Bilbao-based global energy giant Iberdrola – through its UK business ScottishPower Energy Networks – has completed a deal to acquire private technology company Derryherk.

SP Energy Networks’ (SPEN) acquisition of the technology company builds on a previous commercial agreement and will support the integration of the innovative technology developed on to SPEN’s network, supporting SPEN’s net zero ambitions.

“Its technology improves data connectivity through its digital twin to enable innovative network fault detection, forecast capacity constraint and provide active management of the low voltage network …” said SP Energy Networks.

The transaction also furthers Iberdrola’s growth in the UK through its ScottishPower businesses, with investment of £12 billion previously committed between 2024-2028 and boosted by the recent signing of agreements to acquire a majority acquisition of Warrington-based Electricity North West (ENW) for £2.1 billion.

“Since merging with ScottishPower in 2007, Iberdrola has invested around £30 billion in the UK,” said SP Energy Networks.

“SPEN’s network keeps electricity flowing 24/7 to more than 3.5 million homes and businesses throughout central & southern Scotland and Merseyside, Cheshire, North & Mid-Wales, and North Shropshire.”

Guy Jefferson, SP Energy Networks’ Chief Operating Officer, said: “The electricity network is critical to electrifying and decarbonising the economy to support a net zero future.

“This technology will take us another step forward in building the smart grid of the future that will power cleaner and greener lives.”

Iberdrola is the largest electricity company in Europe by market capitalization, and one of the top three largest globally, serving a population of more than 100 million people around the world.

The company has a workforce of over 42,200 and assets in excess of €150 billion. In 2023, Iberdrola posted revenues of nearly €50 billion.