Ryse Energy, the global leader in distributed renewable energy systems with over 4,000 installations across all seven continents and the global leading Technology and Engineering company for one-stop solutions in Power Industry YEO Teknoloji Enerji ve Endüstri A.Ş (BIST:YEOTK), signed a joint venture agreement enter the UK medium and large-scale renewable energy sector.

Ryse Energy and YEO, with their combined renewable energy install experience of over 500 MWs and over 5,000 projects will establish a UK-based company focused on providing medium and large-scale renewable energy projects.

The JV will provide wind, solar, micro-hydro and battery storage solutions to private commercial and industrial, and public sector customers with the aim of significantly reducing soaring energy costs.

The energy crisis is hitting UK household budgets harder than any country in western Europe, according to analysis by the International Monetary Fund and there is widespread agreement from energy experts a faster rollout of wind and solar energy, which produce electricity that is currently about nine times cheaper than that from gas, will enable the UK to be more energy resilient.

The Ryse Energy and YEO JV will enable customers to take back control of their energy supply and futureproof energy costs.

Commenting on the agreement, Alistair Munro, Founder & CEO of Ryse Energy said:

“Partnering with YEO is a game-changer.

YEO is a medium and large-scale solar specialist with multi mega-watt projects in 25 countries across three continents and will bring a wealth of experience to the JV.

The new JV will be operational in the coming weeks and both Ryse and YEO will invest in the UK economy. We will be hiring a dedicated team in the UK, aiming to grow the UK’s renewable energy market through solar, wind and battery storage projects.”

Commenting on the agreement, Tolunay YILDIZ, Chariman & CEO of YEO said:

“Ryse has an extensive local experience, wide market coverage and a very reputable track record in the UK market as well as many other countries across the globe. We are very pleased to be partnering with them in the UK Energy Market, where we are aiming to bring value added solutions to the energy and environmental issues.”