PPK Group Takes Majority Ownership of PowerPlus Energy

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PPK Group, the technology incubation and commercialization investor, has completed its acquisition of lithium battery manufacturer PowerPlus Energy, taking majority ownership. 

As part of its objective to build sovereign competence in the clean energy revolution and encourage Australian-made growth, PPK had previously disclosed its plans to purchase a 33% ownership in the company for AUD 1.8 million ($1.3 million) in March. 

The largest privately-owned lithium battery producer in Australia PowerPlus Energy, situated in Melbourne, employs about 80 people, and its network of distributors and installers spans both Australia and New Zealand.

PowerPlus Energy has a strong reputation for providing innovative solutions combining battery storage technology with solar energy. The company has completed over 50 commercial projects across Australia, including installations for leading Australian companies such as Woolworths, Linfox and Officeworks.

Recently, Australian diversified engineering firm PPK Group announced on May 4 that it had completed the acquisition of the energy storage and solar solutions provider. The investment involves purchasing all of PowerPlus Energy’s equity for AUD 30 million ($23 million).

PowerPlus Energy will be integrated into PPK’s subsidiary, ElecKor. The integration is expected to create synergies between the two companies and strengthen PPK’s position in the growing renewable energy market.

Lithium ferro phosphate cell technology is used in PowerPlus Energy’s modular battery storage solutions, primarily sold to off-grid residences and businesses. With growth plans to raise capacity to more than 200MWh during the next 12 months, it now provides customers with more than 50MWh of energy storage annually. The business also intends to enter the market for residential on-grid battery storage.

PPK Group Chairman Robin Levison said the acquisition was an important milestone for PPK Group as it continues diversifying its business operations.

“As the world continues to shift towards renewable energy, storing that energy will play a crucial role in the reliability and efficiency of the entire energy system,” said Levinson.

The acquisition is a significant development in PPK’s push to expand its presence in the renewable energy market. The company has recently partnered with other energy companies to develop large-scale renewable energy projects in Australia. The acquisition of PowerPlus Energy is expected to enhance its capabilities in the sector further.

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