12th Nov 2015 10:38
LONDON (Alliance News) - Centrica PLC on Thursday said it has agreed to acquire energy meter provider Panoramic Power for GBP39.0 million, building on an existing partnership between the two companies in the US.
The FTSE 100-listed energy and service company said it is acquiring the company through its US subsidiary, Direct Energy.
Panoramic Power installs and supports wireless and self-powered circuit-level technology for business customers and provides them with cloud-based analytics. Those are systems that are similar to smart meters or other products which allow consumers to monitor and adjust their energy usage from their business.
Direct Energy already has an exclusive partnership deal with Panoramic Power in the US, whereby Direct Energy supplies its customers with Panoramic Power's monitoring systems. The acquisition takes that partnership to the next level and will provide Centrica with "leading capabilities in energy management technology and data science expertise" and full control over research and development, it said.
Initially, Centrica said it will offer Panoramic Power's systems to Direct Energy's existing markets, before expanding into new markets "over time" as part of a wider energy offering.
The deal is expected to close before the end of the year.
Centrica shares were down 1.5% to 211.80 pence per share on Thursday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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