British Gas and Siemens have taken a stake in German smart metering and grid communications provider Power Plus Communications.
The investment round has raised some €12 million for the company, which will support its market growth activities in Europe and the Middle East, as well as consolidating its role in the transformation of the German energy system.
“With Siemens and British Gas we extend our existing co-operation network and foster our international market penetration,” says Power Plus Communications CEO Ingo Schönberg.
British Gas’ €4.5 million share of the investment will net it a minority shareholding in the company and a firm basis for developing new technology solutions for its UK customers, as well as expanding the company’s position in the smart metering market.
“We want to continue to lead in smart metering, making energy saving as easy as possible for our customers,” commented Phil Bentley, managing director at British Gas. “Power Plus Communications’ world leading technology will enable us to connect more of our customers with smart meters, transforming their relationship with energy and helping them better manage fuel bills.”
British Gas has already rolled out around 500,000 smart meters to residential and small business customers and wants to be at the forefront of the UK government’s plans to rollout the technology to all homes and businesses by 2019.
For further information:
Itron completes $100 million acquisition of smart grid provider (15-May)
Invest in smart grid sooner rather than later to boost UK economy, says report (2-May)
UK energy regulator launches smart grid framework (23-Apr)
UK smart meter rollout to start in less than three years, says government (5-Apr)
22 June 2012