Centrica plc (LSE: CAN) has acquired Israeli device developer for energy management solutions Panoramic Powerfor $60 million. Panoramic Power will become a part of Centrica's US energy services unit Direct Energy and the acquisition builds upon an existing exclusive partnership between Panoramic Power and Direct Energy that began in June 2014.
Panoramic Power's energy management solution offers commercial and industrial business customers a unique wireless and self-powered circuit-level technology with cloud-based analytics. The solution is designed to give customers real-time visibility into their business operations through actionable energy insights, enabling them to lower their energy consumption, reduce operating costs, and increase overall operational efficiency.
Panoramic Power was founded in 2009 by chairman Dr. David Almagor and COO/CTO Adi Shamir. Investors include Marker LLC, Greylock Partners, Israel Cleantech Ventures Funds, Clal Energy Ltd., and Qualcomm Ventures. The company has offices in New York and Kfar Saba.
Panoramic Power has deployed more than 25,000 sensors at 700 sites across 30 countries. Panoramic Power is the recipient of numerous awards, and was recently named one of the top 100 IoT startups by Forbes magazine.
Panoramic Power CEO Yaniv Vardi said, “I look forward to Direct Energy’s integration of Panoramic Power into their successful business model for commercial customers, leveraging the market footprint of Direct Energy to scale and grow our vision. I am so grateful to our hardworking Panoramic Power employees for their years of steadfast effort and significant contributions to our success, and I know this effort will continue in working with Direct Energy for future growth."
Direct Energy president and CEO Badar Khan said, “It’s an exciting time to be in the energy industry. Direct Energy has seen remarkable success this past year with our existing Panoramic Power partnership, which supports our brand promise to help customers buy less of what we sell. With this exclusive technology, Direct Energy is now an even more innovative and effective energy solutions provider and partner with our customers.”
“The commercial industry trend is moving toward more centralized energy management solutions with a focus on automated energy data collection and reporting, which is why Direct Energy aims to seamlessly incorporate Panoramic Power’s technology and analytical expertise into what we offer our growing customer base,” Direct Energy Business president John Shultz. ”Customers will be able to see energy insights, such as once unpredicted device failures, energy-related infrastructure investment ROI, and other valuable information that can inform and affect major business decisions in the future.”
Published by Globes [online], Israel business news - www.globes-online.com - on November 12, 2015
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