Shareholders of energy services company CheckWatt have signed an agreement to sell all outstanding shares to energy solutions provider Emaldo Group. CheckWatt will continue operating with its present business model as an independent aggregator and the agreement will strengthen this development, accelerating innovation and expansion across Europe.
– I am proud of what CheckWatt and all amazing colleagues have achieved so far and looking forward to continuing the journey together within the Emaldo Group with the boost this now means, said Dan-Eric Archer, CEO of CheckWatt.
– We are still only at the beginning of where renewable energy generation, transport and industry electrification, along with battery storage, will take us. CheckWatt will have to continue to reinvent and innovate in order to push ahead, and now, together with Emaldo, we have secured the resources to do so, he said.
CheckWatt aggregates various energy resources, including customers’ batteries, electric vehicle chargers and renewable energy, into a virtual power plant, enabling grid balancing and the possibility to deliver electricity during periods of peak demand. This enhances grid stability, enables increased use of variable renewable energy, and reduces the need for expensive and slow grid expansion. At the same time, CheckWatt’s services allow customers to reduce their electricity bills. CheckWatt delivers services to around 15,000 households and companies in the Nordics, while expanding to other parts of Europe.
In 2024, CheckWatt’s revenue rose by 150 percent, to 277 million Swedish kronor (corresponding to around €24 million), while generating a profit.
CheckWatt’s ability to work with a wide range of manufacturers of batteries, other types of energy assets as well as many installation partners, has been paramount in its expansion in Sweden and Europe. All these collaborations, including CheckWatt’s service agreements to flexibility asset owners, and with energy market stakeholders will continue unchanged.
– This acquisition is a perfect match for Emaldo’s vision of accelerating the green transition, said Steffen Bjerregaard, CEO of Emaldo.
– By combining CheckWatt’s expertise in energy measurement and control with our robust solutions, we will empower consumers and businesses throughout Europe with even more advanced capabilities to optimize energy usage and seamlessly integrate renewables, said Steffen Bjerregaard.
The acquisition is subject to Sweden’s Foreign Direct Investment (FDI) regulatory approval, potentially extending the finalization of the acquisition up to six months. Throughout this process and going forward, Emaldo and CheckWatt will continue to operate under their respective, existing, partnership frameworks, ensuring uninterrupted customer service as well as continued innovation and product development.
CheckWatt was advised by Carnegie Investment Bank throughout the transaction, with Gernandt & Danielsson Advokatbyrå acting as legal advisor.
For more information, please contact:
CheckWatt
Daniel Dickson, Communications Strategist, daniel.dickson@checkwatt.se, +46 72 648 03 91
Emaldo
Christina Sahlberg, Public Relations Manager, ca@emaldo.com, +45 26 24 14 89
About CheckWatt AB
CheckWatt AB is Sweden’s leading independent aggregator, providing sophisticated measurement, control, and analytics solutions to its 15,000 customers in the Nordics. Committed to the advancement of renewable energy, CheckWatt plays a crucial role in enhancing grid stability and efficiency, as well as the integration of renewable energy.
About Emaldo®
Emaldo specializes in advanced energy management solutions that enable homes and businesses to use energy more efficiently and sustainably. With a clear mission to accelerate the global transition to renewable energy, Emaldo continually drives innovation to empower consumers and reduce carbon footprints.
For more information: www.checkwatt.com and www.emaldo.com.
