Aggreko

Last updated

Aggreko
Company type Private
Industry Generator hire
Founded1962
Headquarters Glasgow, Scotland, UK
Key people
Mike Smith Chairman
Blair Illingworth CEO
RevenueDecrease2.svg £1,365 million (2020) [1]
Decrease2.svg £136 million (2020) [1]
Decrease2.svg £(111) million (2020) [1]
Number of employees
6,000 (2022) [2]
Website www.aggreko.com

Aggreko is a global supplier of mobile and modular power, temperature control equipment and energy services, headquartered in Glasgow, Scotland. [3] [4] The business was founded in 1962 and previously listed on the London Stock Exchange from 1997 to 2021. [5] [6] Aggreko was acquired by TDR Capital and I Squared Capital in August 2021. [4] [7]

Contents

History

Aggreko was founded in The Netherlands by Luc Koopmans in 1962. [5] It moved to Scotland in 1973. [5] In 1984, it was acquired by Christian Salvesen plc in 1984, a Scottish transport and logistics company. [5] [8]

In 1997, the business demerged from Christian Salvesen and then listed on the London Stock Exchange. [8] [9]

In December 2001, its chief executive Chris Masters departed the business. [10] [11] He was succeeded by Phil Harrower who had worked his way up in the company from a junior salesman. Harrower was killed in a train collision in the USA where he was based in December 2022. [12]

In 2003, it appointed Rupert Soames as its new chief executive who served for 11 years until 2014. [13] [14]

Aggreko acquired all the activities, other than those relating to large gas turbines, of General Electric Energy Rentals for around $212m in December 2006. [15] [16]

In March 2012, Aggreko acquired 100% of the operations of Poit Energia, a supplier of power generation equipment in Latin America. [17]

In 2014, the company announced the departure of its chief executive Rupert Soames. [14] He was replaced by Chris Weston, who took up the position in early 2015. [18]

In July 2017, Aggreko announced the £40 million acquisition of battery storage company, Younicos. [19] The acquisition was part of the company's plans to provide greener sources of electricity, transitioning away from diesel only generators. [19]

In 2018, it announced a £33 million innovation programme to develop its next generation of power products. [20]

In April 2021, the company agreed to be acquired by Albion Acquisitions Limited, owned by TDR Capital and I Squared Capital, in a transaction valued at £2.3 billion. [21] This marked the business's delisting on the London Stock Exchange. [21]

In November 2021, the company appointed Blair Illingworth as its chief executive. [22] [23]

In September 2022, Aggreko launched a new business unit in North America called Aggreko Energy Transition Solutions, which will develop, own and operate clean energy and sustainable infrastructure. [24]

Aggreko trucks shoreside and Aggreko genset aboard nuclear submarine HMS Trafalgar at the NATO nuclear Z Berth in Southampton Docks, December 2008. Trafalgar Class SSN Southampton BB.jpg
Aggreko trucks shoreside and Aggreko genset aboard nuclear submarine HMS Trafalgar at the NATO nuclear Z Berth in Southampton Docks, December 2008.

Operations

Aggreko rental chiller (2015) Rental Chiller on Trailer.jpg
Aggreko rental chiller (2015)

Aggreko is the world's largest temporary power company. [6] [25] It has more than 10 gigawatts of power across its fleet globally. [26] The company employs over 6,000 people and operates across the world in more than 200 locations in 80 countries and has offices in every continent. [3] [27] [28]  

The business supplies short-term temporary power to a range of customers predominately across developed countries and longer-term power projects predominantly in emerging markets. [3]

Aggreko supplies to businesses, large events, music festivals, sporting events, industrial sites, and mines. [3] The items hired out include gas and diesel generators, load banks, heaters, air conditioners and chillers. [28] Aggreko offers several greener and cleaner HVO and solar powered generators and hybrid batteries that emit less emissions. [29]

Aggreko has supplied power to sporting events including the Ryder Cup, the FIFA World Cup, Formula E motor racing and SailGP. [6] In 2008, it became the sole supplier of temporary power and temperature controls for the Beijing 2008 Olympic Games in China. [30] In 2010, the firm provided the power for the FIFA World Cup in South Africa. [31] In August 2012, it was the sole supplier for temporary power for the London 2012 Olympic Games. [32] It was also the provider of temporary power for the Glasgow 2014 Commonwealth Games. [33] It supplied air conditioning and power for the 2017 WNBA Finals. [34]

In 2021, the company supplied temporary power to the Olympic Games in Tokyo, Japan, providing power to over 40 competition venues, the international broadcast centre and the athletes’ village in a contract worth £230 million. [35]

In 2022, the company supplied temporary power to the COP26 Conference in Glasgow, Scotland, and the Commonwealth Games in Birmingham, UK. [36] [37] The company also signed up to the Commonwealth Games Social Charter and appointed a social value head to organise their community outreach programme in the Birmingham area. [38]

As well as sporting events, Aggreko supplies power to support the National Grid in Burkina Faso, 26 villages in the Amazon and 20,000 solar panels at the Granny Smith Goldmine in the Australian outback. [39] [40] [41]

Aggreko's chief executive is Blair Illingworth. [23] Its Board is chaired by Mike Smith. [23]

