Investment to acquire 15% of Navetas recognised potential of unique energy management technology
Ipswich, UK – Wednesday 4th April 2012: Navetas Energy Management has secured £5m in strategic investment from Sensus, a leading utility infrastructure company offering smart meters and communication systems for the electric, gas, and water industries. The investment deal will see Sensus acquire a 15% stake in Navetas and an exclusive licence agreement for Navetas technology in the United States market.
Navetas will use the investment from US-based Sensus to make further advances in its unique, patented energy disaggregation technology and integrate this into the next generation smart meters produced by Sensus for the US market, due to launch in 2013.
Sensus and Navetas will also work together to identify opportunities to grow the Navetas business both by acquisition and organically through the launch of new energy management data analytics systems and services in the UK and Europe.
Navetas, founded in 2008, has already raised £7m in previous funding rounds from Swarraton Partners, Naxos Capital and the University of Oxford to transform a concept from the University of Oxford into an intelligent technology that can uniquely monitor, from a single point how much energy is being used by different appliances in the home, providing consumers with intuitive energy consumption information through itemised bills and added value energy management services. Several trials of this disaggregation technology are currently under way with energy providers in the UK.
Chris Saunders, CEO of Navetas Energy Management, comments: “The pace of change in the global energy market is rapid and this investment will allow Navetas to develop internationally, specifically in the US, and to deliver new and innovative technologies that will address the emerging market dynamics. The investment from a big, global player such as Sensus is testament to the value our technology and intellectual property brings to the energy market.”
The Navetas technology has recently been highlighted as an example of British design-led innovation in a campaign led by The Design Council. The campaign showcased Navetas as a British innovation success story in its Design for Growth paper and videos, launched in parallel with the Government’s Innovation and Research Strategy for Growth in December.
Matt Zafuto, Vice President, Corporate Strategy and Business Development, Sensus, comments: “The global energy and water utility markets are constantly looking at the future value to be gained through applications that ride on smart utility networks. Our investment in Navetas will enable Sensus to leverage energy management applications that deliver information and added-value consumption data to our customers in the US and beyond.”
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NOTES TO EDITORS
For more information, please contact:
Ben Smith or Fiona Kay
Tel: +44 20 8408 8000
Navetas is a UK-based company that develops innovative technology that empowers individuals, utilities and businesses to make better energy choices and find new ways to reduce and manage energy consumption and minimise their environmental impact.
The company’s innovative technology can identify individual appliances and measure their energy consumption, providing rich data to help householders and businesses save money by using electrical appliances more efficiently.
Navetas has previously raised £7 million from two funding rounds with investment from Naxos Capital, Swarraton Partners and the University of Oxford. Naxos Capital, Swarraton Partners and the University of Oxford will continue to hold significant investment in Navetas.
For more information, visit www.navetas.com
Sensus is a leading utility infrastructure company offering smart meters, communication systems, software and services for the electric, gas, and water industries. Sensus technology helps utilities drive operational efficiency and customer engagement with applications that include advanced meter reading, data acquisition, demand response, distribution automation, home area networking and outdoor lighting control. Customers worldwide trust the innovation, quality and reliability of Sensus solutions for the intelligent use and conservation of energy and water. Learn more at www.sensus.com
To follow Twitter updates from Sensus, please visit http://twitter.com/sensussmartgrid