Albacom expands into greentech with six-figure Genista merger
Dundee-based Albacom Ltd has reached a merger agreement with Kirriemuir-based energy storage company Genista Energy Ltd in a move that will create 20 skilled jobs in the next two years.
The six-figure deal is part of Albacom’s diversification strategy and will see the engineering and design manufacturing firm expand into renewables optimisation technology with benefits for the renewable energy sector, agriculture and oil and gas and marine industries, among others.
Genista Energy designs custom configurable lithium-ion battery storage solutions which store energy when it is available from renewable sources and release it on demand for use across a wide range of commercial and industrial applications.
Albacom, which grew from the 1990 MBO of the Dundee division of Ferranti, specialises in electrical components for the global defence and aviation industry and will manufacture Genista systems for UK and international customers. Albacom’s facilities include a 14,000 sq. ft purpose-built office and factory space in Dundee where it currently delivers bespoke products and services in electronic design & manufacture, CNC engineering machining lifting equipment testing, electric motors and specialist microwave design & manufacture.
Genista Energy will be the trading company in the new joint venture, with founder Graham Hall as managing director. Albacom chief executive Jim Davidson will join the board of Genista as non-exec director.
Jim Davidson said: “Albacom is known for design and manufacture of low volume, high end products and we will apply the same high standards required by our defence sector clients to the manufacture of Genista energy storage systems. The merger with Genista strengthens and builds on our existing capabilities and together we are well-positioned for sustainable growth, providing engineering and storage solutions across land, air and water.”
The new joint venture will see Dundee become a forerunner in the UK in the supply of custom battery solutions for peak shaving, load shifting, primary reserve or back-up, Electric Vehicle (EV) charging and self-consumption applications.
Combined with simple monitoring and control systems, Genista customers can improve business efficiency and cut carbon emissions by storing surplus renewable energy as electricity for use when and where it is needed. In the agri-tech sector, farm managers can power ventilation and heating systems according to weather conditions using a combination of renewable sources such as PV and wind when available. Genista’s smart battery storage links surplus green energy from PV and wind turbines to flexible demand.
Genista managing director Graham Hall said: “With our technology and Albacom’s engineering design and manufacturing expertise, we will unlock the full potential of local renewable energy generation. The merger accelerates our aim to create value in a rapidly changing market and to enable our customers’ transition to smart and renewable energy systems that will benefit the environment and have benefits in the Green Circular Economy.
“We anticipate demand for our battery storage for electric vehicle charging where it will be possible to store energy generated during daylight hours from PV on car ports to charge fleet vehicles overnight, cutting costs and carbon. Retail parks are using similar technology to provide power for charging EV while their customers shop. In industry, battery systems can offset peak usage tariffs and prevent production losses by providing continuity of supply.”