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British Gas New Energy buys £1m stake in Econergy

Centrica, through its British Gas New Energy division has bought a 19% share of Econergy for £1 million.
The deal, announced today, includes the right to acquire the remaining share capital of the business over the next four years.

Econergy sells, designs and installs biomass heating systems for domestic, business and public sector customers, including district heating schemes. The company's turnover for the year ended June 2008 was £5m.

Gearóid Lane, managing director of British Gas New Energy, said: 'This investment is another step forward in our development of a broad range of renewable, energy efficient and low carbon technologies that we can offer our customers, helping them to use less and use cleaner energy'.

The purchase complements British Gas' renewable energy acquisitions in 2008 of Solar Technologies Group, Semplice Energy, the investment, development and distribution agreement with Ceres Power Holdings and partnerships with Baxi, Disenco and vPhase.
1 April 2009

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