Energy Storage Operations Services sector
Strategic acquirers, private equity (buyout funds and growth funds) firms, and valuation benchmarks for Energy Storage Operations Services
1.1 - About Energy Storage Operations Services sector
Companies in the Energy Storage Operations Services category deliver engineering, commissioning, operations and maintenance, monitoring, and compliance support for battery energy storage systems across utility-scale and commercial deployments. They integrate controls and market interfaces, manage lifecycle health, and optimize availability and performance, helping owners capture revenues from grid services while reducing risk, speeding time to energization, and extending asset life.
These providers handle turnkey commissioning and site acceptance testing, then integrate EMS and SCADA with market bidding platforms to enable compliant participation. They run 24/7 remote monitoring through network operations centers and apply battery analytics and thermal profiling to drive predictive maintenance. Teams plan augmentation and repowering, manage warranty administration and spare‑parts logistics, and design to NFPA 855 and UL 9540. They also optimize performance and dispatch for arbitrage, frequency regulation, and capacity markets.
Primary customers include utility-scale developers and independent power producers, as well as commercial and industrial asset owners. By outsourcing operations, they achieve higher availability, faster commissioning, and improved safety compliance while reducing O&M costs. Experienced operators also optimize dispatch to lift revenue capture, mitigate degradation to preserve warranty coverage, and provide auditable performance data for lenders and asset managers.
2. Buyers in the Energy Storage Operations Services sector
2.1 Top strategic acquirers of Energy Storage Operations Services companies
Cavendish Hydrogen
HQ: Norway
Website
- Description: Provider of scalable, AFIR-compliant hydrogen fueling systems that enable safe, fast refueling of light-, medium- and heavy-duty road vehicles. Cavendish Hydrogen’s H2Station™ delivers complete 350 / 700 bar dispensing solutions across Europe, North America and South Korea, offering capacities above 1,000 kg per day while meeting stringent safety and reliability standards.
- Key Products:
- H2StationTM Fueling Stations: Modular 350/700-bar stations compress and cool hydrogen enabling 1.5–3 kg H2/min fills for passenger cars and buses, deployed at 140+ sites worldwide, ensuring fast, reliable zero-emission refuelling
- Project Engineering & Management: End-to-end planning, design and project management covering site layout, hydrogen storage, compliance and cost optimisation for new station deployments
- Installation
- Commissioning & Lifecycle Services: On-site assembly, testing, remote monitoring, predictive diagnostics and local technician dispatch backed by 30 service hubs to maximise uptime
- High-Capacity HDV Station (2025): Next-generation system delivering ~260 kg H2/hour, 65 kg fill in 10 min via up to six dispensers at 6.5 kg/min, compliant with SAE J2601-5 for heavy-duty truck corridors.
- Company type: Private company
- Employees: ●●●●●
- Total funding raised: $●●●m
- Backers: ●●●●●●●●●●
- Acquisitions: ●●
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2.2 - Strategic buyer groups for Energy Storage Operations Services sector
M&A buyer group 1: Distributed Energy Resources Management
8 companies
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Description: Companies in the Utility Distributed Energy Management Software category deliver DERMS and virtual power plant platforms that orchestrate solar PV, battery storage, EV charging, and controllable loads across the distribution grid. They provide real-time visibility, forecasting, and constraint-aware dispatch with secure SCADA and ADMS integrations. This is a core focus for strategic buyers in utility DER management seeking reliability gains and flexible capacity monetization at scale.
Franklin Energy
- Type: N/A
- Employees: ●●●●●
- Description: Provider of turnkey energy efficiency and clean energy solutions, delivering integrated consulting, implementation, product manufacturing, distribution and SaaS technology that help utilities, governments and commercial clients achieve carbon-reduction, load management and electrification goals across the US and Canada.
- Key Products:
- Turnkey Energy Efficiency Programs: Designs and administers comprehensive efficiency initiatives for over 60 utility and government partners, using integrated in-house services and data insights to cut carbon and boost energy productivity
- Demand Response Services: Provides a demand response component—originating from the GoodCents acquisition—leveraging 40+ years of expertise to manage load and optimize grid performance during peak periods
- Energy & Water Efficiency Kits and Education: Supplies energy and water efficiency kits and delivers school-based education programs, enabling end-users to adopt efficient behaviors while reducing consumption and utility costs
- Snugg Pro Tool: Offers the IRA-compliant Snugg Pro software that qualifies households for deep energy-saving improvements and accurately models projected savings, simplifying incentive eligibility and retrofit planning.
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Buyer group 2: ████████ ████████
●● companies
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Key Products: ████████, ████████, ████████, ████████
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Buyer group 3: ████████ ████████
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Description: ████████ ████████ ████████ ████████ ████████ ████████ ████████ ████████ ████████ ████████
Key Products: ████████, ████████, ████████, ████████
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3. Investors and private equity firms in Energy Storage Operations Services sector
3.1 - Buyout funds in the Energy Storage Operations Services sector
2.2 - Strategic buyer groups for Energy Storage Operations Services sector
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4 - Top valuation comps for Energy Storage Operations Services companies
4.2 - Public trading comparable groups for Energy Storage Operations Services sector
Valuation benchmark group 1: Energy Infrastructure Engineering and Services Companies
16 companies
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Description: Companies in this public trading comparables group provide engineering-led solutions to plan, design, build, and maintain energy infrastructure across oil and gas, LNG, hydrogen, power transmission, and offshore wind. Business models span project engineering, EPC, specialized equipment, installation vessels, and recurring operations and maintenance. They are comparable given exposure to energy capital expenditure cycles, contract backlogs, and service revenues tied to developing and operating critical energy assets.
Adani Energy Solutions
- Enterprise value: $●●●m
- Market Cap: $●●●m
- EV/Revenue: ●.●x
- EV/EBITDA: ●●.●x
- Description: Provider of power transmission and distribution services, delivering comprehensive energy solutions across India. The company operates an extensive network of transmission lines and substations, ensuring reliable delivery of electricity to millions of consumers.
- Key Products:
- High Voltage AC transmission lines: Transmission lines for efficient power flow across long distances
- High Voltage DC transmission systems: Advanced systems for direct current power transmission
- Substations: Facilities for transforming voltage levels and ensuring reliable power distribution
- Smart Metering solutions: Technologies for accurate energy measurement and monitoring
- Grid management solutions: Comprehensive systems for managing and optimizing power grids
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Revenue growth
Median
15.7%
2025E
16.0%
2026E
EBITDA margin
Median
28.2%
2025E
28.6%
2026E
Cash EBITDA margin
Median
27.6%
2025E
28.0%
2026E
EV/Revenue
Median
8.4x
2025E
6.8x
2026E
EV/EBITDA
Median
28.9x
2025E
24.4x
2026E
EV/Cash EBITDA
Median
29.0x
2025E
25.5x
2026E
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