HNH acted as Lead Corporate Finance Advisor for Powerhouse. HNH Head of Sustainability, Paul Gleghorne, commented “HNH were delighted to act for the company on this transaction. Powerhouse provides vital services to facilitate renewable energy on the grid and reduce energy demands of large consumers. The acquisition by Cool Planet Group will facilitate the growth of the company’s services in the sector.”
Powerhouse Generation Ltd was founded in 2013 as a DSU aggregator operating within Ireland’s electricity market. Since inception, Powerhouse has added DS3 trading and consultancy services to its offering. Powerhouse Energy Management Ltd was setup in 2019 and acts as an advisor and broker in the energy sector giving Powerhouse a full suite of energy management services.
HNH Head of Deal Advisory, Richard Moorehead, stated “this transaction is indicative of HNH’s increased focus on working with companies in the sustainability sectors, including renewable energy and waste management. These sectors are key growth areas for HNH and we are continuing to grow our Sustainability team in Belfast.”
Commenting on the acquisition, Richard Watson, Chairman of Powerhouse, said “we are looking forward to working with Cool Planet Group and accelerating our growth plans and expansion into new markets.”
Alan Keogh, chief executive of Crowley Carbon, says Powerhouse’s “demand response capabilities will compliment our existing offerings of solar PV, battery storage, electrification of heat, EV chargers and vehicle to grid, enabling us to reduce carbon and greenhouse gas emissions in plants for a net zero future. We can now create new offerings that combine energy efficiency, renewable power, EV-charging and sustainability and compliance reporting to help organisations reach their net-zero carbon goals.”
Tughans in Belfast, led by James Donnelly, acted as legal advisors to Powerhouse.