Companies join €12m Power Plus Communications funding round, beefing up presence in fast-expanding smart grid market
Siemens and British Gas have stepped up their presence in the fast-expanding European smart grid market, after this week joining a €12m funding round for Germany-based Power Plus Communications (PPC) AG.
Precise details of the funding round were not disclosed, but BusinessGreen understands that British Gas and Siemens Financial Services’ Venture Capital unit each stumped up around €4.5m with the balance provided by Climate Change Capital.The investment strengthens both companies position in the smart grid market at a time when governments across Europe are enacting plans to roll out smart meters and upgrade grid infrastructure to better utilise energy use information.
PPC specialises in the development of broadband power line communication systems that allow utilities to transfer data on energy, gas, and water usage along broadband cables, providing them with real time data on customers’ usage patterns.
The company has secured the funding after successfully completing a major pilot project in Germany and is now expected to use the new capital to accelerate its expansion in Europe and the Middle East while continuing to support the roll out of its technology in its home market.
A spokesman for PPC told BusinessGreen that it also now planned to work with British Gas to help the commpany develop its footprint in the UK market.
“This new round of financing, which brings with it the additional support of two established players in the market, is testament to PPC’s proven technology and business model,” said Ingo Schönberg, chief executive of PPC, in a statement. “PPC puts the ‘smart’ into smart metering, enabling customers to receive real-time updates of their energy, water and gas consumption and grid operators to control and manage load-demand inefficiencies.”
Category: SMART GRID