GreenStream starts cooperation with world’s largest electric utilities company group

GreenStream has signed a cooperation agreement with Beijing SGEPRI UHV Transmission Technology Co., Ltd. under China Electric Power Research Institute, directly affiliated to State Grid Corporation of China (SGCC). SGCC is a government-owned enterprise and the largest electric utilities company in the world. SGCC transmits and distributes power in China, whereas SGEPRI conducts research and development in all fields of the power system and its relevant fields.

As China seeks to implement its ambitious energy efficiency targets determined in the 12^th five-year-plan, GreenStream’s partnership with SGCC affiliate will assist one of the key energy stakeholders in China to find solutions in this transition to a low-carbon economy. The signing ceremony was attended by Prime Minister, Mr. Jyrki Katainen and Minister of Environment, Mr. Ville Niinistö, which highlighted the strong co-operation between Finland and China on environmental issues.

SGCC’s businesses cover 26 provinces, autonomous regions and municipalities in China. Its service area represents 88% of the national territory, supported by more than 1.5 million employees to serve a population of over one billion. In contrast, GreenStream is an expert-led company, with very strong teams in both Helsinki and Beijing. “This cooperation between David and Goliath highlights the strength of GreenStream’s energy efficiency services and the world-class nature of Finnish energy efficiency technologies”, notes Karl Upston-Hooper, the General Counsel of GreenStream Network plc.

GreenStream’s cooperation with the State Grid’s subsidiary will enable the further expansion of GreenStream’s EMC business model (whereby Finnish technology is delivered to installations in China in return for revenue from the energy savings created by such equipment) and represents a significant step in developing relationships with key stakeholders in the Chinese energy system. The EMC scheme is strongly supported by the Chinese Government as a primary tool in its transition to a low-carbon economy. The scale of the EMC opportunity together with the incentives provided at the national and provincial level has lead to rapidly expanding energy efficiency sector in China, with growth of over 70% for each of the last 5 years and 56 billion (EUR 7 billion) of energy efficiency investments in 2012.

Dr Jussi Nykänen, CEO and Chairman of GreenStream, represented GreenStream at the signing ceremony and expressed his appreciation for the support received by Prime Minister Katainen and Minister Niinistö; “Although GreenStream is signing the co-operation agreement with SGEPRI of SGCC, this agreement which brings together major Chinese industrial partners and world-class technology providers demonstrates the enabling role of Finnish government and thus represents real Team Finland spirit.”