German electronics giant Siemens (Munich, Germany) announced on Monday the acquisition of eMeter Corportation (San Mateo, Calif., U.D.A.), a startup company focusing on smart grid technologies for utilities such as power and water. eMeter received a total of $68.8 million over six rounds of institutional funding. JP Morgan advised eMeter in the acquisition, which is expected to close this month.
eMeter, which is led by Veritas CEO and former Oracle executive Gary Bloom, gathers information from two-way meters. The data then travels to utility companies and allows them to make better business decisions, to understand peaks in demand and to read meters automatically. Consumers can also use the information to find ways to use less energy and lower their bills.
Siemens has been concentrating on the M2M industry lately, with ventures including a project to develop smart grid technology with Boeing (Chicago, Ill., U.S.A.) for the U.S. Department of Defense, and the development of a real-time smart grid meter with Digi International (Minnetonka, Minn., U.S.A.).
“The acquisition of eMeter will allow Siemens to expand its reach globally in the energy information and meter data management space,” says Jan Mrosik, CEO of the smart grid division of the Siemens Infrastructure & Cities Sector.
While Siemens has its own energy division, eMeter’s staff and technology will be part of the company’s Smart Grid division within the Infrastructure & Cities Sector. EMeter’s headquarters in San Mateo will continue to operator as part of the division. This Siemens sector already has 87,000 employees worldwide.
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