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Direct Energy purchases Panoramic Power
November 12, 2015 - Through its parent company Centrica, Direct Energy says it will acquire Panoramic Power, a provider of device-level energy management solutions, for $60 million.
November 12, 2015 By Renée Francoeur
The acquisition builds upon an existing exclusive partnership between Panoramic Power and Direct Energy that began in June 2014.
“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”, said Direct Energy president and CEO Badar Khan.
The Panoramic Power energy management solution offers commercial and industrial business customers a wireless and self-powered circuit-level technology with cloud-based analytics.
“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 incorporate Panoramic Power’s technology and analytical expertise into what we offer our growing customer base,” said John Schultz, president of 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, according to Direct Energy.
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