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Joulz
BeneluxEnergy
Overview
Joulz is a leading owner and provider of essential energy infrastructure equipment and services in the Netherlands. Joulz serves approximately 20,000 industrial, commercial, and public sector clients with its solutions, that encompass realization, maintenance, management, and leasing of energy infrastructure equipment.
Joulz’ service offering includes mid-voltage infrastructure (owning and leasing transformers, switchgear and cables under long-term contracts), storage (owning and leasing large scale battery storage systems under mid- to long-term contracts), solar (large-scale installations under operational lease or with government-subsidized PPAs), metering (owning and leasing 50,000 electricity and gas meters under mid-term contracts) and EV charging (AC and DC charge points in mid-term exploitation, rental or CPO contracts). Additionally, it provides integrated solutions to address energy transition challenges such as grid congestion.
Recent developments
Joulz performed ahead of expectations in the year, with the Infrastructure Services business unit continuing to see strong market demand. In December 2022, the business raised further debt financing on attractive terms to replenish its revolving credit facility, which is used to fund growth capex.
During the year, as part of a planned transition, Sytse Zuidema was recruited as CEO. Sytse is an engineer by background and has experience successfully leading several fast-growing businesses.
Investment Rationale
3i Infrastructure acquired Joulz in April 2019, having committed to invest in March 2019.
- Strong established asset base as well as good potential for growth
- Joulz is set to benefit from the Dutch government’s commitment to decarbonise the economy (the ‘Energy Transition’)
- The Energy Transition is expected to increase electricity consumption and demand for Joulz’s equipment and services
- 3i Infrastructure has relevant experience from investing in the Netherlands and previous investments in the electricity and leasing sectors
Sustainability
Sustainability is a key driver of Joulz’s business strategy. The company supports the electrification of the Dutch economy via the provision of medium-voltage electrical infrastructure, meters, solar PV, EV chargers, and energy storage - often multiple products are provided together as integrated energy transition solutions to solve key customer issues, such as grid congestion. The business itself generates a de minimis level of operational emissions, and in 2022 Joulz decided to only use SF6-free transformers for new installations.
Key factsOperates c.53,000 metering assets and c.7,000 transformersc.240 employeesc.20,000 customers
