HOUSTON — Direct Energy, one of North America’s largest energy and energy-related services companies, through its parent company Centrica, has 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 wireless and self-powered circuit-level technology with cloud-based analytics. The company said its solution is designed to give customers real-time visibility into their business operations through actionable energy insights, enabling them to lower their energy consumption, reduce operating costs, and increase overall operational efficiency.
Badar Khan, Direct Energy president and CEO, said, “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.”
“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 Panoramic Power solution is recommended for businesses ranging from offices to multi-site retail to industrial and large commercial operations such as factories or hospitals.
For more information about Direct Energy, visit www.directenergy.com.
For more information about Panoramic Power, visit www.panpwr.com.
Publication date: 12/2/2015