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the first Ukrainian legal technology startup to make a successful exit,” AxDraft founder Yuri Zaremba said in a press release. The purchase price was not revealed, but after last year’s capital raise, the company was valued at $10mn.
Datagroup, Ukraine’s leading fiber infrastructure and digital services provider, has agreed to buy 100% of Volia, Ukraine’s leading cable broadband service provider. Fully backed by Horizon Capital’s EEGF II fund, sole financial investor in Datagroup, the deal “is expected to generate revenues exceeding $130mn and over $50mn in EBITDA,” Mykhailo Shelemba, Datagroup Chief Executive Officer and shareholder, says in a Horizon press release.
9.2.9 Utilities corporate news
DTEK Energy penalized by UAH275mn for abusing monopoly power The Antimonopoly Committee of Ukraine (AMCU) reported on December 15 that it had fined two subsidiaries of DTEK Energy (DTEKUA) for a total of UAH275mn ($9.8mn) for abusing their market power in 2019. Namely, the AMCU penalized power GenCo Zakhidenergo for UAH176mn (0.8% of its 2019 revenue) and trader D.Trading for UAH99mn (about 0.6-0.7% of its 2019 revenue, we estimate). The maximum penalty for such commitment could have reached 10% of the companies’ 2019 revenue. DTEK called the AMCU’s decision as biased and groundless and promised to challenge it in courts. The AMCU alleges the two companies were manipulating prices and volumes of electricity sold to consumers on the so-called Burshtyn Energy Island (a separate energy system of Ukraine that it connected to the EU energy system) in July-October 2019. The committee initiated its investigation in October 2019 and issued its preliminary conclusions in June.
In Ukraine, DTEK is the pioneer in the hydrogen energy field, becoming Ukraine’s first company to join Hydrogen Europe, an association where European leaders exchange strategies and forge partnerships in hydrogen technologies. Emanuele Volpe, DTEK's Chief Innovation Officer, said at the conference: “DTEK plans to launch a local hydrogen pilot project that will act as a catalyst for gradual development of the sector and accelerate the introduction of regulatory, technical, commercial, and logistics measures required to give a boost to the industry.”
In the first quarter of 2021, DTEK Energy will launch Ukraine's first industrial-scale energy storage system project, DTEK CEO Maksym Timchenko announced last week. US company Honeywell is building with DTEK a 1 MW energy storage system based on lithium-ion batteries, near DTEK’s Zaporizhia Power Plant. Energy storage is seen as a key to balancing the peaks and low of solar power.
9.1.10 Renewables corporate news
After investing about $1bn in Ukraine wind and solar projects in the last three years, DTEK now redirects its renewables investments to the EU. “Today our investments in European countries are in a very active development phase,” Timchenko said. “In 2021, we will have the first pilot projects for the construction of wind and solar power generation in the European Union.” Behind the pause in Ukraine investments is the $1bn overdue power bill that the state-controlled Guaranteed Buyer owes wind and
69 UKRAINE Country Report January 2021 www.intellinews.com
