Summa Equity invests in EA Technology to accelerate the energy transition through a smarter grid
October 14th, 2024, Stockholm: Impact investment firm Summa Equity (“Summa”) today announces its investment in EA Technology (“EA”), partnering with selling management and employee shareholders. EA is a leading solutions provider for monitoring and management of electricity grids and assets, headquartered in the UK.
Founded in 1966, EA Technology has for decades been a pioneer within research, development and innovation in the UK electricity industry. The Company’s industry-leading product suite of smart grid hardware, software and services today serves a global customer base across five regional offices, with a mission to promote the development of decarbonized, resilient, accessible and low-cost energy networks.
Gisle Glück Evensen, Partner at Summa, commented: “Transitioning from a fossil fuel-based system to renewables presents a significant challenge to today’s electricity grids, driven by rapidly increasing electricity demand, intermittency and multi-directional flows. Solving these challenges is essential to achieve energy decarbonization and presents a multi-generational investment opportunity to upgrade and modernize grid infrastructure. By partnering with EA, we aim to accelerate the roll-out of EA’s industry-leading smart grid technology in the UK and internationally, accelerating the transition to a cleaner, more sustainable energy future."
Under the company’s existing leadership, EA has experienced significant growth reaching GBP 48m in annual revenue in 2023 with ~300 full time employees. The company is well-positioned in several markets through its leading product portfolio, industrial know-how and unique cross-disciplinary competence. Through Summa’s investment, EA will be able to enhance its capabilities and accelerate the delivery of its products and solutions to the market on a larger, global scale.
Robert Davis, Chairman and CEO at EA Technology, commented: “Our partnership with Summa will help us scale and enhance our offerings, ensuring we remain at the forefront of smart grid technologies. This investment aligns perfectly with our mission to support the energy transition and drive innovation in the sector.”
Investing from its EUR 2.3bn Summa Equity Fund III, the investment leverages Summa’s established history of enhancing portfolio companies’ strategies for value creation, aiming to drive sustainable growth and address critical global issues.
The acquisition of EA Technology aligns with UN Sustainable Development Goal (“SDG”) #7 through providing solutions that ensure affordable, reliable and modern energy services, and SDG #9 through increasing the resilience of grid infrastructure.
About EA Technology
Founded in 1966, EA Technology is a global leader in asset management and monitoring solutions for electrical networks and assets. Headquartered in the UK, the Company provides innovative products, software and services to electricity generation, transmission, and distribution companies, as well as major power plant owners. EA Technology is committed to building safer, stronger, and smarter energy networks, supporting the transition to low-cost, resilient, and decarbonized energy systems. With expertise in preventing outages, optimizing network operations, and extending asset life, EA Technology helps its clients make smarter investment decisions and future-proof their energy infrastructure.
About Summa
Founded in 2016, Summa is an impact investor focusing on three thematic areas: Resource Efficiency, Changing Demographics, and Tech-Enabled Transformation. The purpose of Summa is to invest in solving our global challenges.
Summa has c. EUR 5 billion in assets under management and has made over 30 platform investments across the three funds raised to date. Investments have the potential for long-term sustainable outperformance because they address some of the social, environmental, and governmental challenges we need to solve as a society.
The team is located in Northern Europe, with offices in Stockholm, Oslo, and Munich. Partnerships are part of Summa’s DNA, exemplified by being a certified B Corporation and collaborating with Harvard Business School and the International Foundation for Valuing Impacts (IFVI).
For interviews or more information, please contact:
Hannah Gunvor Jacobsen, COO and Head of IR at Summa Equity
+47 936 41 960 | hannah.jacobsen@summaequity.com
