Electrical services company GenusPlus is set to acquire a 50 per cent stake in hybrid energy solutions business Blue Tongue Energy.
GenusPlus Group announced to the market today that it had entered into a binding share sale and purchase agreement to acquire a 50 per cent of the shares in BT Energy for an initial $1 million.
Further contingent consideration is subject to BT’s’ FY22 earnings before interest and taxes.
WA-based BT offers renewable energy services and technologies to powerm oil and gas, resources industrial and commercial industries.
GenusPlus managing director David Riches said the partnership would expand its capabilities in the renewable energy market.
“Over the past 6 months, we have partnered with BT Energy on a number of renewable energy tenders, which has demonstrated a strong cultural and strategic fit between our businesses,” he said in a statement.
“As we continue to focus in this emerging sector, BT Energy adds significant design, engineering and O&M expertise on a wide range of hybrid power solutions including BESS, SPS, Solar PV, and Hybrid Microgrids.”
Genus has the option to buy the remaining 50 per cent in FY25 subject to BT’s earnings at the time.
GenusPlus shares closed the day down 0.39 per cent $1.27.
