REG - Intertek Group Plc - Acquisition

IntertekAnnouncement

29/07/2022 07:15

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RNS Number : 1561U  Intertek Group PLC  29 July 2022

 INTERTEK EXPANDS END-TO-END SUSTAINABILITY OFFERING WITH ACQUISITION OF
 LEADING PROVIDER OF ASSURANCE SERVICES TO SOLAR ENERGY MARKETS

 

29 July 2022

·    Solar power is expected to become the largest source of renewable
energy globally, driven by the unstoppable momentum behind decarbonisation,
greater energy sustainability and security

·    Acquisition presents a compelling strategic fit and opportunity to
expand Intertek's service offering within the World of Energy to provide Total
Quality Assurance (TQA) solutions for solar photovoltaic ("PV") and energy
storage products and installations

 

·      CEA's service offering is highly complementary to Intertek's
existing solar energy offerings in product testing and certification and
in-field inspections, creating a truly end-to-end value proposition in the
solar energy value chain for customers globally

More information is available here:
https://www.intertek.com/investors/cea-video/
(https://www.intertek.com/investors/cea-video/)

 

Intertek Group plc ("Intertek" and "Group"), a Total Quality Assurance
provider to a range of industries worldwide, is pleased to announce that it
has entered into an agreement to acquire Clean Energy Associates, LLC ("CEA"),
a market-leading independent provider of quality assurance, supply chain
traceability and technical services to the fast-growing solar energy and
energy storage sectors.

 

As the energy transition accelerates and companies re-invent the way they
manage their sustainability agendas, the growth opportunities within the World
of Energy are multiplying. In order to meet the expected increase in global
energy demand as populations grow, while at the same time reducing greenhouse
gas emissions, the world will need a significant increase in energy production
from a variety of sources in the short, medium and long term. New sources of
electricity demand, such as the rise of electric vehicles, will also place
greater strain on grid stability and resilience.

 

Supported by these long-term structural trends towards decarbonisation, energy
sustainability and security, the solar energy sector is expected to continue
exhibiting strong growth, and by 2030 become the largest source of renewable
energy generation globally. The acquisition of CEA presents a compelling
opportunity for Intertek to expand its sustainability service offering in the
fast growing quality assurance market for solar energy and energy storage.

 

Established in 2008, CEA is headquartered in the US and has an operational
base in China. CEA serves as a trusted partner to some of the world's leading
solar project developers, owners and financiers, providing a range of services
across the value chain. These services include inline production monitoring
and quality assurance, supply chain management and traceability as well as
technical support to solar PV and energy storage projects. Combined with
Intertek's comprehensive existing solar energy service offerings in product
testing and certification and in-field inspections, this transaction creates a
truly end-to-end service offering to support customers on their
decarbonisation and energy sustainability journeys. CEA will now also benefit
from Intertek's global network and customer base, facilitating expansion
opportunities into new geographies.

 

CEA has a strong track record of organic growth, generating revenues of £21.7
million in 2021 and has over 150 employees.

 

The transaction is subject to customary closing conditions and is expected to
be completed in early August 2022.

 

André Lacroix, Chief Executive Officer of Intertek, said: "With rapid changes
taking place within the world's energy mix, the regulatory environment is
becoming more complex as the pace towards decarbonisation and Net Zero speeds
up. Solar power generation is expected to become the fastest-growing
electricity source in the years ahead, bringing with it a heightened demand
for mission critical, end-to-end Total Quality Assurance (TQA) solutions. We
welcome the CEA team to Intertek and look forward to working together to seize
the attractive opportunities ahead, supporting companies within the solar PV
and energy storage industries on their sustainability journeys with our
industry-leading ATIC (Assurance, Testing, Inspection, Certification)
solutions."

 

 

ENDS

 

For further information please contact:

 

Denis Moreau, Investor Relations

Telephone: +44 (0) 20 7396 3415 investor@intertek.com

 

Jonathon Brill/James Styles, Dentons Global Advisors

Telephone: +44 (0)7836 622 683 intertek@dentonsglobaladvisors.com
(mailto:intertek@dentonsglobaladvisors.com)

 

 

 About Intertek

 Intertek is a leading Total Quality Assurance provider to industries
 worldwide.

 Our network of more than 1,000 laboratories and offices in more than 100
 countries, delivers innovative and bespoke Assurance, Testing, Inspection and
 Certification solutions for our customers' operations and supply chains.
 Intertek is a purpose-led company that brings Quality, Safety and
 Sustainability to Life.

 Our Science-based Customer Excellence USP and the 24/7 mission critical
 Quality Assurance solutions we provide, ensure that our clients can operate
 with well-functioning supply chains in each of their operations.

 Our Customer Promise is: Intertek Total Quality Assurance expertise, delivered
 consistently, with precision, pace and passion, enabling our customers to
 power ahead safely.

 www.intertek.com

 

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