Comax joins the European company MET group
MET Group's first investment in French energy infrastructure, with the acquisition of flexible energy systems operator Comax France . (Press release).
Baar (Switzerland) and Lyon (France), November 25, 2024 – MET Group has acquired 100% of the shares of Comax France SAS (Comax), owner, operator and developer of combined heat and power (CHP) systems, as well as battery energy storage systems (BESS). This acquisition, which marks MET Group's first investment in French energy infrastructure, expands its portfolio of flexible assets in Western Europe and responds to the growing need for balancing technologies to support the energy transition.
Founded in 2003, Comax operates a portfolio of 170 MW of small-scale thermal assets and 29 MW of BESS in France, which provide flexible power generation and balancing services. In addition, Comax continues the development of BESS projects to support the continued growth of flexible energy solutions in France.
Flexible energy production and storage and the provision of balancing services play a crucial role in the European energy transition by supporting the continued integration of weather-dependent renewable energy sources. The “Flexibility Assets” division of MET Group aims to acquire, operate and construct assets capable of ensuring this system flexibility.
According to Johannes Niemetz, President of the “Flexibility Assets” division:
“Flexibility assets are a critical part of MET Group’s integrated strategy to support the energy transition. Our investment profile is perfectly aligned with the priorities of the green transition. We are delighted to enter the French market for flexible power generation and balancing services, as we expand our portfolio of assets in Western Europe.”
Learn more
Read the article by Elsa Bembaron in Le Figaro : Renewable energies: new takeover of a Frenchman by a foreign operator.
About MET Group
MET Group is an integrated European energy company, headquartered in Switzerland, with operations and assets in the natural gas and electricity markets. MET is present in 15 countries through subsidiaries, in 30 national gas markets and on 39 international commercial platforms. MET has great expertise in the exploitation of green (renewable) and flexible (conventional) energy assets, which allows it to strongly support the energy transition. In 2023, the consolidated turnover of MET Group will amount to 24.5 billion euros, with a total traded volume of natural gas amounting to 88 billion m3 and a total traded volume of electricity rising to 68 TWh.
About MET France
MET France , whose head office is based in Lyon, is the French subsidiary of MET Group, a European player in the energy sector. Established in France since 2023, its mission is to develop the group's electricity and natural gas supply activity in the territory, and to support MET's expansion and diversification strategy.
MET Group has already been present on the French market for many years with its wholesale and trading activities, and launched its gas and electricity sales activities in 2023 via MET France – led by Giovanni Caporale, its CEO – which is mainly aimed at VSEs and SMEs. The French subsidiary also recently launched origination services, which draw on the group's expertise in trading and energy optimization, in order to support major industrial accounts and players in the energy market. energy (alternative suppliers as independent energy producers). These areas offer promising synergy potential with the activities of the MET Group's flexibility assets division.
