founder Executive Enda Senior (pictured) And Chief And Including Team, Gunnell Will Lead Continue The Executive To Bastable, Chairman Peter The Business Management
Irish energy company Pinergy has been acquired by Tokyo-based multinational corporation Sojitz Group for an undisclosed amount subject to competition authority approval.
As part of the deal, Sojitz has taken a majority stake in the business having acquired the holdings of long-term shareholders the Coates Family. Key senior executives will retain a shareholding in the business.
The Coates Family is headed by patriarch Peter Coates who co-founded Bet365 and is the current owner of Stoke City football club.
The change in ownership will not affect day-to-day operations at the company. The senior management team, including founder and chief executive Enda Gunnell and executive chairman Peter Bastable, will continue to lead the business.
The Sojitz Group consists of approximately 400 subsidiaries and affiliates located in Japan and throughout the world.
Sojitz already holds several wind and solar energy generation investments across Europe including wind generation assets in Ireland. It also has a stake in Spanish energy supplier, Nexus Energía, which will also take a small stake in Pinergy as part of the transaction.
Chief executive of Pinergy Enda Gunnell said partnership with Sojitz Group will be “ instrumental to supporting Pinergy’s growth plans and trajectory in the coming years”.
“We have a shared vision and ambition to become a vertically integrated supplier, enabling Pinergy to both generate and supply its own renewable energy for the benefit of our customers,” he said. Mr Gunnell also thanked the Coates family for their investment over the years.
General manager of Sojitz’s Energy Solutions Business, Yasushi Asano, said “through our participation in Pinergy, we believe that we can align renewable generation and retail businesses together to further contribute to Ireland's decarbonisation efforts”.
Pinergy launched in 2013 and today supplies green electricity and provides technology-driven energy solutions, including solar PV installations, energy measurement, and EV charging infrastructure.
Last year, the company reported revenues of €215m — a 38% increase year-on-year. It currently has a customer base of 30,000 domestic customers and 10,000 commercial customers.
The company reported an operating profit of €10.6m for 2023, compared to a loss of €6.1m in 2022. Pinergy directly employs 141 people in Dublin and in Enniscorthy, Co Wexford.