{"id":14904,"date":"2023-03-31T08:57:03","date_gmt":"2023-03-31T15:57:03","guid":{"rendered":"https:\/\/essential.construction\/news\/acquisitive-ocu-swoops-for-london-multi-utility-specialist\/"},"modified":"2023-03-31T08:57:08","modified_gmt":"2023-03-31T15:57:08","slug":"acquisitive-ocu-swoops-for-london-multi-utility-specialist","status":"publish","type":"post","link":"https:\/\/essential.construction\/news\/acquisitive-ocu-swoops-for-london-multi-utility-specialist\/","title":{"rendered":"Acquisitive OCU swoops for London multi-utility specialist"},"content":{"rendered":"

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The acquisition will support OCU\u2019s ability to build and connect large-scale private wire grid connections, install entire networks, and explore new energy-related opportunities, a priority for the group throughout 2023 and beyond.<\/p>\n

The deal with Modus marks the fifth acquisition in just over 12 months for OCU.<\/p>\n

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It follows the acquisition of InICT, a Leeds-based fibre-optic specialist, Opals, a regional multi utilities hub, Andrews Associates, a Surrey-based power systems design and engineering service, and FKS, a Wigan-based telecom installation service.<\/p>\n

OCU also reported a rise in revenue by 34% to \u00a3295m for the year ended 30 April 2022 (2021: \u00a3220m) and expects revenues in its current financial year to April 2023 to substantially outperform 2022.<\/p>\n

Modus employs around 30 staff and specialises in building complex power networks and substations including large-scale solar farms and battery storage facilities.<\/p>\n

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It also offers clients design, build services on projects ranging from low voltage to high voltage 132kV electrical infrastructure, pressure gas infrastructure and all related plant and civil construction.<\/p>\n

Clients of Modus range from UK Power Networks, Leep Utility & Optimal Power Networks to major developers including British Land and Landsec and energy providers such as Ampyr Energy.<\/p>\n

Michael Hughes, chief executive officer of OCU, said: \u201cIf the UK is to reach Net Zero by 2050, we\u2019ll need a mix of renewable power to get there.<\/p>\n

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\u201cWe know there is a pressing need to make alternative energy sources more accessible for people across the country and working with firms like Modus will be part of the solution.<\/p>\n

\u201cThe deal will also help us provide the infrastructure to help homes and businesses benefit from green energy sources.\u201d<\/p>\n

John Cahill, managing director of Modus, said: \u201cThe government\u2019s recent change in stance on VAT for battery storage is a clear indicator that demand is growing for alternative energy sources for both home and business owners.<\/p>\n

\u201cWe\u2019re delighted to become part of OCU Group who share our commitment to support the UK\u2019s energy transition and look forward to capitalising on new opportunities together.\u201d<\/p>\n

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