ENERGY Assets, the Scottish gas meter specialist, has made its first big move into the electricity meter market by acquiring a Lancashire-based firm for £2.3m cash.
Livingston-based Energy Assets said the purchase of the BGlobal Metering business from Bglobal group will allow the company to become a leading player in the market to supply smart meters that companies can use to monitor their power consumption.
Chief executive Phil Bellamy-Lee described the deal as a significant step in the delivery of the group’s strategy to offer services across a range of utilities.
The acquisition will result in a big increase in the number of meters that Energy Assets provides to and monitors for customers in the industrial and commercial markets on which it focuses.
BGlobal Metering provides 60,000 meters to customers and collects information from 90,000.
Energy Assets had 101,000 meters installed at clients’ facilities at March 31, including hundreds of electricity meters. It collected information from 62,500 meters.
The company is confident both arms of the enlarged business will be able to capitalise on regulatory changes intended to help reduce power consumption and associated carbon emissions.
These are fuelling demand for smart meters.