09/28/2021 | Press release | Distributed by Public on 09/28/2021 04:20
Dechert advised gridX, the leading provider of smart grid intelligence in the energy industry with offices in Munich and Aachen, Germany, on the sale of a majority stake to energy group E.ON.
Through the strategic partnership with E.ON, gridX accelerates its growth course and enables new value chains in the market. gridX will remain an independent company. Accompanied by changes in the Board of Management, E.ON has set itself the goal of intensifying its transformation into a digital company. The acquisition of a majority stake in gridX represents a key cornerstone of E.ON's digitalization strategy. Through this commitment, the energy group from Essen, Germany, secures access to XENON, the leading smart grid platform in Europe developed by gridX. The collaboration between the two companies began in 2017 and has intensified over the past few years - culminating in a Europe-wide rollout of intelligent load management solutions for electric car charging stations in September last year.
Almost no industry is changing as rapidly and as intensely as the energy industry. Due to the growing field of e-mobility and the transformation from consumer to prosumer, new value chains are continuously emerging and customer behavior is drastically changing. gridX's smart grid platform XENON is the most advanced, manufacturer-independent technology platform on the market that dynamically distributes energy flows through intelligent management. Based on the anonymized real-time data and with the help of artificial intelligence (AI), the decarbonization of the energy sector can thus be extremely accelerated. Well-known German companies such as Viessmann and DHL, as well as customers such as ENGIE from Belgium, have already been relying on the gridX solution for years.
The Munich-based Dechert team advising gridX was led by corporate partner Giovanni Russo and included associates Christian Böhme, Florian Leitsbach and Sonja Feser.
Dechert is a leading global law firm with 22 offices around the world. We advise on matters and transactions of the greatest complexity, bringing energy, creativity and efficient management of legal issues to deliver commercial and practical advice for clients.