Stockley Park, U.K. — (METERING.COM) — June 22, 2012 – British Gas has acquired a €4.5 million stake in the Mannheim, Germany-based smart metering and smart grid broadband powerline technology company Power Plus Communications Gmbh.
According to a statement this investment is another important step towards facilitating the “home of the future,” in which smart meters will help British Gas customers take greater control of their energy usage and consumption.
British Gas has been a pioneer in the deployment of smart meters in Britain, with around 500,000 smart meters installed to date for residential and small business customers.
As part of the investment British Gas will work closely with Power Plus Communications to develop and deploy technology solutions for its customers in the U.K. The transaction will also enable British Gas to further expand its position in smart technology and enhance its smart metering service.
“We want to continue to lead in smart metering, making energy saving as easy as possible for our customers,” said Phil Bentley, managing director at British Gas. “Power Plus Communications’ world leading technology will enable us to connect more of our customers with smart meters, transforming their relationship with energy and helping them better manage fuel bills.”
Alongside British Gas, Siemens Financial Services’ Venture Capital has also invested in Power Plus Communications, as has existing investor Climate Change Capital, together contributing €12 million in growth capital to enable the company to expand its market penetration in the U.K., Europe and Middle East.