Japan's Toshiba Corp said on Monday it plans to enter the smart home energy market in the United States at the end of this year and generate $129.68 million in revenue by the fiscal year ending March 2016.
Toshiba (Tokyo, Japan) will use Landis+Gyr (Zug, Switzerland), which the electronics manufacturer bought in a $2.3 billion deal last May, to move into the smart grid market in the United States. Landis+Gyr is a supplier of metering technology.
Toshiba said it expects its “small community business” initiative, which helps users efficiently manage their power usage, to generate $11.67 billion in global sales by fiscal year 2015. Toshiba said it expects $1.82 billion in sales to be generated in the United States.
By 2015, utilities are expected to install smart meters in approximately half of the 96 million U.S. homes as well as other meters in 5 million homes.
(Reporting by Tim Kelly; Writing by Mari Saito; Editing by Matt Driskill)