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Skagerak Energi acquires 34% stake in Telenor Cinclus.

NORDIC BUSINESS REPORT-1 July 2005-Skagerak Energi acquires 34% stake in Telenor Cinclus(C)1994-2005 M2 COMMUNICATIONS LTD http://www.m2.com

Norwegian telecomms group Telenor ASA said on Thursday (30 June) that Skagerak Energi was acquiring a 34% share of Telenor Cinclus and was entering into an agreement to offer its customers automatic meter-reading using mobile technology.

The acquisition of the 34% shareholding was valued at NOK110m.

During the last two years Telenor Cinclus has developed a solution that uses mobile technology to register and compile data relating to the electrical consumption of Norwegian households.

The current agreement represents a breakthrough for Telenor Cinclus' technology, and is the largest of its kind in Norway.

During the initial phase Skagerak Energi would install the new meter-reading solution at 1,000 households in the Vestfold and Grenland region. In 2006 an additional 30,000 households would receive the solution.

One Norwegian krone (NOK) is worth approximately 0.08 British pounds (GBP).

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Publication:Nordic Business Report
Article Type:Brief Article
Date:Jul 1, 2005
Words:171
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