MEGABATTERY HELPS STABILISE SWISS GRID

Switzerland’s largest battery storage system has gone into action stabilising the electricity network for transmission grid operator Swissgrid, asset operator Alpiq has said. Switzerland-headquartered developer MW Storage contracted Alpiq to manage and operate the 20MW / 18MWh containerised battery energy storage solution in the resort town of Brunnen, in the Swiss municipality of Ingenbohl. According to MW Storage, the project is a “purely privately financed initiative,” and has been “implemented without public assistance and free of subsidies”. A Swiss investment foundation and two local banks financed the project, which is MW Storage’s first “megabattery”. SOURCE: energy-storage.news

ROUNDUP CLAIMS DENT BAYER

Bayer is facing a double hit from a higher legal bill for claims relating to weedkiller Roundup as well as 9.25 billion euros (8.33 billion pounds) in impairments on agriculture businesses, much of it related to its Monsanto deal. The company said the write-downs, driven by weaker demand from farmers due to low biofuel prices, plus an increase of about $750 million in the costs of settlement terms with U.S. plaintiffs over Roundup, resulted in a loss before interest and tax of 9.4 billion euros in the third quarter. SOURCE: Reuters

PRIVATE EQUITY COMBATS LIQUIDITY CRISIS

Private equity funds injected €36 billion into European companies in the first half of the year, helping them combat the “intense liquidity crisis” caused by lockdowns. The investment came as private equity funds in Europe raised €49 billion in H1, matching the previous half-year’s total. Invest Europe, an industry body, said the industry was on track to raise a sum of money for the full year that would be on a par with average fundraising levels achieved over the last three years. However, the overall figure for private equity investment was 17% lower in value. SOURCE: funds-europe.com

… AND GOES FOR ADD-ONS

Despite the global pandemic, private equity backed businesses completed a substantial number of add-ons in H1 2020, according to Silverfleet Capital’s European Buy & Build Monitor, highlighting the resilience of buy & build as a value creation strategy. The European Buy & Build Monitor, which tracks global add-on activity undertaken by European-headquartered companies backed by private equity, identified a provisional total of 253 add-ons in the first half of 2020, with the first quarter seeing 156 reported add-ons, and the second quarter seeing 81. SOURCE: privateequitywire.co.uk

PHOTO: MW Storage