MET Group has acquired a 100% stake in Comax France SAS (Comax), an owner, operator and developer of combined heat and power (CHP) and battery energy storage (BESS) systems. This acquisition, which is MET Group’s first investment in French energy infrastructure, expands the Group’s portfolio of flexibility assets in Western Europe and responds to the growing need for balancing technologies to support the energy transition.
Founded in 2003, Comax manages a portfolio of 170 MW of small-scale thermal assets and 29 MW of BESS across France, providing flexible power generation and balancing services. In addition, Comax continues to develop BESS projects to support the continued growth of flexible energy solutions in France. The company’s project pipeline includes several hundred MW of BESS projects in various stages of development. Following the completion of the process, MET Group intends to support the construction of the company’s ready-to-build projects, which will become operational by mid-2026.
Flexibility energy generation and storage, as well as the provision of balancing services, play a key role in the European energy transition, supporting the continued integration of weather-dependent renewable energy sources. MET Group’s Flexibility Assets division aims to acquire, operate and build assets that provide flexibility to this system.
“Flexibility assets are a key part of MET Group’s integrated strategy to support the energy transition. Our investment profile is fully aligned with the priorities of the green transition. We are delighted to enter the French market for flexibility energy generation and balancing services, as we expand our asset portfolio in Western Europe,” said Johannes Niemetz, President of the Flexibility Assets Division.
MET Group has been present on the French market for several years through wholesale and trading activities, and launched its sales activities in the natural gas and electricity segments in 2023 through MET France, mainly targeting small and medium-sized companies. In addition, MET France has recently started to offer specific services (origination) that leverage the Group’s trading expertise to support key industrial customers and energy market players, including utilities and independent power producers. These segments have promising synergy potential with the activities of MET Group’s Flexibility Assets Division.