Last checked at 12 Nov 2015 10:00
Centrica plc (‘the Company’)
Direct Energy to acquire energy management solutions provider Panoramic Power
Direct Energy, through its parent company Centrica plc, has agreed to acquire Panoramic Power, a leading provider of device-level energy management solutions, for $60 million (£39 million).
Panoramic Power installs and supports wireless and self-powered circuit level technology for business customers and provides them with cloud-based analytics. This gives the customer real-time visibility and allows actionable insight into their energy usage, enabling them to lower energy consumption, reduce operating costs and increase overall operational efficiency.
The acquisition will build upon an existing exclusive partnership in the US between Direct Energy and Panoramic Power and will provide Centrica with leading capabilities in energy management technology and data science expertise, in addition to full control over research and development activity. The energy management solutions enabled by this acquisition will initially be focused on Direct Energy Business’s existing markets, with the intention to extend them to other markets over time, as part of a wider distributed energy offering.
ENDS
Enquiries:
Centrica Investor Relations: +44 (0)1753 494900
Centrica Media Relations: 0800 107 7014
Notes to editors:
1. The transaction has been made through Centrica Nederland B.V. and is expected to close by the end of 2015.
2. Founded in 2009, Panoramic Power is an Israeli-based global energy management solutions company and has to date deployed more than 25,000 sensors at 700 sites across 30 countries.
3. In June 2014, Direct Energy Business entered into an exclusive partnership with Panoramic Power to offer a quickly deployable and cost effective device-level energy monitoring and analytics solution to Direct Energy Business customers.
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