Retail electricity provider Direct Energy and its parent company Centrica has agreed to acquire Israeli energy management firm Panoramic Power for $60 million, the companies announced Thursday morning.
Houston-based Direct Energy’s acquisition builds on an existing and exclusive partnership with Panoramic Power, which began in June 2014. The partners are focused on expanding the U.S. energy services business.
Direct has five million residential and business customers in North America, while Panoramic offers technology to help customers lower energy consumption, reduce operating costs and increase overall operational efficiency.
"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," John Schultz, president of Direct Energy Business, said in a statement. ”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."
Panoramic Power, which has offices in New York, Israel and the United Kingdom, was founded in 2009. The firm has deployed 25,000 sensors at 700 sites in 30 countries.