HOUSTON, Nov. 12, 2015 /PRNewswire/ -- Direct Energy,
one of North America's largest
energy and energy-related services companies, through its parent
company Centrica, agreed to acquire Panoramic Power, a leading
provider of device-level energy management solutions, for
$60 million.
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.
Direct Energy President and CEO Badar
Khan announced, "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," said
John Schultz, president, Direct
Energy Business. "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."
Founded in 2009, Panoramic Power quickly became a global pioneer
in energy management solutions. They have 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.
"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,"
said Yaniv Vardi, CEO, Panoramic
Power.
The acquisition builds upon an existing exclusive partnership
between Panoramic Power and Direct Energy that began in
June 2014, supporting Centrica's
growth strategy by offering unmatched energy management technology
and expertise to further increase customer growth through its new
global business unit, Distributed Energy & Power. The Panoramic
Power solution is recommended for businesses throughout
North America, Europe and APAC, ranging from offices to
multi-site retail to industrial and large commercial operations
such as factories or hospitals.
Due to the ease and speed of installation, customers have found
the energy management solution extremely practical and helpful in
managing high energy costs by providing real-time visibility into
circuit-level energy consumption. "It's like having an energy
manager at every device telling me what I need to do and what needs
to be addressed in real time," explains Environmental and Energy
Manager Victor Melton, who works for
Carrollton-Farmers Branch ISD based in Carrolton, Texas.
About Direct Energy
Direct Energy is a leading
energy and energy-related services provider with nearly five
million residential and commercial customers in North America. Direct Energy provides
customers with choice and support in managing their energy costs
through a portfolio of innovative products and services. A
subsidiary of Centrica plc (LSE: CNA), one of the world's leading
integrated energy companies, Direct Energy operates in 50 U.S.
states plus the District of
Columbia and 10 provinces in Canada. To learn more about Direct Energy,
please visit www.directenergy.com.
About Panoramic Power
Panoramic Power, the
leading provider of device level energy management solutions,
enables businesses to optimize their energy consumption, improve
operational efficiency and generate income through load response
programs. Using its innovative and affordable circuit-level
cloud-base analytics solution, companies across a wide range of
retail and commercial industries gain insight into their energy
usage and are able to optimize operations, processes and
maintenance resources. For more information, visit
www.panpwr.com.
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SOURCE Direct Energy