General Electric (Fairfield, Conn.) is looking for acquisitions in smart grid technology according to Keith Redfearn, the EMEA & India regional general manager for GE Energy.
In January, GE acquired Remote Energy Monitoring, Ltd., a smart metering technology company that operations in the United Kingdom and Australia. In May, GE announced its plans to acquire FMC-Tech (Houston Texas), a provider of real-time power line monitoring for power grid technology. The acquisition is expected to be completed this month.
GE was initially bidding to acquire Swiss-based meter maker Landis+Gys back in April, before Japanese electronics manufacturer Toshiba Corp won a $2.3 billion deal with the company.
“GE Energy is growing its technology footprint in the Smart Grid space,” said Neil Gazeley, communications manager EMEAI at GE Energy. “This means that we are investing in research, developing new solutions and when it makes good commercial sense GE is also acquiring companies that will help us reach key market sectors and geographies.”
GE pushed its involvement in the smart grid sector back in July of last year when CEO Jeff Immelt announced GE’s $200 million innovation to find and fund the best ideas in the smart grid industry.
The European Union wants about 80 % of households to be equipped with smart meters by 2020. Many companies in Europe have started to acquire smart grid technology companies.
This month, France's Schneider Electric said it would buy energy software provider Telvent for $1.36 billion as part of its push into energy efficient grids and emerging markets.
(Reporting by Maria Sheahan; Editing by Hans-Juergen Peters)
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