Direct Energy, through its parent company Centrica plc, has agreed to acquire Panoramic Power, a leading provider of device-level energy management solutions, for $60 million (£39 million).
Panoramic Power installs and supports wireless and self-powered circuit level technology for business customers and provides them with cloud-based analytics. This gives the customer real-time visibility and allows actionable insight into their energy usage, enabling them to lower energy consumption, reduce operating costs and increase overall operational efficiency.
The acquisition will build upon an existing exclusive partnership in the US between Direct Energy and Panoramic Power and will provide Centrica with leading capabilities in energy management technology and data science expertise, in addition to full control over research and development activity. The energy management solutions enabled by this acquisition will initially be focused on Direct Energy Business’s existing markets, with the intention to extend them to other markets over time, as part of a wider distributed energy offering.