31st Mar 2008 10:08
Scottish & Southern Energy PLC31 March 2008 SCOTTISH AND SOUTHERN ENERGY PLC £1million investment in Onzo Limited Scottish and Southern Energy plc ("SSE") has agreed to invest £1million in OnzoLimited ("Onzo"), in return for a 24.5% share of the business. SSE's investmentpartner, Sigma Capital Group plc, will also invest £1million for an equivalent24.5% share. Onzo is a newly established data systems development business, with specificintellectual property relating to the development of display devices thatsupport smart metering systems. The devices provide real-time information aboutenergy consumption and have the potential to provide data down to the individualappliance level. SSE has also placed initial orders worth over £7million with Onzo for thecompany's energy display products and specialist data services. As part of thisorder, SSE has secured exclusive rights to Onzo's products and services coveringthe UK and Ireland. David Gardner, Head of Ventures at SSE, said: "Energy customers have a growingexpectation that their supplier will provide new ways to help them reduce theirenergy consumption, and in the future this could become an important servicedifferentiator. This partnership with Onzo will give SSE access to leading-edgetechnologies that will help us provide a new level of support to customers whowant to reduce their energy consumption. "Until now the SSE ventures team have focused on investments relating toalternative energy sources. This deal, which is a great example of ourpartnership with Sigma, demonstrates that SSE is prepared to invest in anystrong proposition that directly supports our strategic aim of ensuring that SSEplays a major part in the long-term transformation of the production andconsumption of energy." Joel Hagan Chief Executive of Onzo, said, "Onzo is delighted to be working withSSE to make our products and services available to consumers in the UK andIreland. In SSE, we found a partner who was excited about the full range ofwhat we can offer. Sigma Capital Group helped bring the deal together and theirsupport has been critical throughout the process. This deal is recognition thatOnzo leads the way in this arena." This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
SSESGM.L