UK energy management company Navetas has sold part of its business to American utility infrastructure company Sensus. The investment deal will see Sensus acquire a 15% stake in Navetas for £5m and an exclusive licence agreement for Navetas technology in the United States market.
Navetas employs smart meter technology that monitors how much energy is being used by different appliances in the home, providing users with energy consumption information through itemised billing.
Chris Saunders, CEO of Navetas Energy Management said: “The pace of change in the global energy market is rapid and this investment will allow Navetas to develop internationally, specifically in the US.”
Navetas expects to use its technology in Sensus’ new wave of smart meters due to launch in 2013, using the investment to make advances in its patented technology.
Navetas sees the United States as a better launch pad than the UK because of its size. Nick Wellington, Navetas’ Strategical Communications Director told ELN: “The UK energy industry needs to catch up. It reminds me of where telecoms were 25 years ago. There has to be a focus on consumer-end service. In terms of smart meter policy it’s very complex. The Government has to provide more certainty.”