Fortitude Investment has taken a majority stake in Queensland electricity equipment supplier The Energy Network as it gears up for more acquisitions in a sector it reckons will boom.
Fortitude Investment Partners has taken a majority stake in Queensland electricity equipment supplier The Energy Network as it gears up for more acquisitions in a sector it reckons will boom as new transmission is built and the existing network ages.
TEN owner Corey Scott said the partnership with Fortitude will “pave the way for continued expansion of our capabilities and product offering.” Fortitude estimates The Energy Network’s current addressable market is between $400 million and $500 million per year. That, it says, is before an explosion in capital expenditure forecast by the Australian Electricity Market Operator under its plan to address the shift of the network to renewable power.
“It’s been well reported the scale of change required across our network, not just over the next few years but the next 40 to 50 years. We don’t think there’s any one solution to this,” Miller told Street Talk.
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