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References

  1. 1 2 3 "Annual Results 2010" (PDF). Aggreko. Retrieved 1 March 2021.
  2. ↑ "An (even) greener music festival: We Love Green, Aggreko and ENGIE partner to deliver the cleanest sound around by using the most efficient sustainable energy mix available". Aggreko. 31 May 2022. Retrieved 28 October 2022.
  3. 1 2 3 4 "Company History - About Us - Aggreko". aggreko.com. Retrieved 15 March 2015.
  4. 1 2 "Investor centre". ir.aggreko.com. Retrieved 28 October 2022.
  5. 1 2 3 4 "Aggreko". the Guardian. 1 March 2003. Retrieved 28 October 2022.
  6. 1 2 3 "Aggreko gives power to hopes of a turnround". Financial Times. 26 August 2018. Retrieved 28 October 2022.
  7. ↑ "Aggreko backs $3.2 billion buyout offer from private equity firms". Reuters. 5 March 2021. Retrieved 28 October 2022.
  8. 1 2 "Olympics power giant Aggreko in £2 billion-plus takeover talks". www.scotsman.com. 5 February 2021. Retrieved 28 October 2022.
  9. ↑ "Aggreko: powering down". Financial Times. 18 December 2015. Retrieved 28 October 2022.
  10. ↑ "Aggreko announces cuts and departure". The Telegraph. 11 December 2001. Retrieved 18 May 2020.
  11. ↑ Hall, Craig (June 2002). "Aggreko directors put on a brave face". citywire.com. Retrieved 28 October 2022.
  12. ↑ "Aggreko chief dies after collision with Amtrak train at blackspot". The Independent. 1 January 2003. Retrieved 9 May 2024.
  13. ↑ "Aggreko seeks new boss as Soames quits for Serco". www.scotsman.com. 28 February 2014. Retrieved 28 October 2022.
  14. 1 2 "Rupert Soames quits Aggreko to become Serco chief executive". BBC News. 28 February 2014. Retrieved 28 October 2022.
  15. ↑ "Aggreko buys GE rentals for £111m". scotsman.com. Retrieved 15 March 2015.
  16. ↑ "Aggreko to pay £111m in GE deal". Business Live. 26 September 2006. Retrieved 28 October 2022.
  17. ↑ Aggreko buys Poit Energia in £140m deal BBC, 26 March 2012
  18. ↑ "British Gas boss Chris Weston quits to join Aggreko". www.telegraph.co.uk. Retrieved 28 October 2022.
  19. 1 2 "Aggreko to buy energy storage firm Younicos for £40m". BBC. 3 July 2017. Retrieved 14 March 2019.
  20. ↑ Gallagher, Rosemary. "Aggreko heralds £33m energy project". The Times . ISSN   0140-0460 . Retrieved 28 October 2022.
  21. 1 2 "Aggreko shareholders vote through £2.3bn takeover bid". City AM. 26 April 2021. Retrieved 3 August 2021.
  22. ↑ "Aggreko CEO Weston to leave within months of £2.3bn takeover". Sky News. Retrieved 28 October 2022.
  23. 1 2 3 "Executive committee". ir.aggreko.com. Retrieved 28 October 2022.
  24. ↑ "Aggreko Sets Up Energy Transition-Focused Unit". www.rigzone.com. Retrieved 28 October 2022.
  25. ↑ "British power generating company Aggreko opens in Arequipa". GOV.UK. Retrieved 28 October 2022.
  26. ↑ "Energy Storage To Go - Aggreko launches new mobile and modular battery system | Aggreko". www.aggreko.com. Retrieved 28 October 2022.
  27. ↑ Glover, John (13 August 2021). "Aggreko delists from stock exchange following £2.3 billion acquisition". businessInsider. Retrieved 28 October 2022.
  28. 1 2 "When you need us, we're ready | Aggreko". www.aggreko.com. Retrieved 28 October 2022.
  29. ↑ "Sustainable energy solutions | Aggreko". www.aggreko.com. Retrieved 28 October 2022.
  30. ↑ "Aggreko to power up Olympics". the Guardian. 7 January 2008. Retrieved 28 October 2022.
  31. ↑ "World Cup boost for power company Aggreko". BBC News. 8 June 2010. Retrieved 28 October 2022.
  32. ↑ Simon Neville. "Power generators Aggreko profit boost thanks to £55m Olympic contract". The Guardian. Retrieved 15 March 2015.
  33. ↑ "Aggreko generate power for 2014 Commonwealth Games". aggreko.co.uk. Archived from the original on 23 October 2014. Retrieved 15 March 2015.
  34. ↑ Frederick, Jace (11 September 2017). "Now cooled, Williams Arena ready to host Lynx's playoff run". Pioneer Press. Retrieved 5 October 2017.
  35. ↑ "Glasgow's Aggreko cheers £230m boost from Tokyo Olympics contract". www.scotsman.com. 6 January 2021. Retrieved 28 October 2022.
  36. ↑ "Fact Check-COP26 did not use diesel generators to power event, organizers say". Reuters. 11 November 2021. Retrieved 28 October 2022.
  37. ↑ "Birmingham 2022 Commonwealth Games | Aggreko". www.aggreko.com. Retrieved 28 October 2022.
  38. ↑ McCallister, Robson (22 May 2022). "Pupils win tickets to Commonwealth Games thanks to eco challenge". BirminghamLive. Retrieved 28 October 2022.
  39. ↑ "Aggreko aims to double its power output in Ivory Coast". Reuters. 11 April 2014. Retrieved 28 October 2022.
  40. ↑ "Twenty six remote Amazonian communities receive power | Aggreko". www.aggreko.com. Retrieved 28 October 2022.
  41. ↑ "Aggreko completes installation of one of the world's largest renewable microgrids at Gold Fields' Granny Smith mine". International Mining. 7 October 2020. Retrieved 28 October 2022.
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