Retail Supplier to Acquire Energy Management Solutions Provider Panoramic Power

Direct Energy, through its parent company Centrica, agreed to acquire Panoramic Power, a 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 visibility 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 said

"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 has deployed more than 25,000 sensors at 700 sites across 30 countries.

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 energy management technology and expertise to further increase customer growth through its new global business unit, Distributed Energy & Power.

Centrica said that the acquisition, "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," Centrica said