Direct Energy Buys Energy Management Solutions Firm Panoramic Power for USD 60m.
M2 EQUITYBITES-November 13, 2015-Direct Energy Buys Energy Management Solutions Firm Panoramic Power for USD 60m
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13 November 2015 - US-based energy and energy-related services company Direct Energy has agreed to acquire Panoramic Power, a provider of device-level energy management solutions, for USD 60m, the company said.
According to Direct Energy, the Panoramic Power 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 unmatched real-time visibilty into their business operations through meaningful and actionable energy insights, enabling them to lower their energy consumption, reduce operating costs, and increase overall operational efficiency.
Founded in 2009, Panoramic Power has deployed more than 25,000 sensors at 700 sites across 30 countries.
Direct Energy has nearly 5m residential and commercial customers in North America. A subsidiary of US-based integrated energy company Centrica plc (LSE: CNA), Direct Energy operates in 50 US states plus the District of Columbia and ten provinces in Canada.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Nov 13, 2015|
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