Private equity firm NorthEdge has acquired energy tech and data services business Correla.
Correla aims to help to create a less complex and more sustainable energy sector. The deal follows the divestment of the subsidiary by the gas industry’s central data service provider Xoserve.
The divestment will see Xoserve become a specialised contract management and assurance company as part of a restructure of its existing operations, undertaken to best serve the changing needs of the gas industry and its stakeholders.
Solihull-based Correla was created to fuel innovation in the centre of the gas market and the wider energy sector. It will continue to deliver services back to Xoserve through a commercial contract, embracing existing commitments and remaining focused on delivering outstanding customer service and operational effectiveness.
NorthEdge will work alongside Correla Chief Executive Officer, Sian Jones, and her team, to deliver the business’ long-term vision of reducing industry complexity for the benefit of end consumers, which is an essential step on the industry-wide pathway to net zero.
Correla says it is the only technology service provider with end-to-end visibility of the UK’s gas network, and enables access to this data through a real-time, visual and interactive analytics dashboard on its Data Discovery Platform (DDP) – enabling customers to monitor the impact of Carbon reduction programmes and drive efficient energy usage.
NorthEdge believes the firm is well-placed to support the UK’s emerging hydrogen economy through working with stakeholders across the UK gas network, helping them to decarbonise the UK’s gas infrastructure.
Jon Pickering and Andrew Skinner led the investment and will join the Correla board, alongside Ian Kelly as Non-Executive Chair.
Kelly, Chair of NorthEdge portfolio company Cloud Technology Solutions, brings with him a wealth of private equity experience, as well as significant experience in the energy sector – most recently alongside NorthEdge at Utiligroup.
“The UK has an incredible task ahead to meet its decarbonisation targets and we’re committed to supporting customers every step of the way,” said Correla CEO Jones.
“NorthEdge’s acquisition has come at a critical time for us as we look to develop new products, services and technologies that will remove complexity from the market and unlock operating models that better support the UK’s energy transition.
“NorthEdge’s values and objectives align with the sustainability needs and requirements of the team at Correla and the wider UK energy market.”
Skinner, Director and Head of Midlands at NorthEdge, said: “Correla is already an integral service partner to stakeholders in the UK gas network, and we’re excited to support the team to enhance that performance.
“We have been investing in the energy and utilities sector for more than 10 years, and therefore understand first-hand how data has transformed the market and the role it will play in the transition to net zero. We believe that our experience of the sector, alongside our regional approach and investment style means that we are uniquely placed to meet the requirements of both Correla and Xoserve.
“We are extremely pleased to have Correla join our growing portfolio and look forward to working with Sian and the rest of the Correla management team to grow the business together – investing in people, products and innovation.”Energy