One of North America’s largest energy and energy-related services companies has bought an Israeli energy-management company for $60 million.
Founded in 2009 in Israel, Panoramic Power quickly became a global pioneer in energy-management solutions and was recently named one of the top 100 IoT (Internet of Things) startups by Forbes magazine.
The wireless and self-powered Panoramic Power device offers commercial and industrial business customers real-time visibility and actionable energy insights regarding energy consumption, operating costs and efficiency with the help of cloud-based analytics.
The company, which also has New York and UK offices, has deployed more than 25, 000 sensors at 700 sites across 30 countries.
Soon after its founding, Panoramic became Qualcomm’s second portfolio company in Israel and attracted investments from Greylock Partners, Israel Cleantech Ventures, the Israel Electric Company, the BIRD Foundation and Clal Energy. Panoramic Power and Direct Energy began an exclusive partnership in June 2014.
“I look forward to Direct Energy’s integration of Panoramic Power into their successful business model for commercial customers, leveraging the market footprint of Direct Energy to scale and grow our vision, ” said Panoramic Power CEO Yaniv Vardi.
More innovative and effective
Direct Energy provides energy and energy-related services to nearly five million residential and commercial customers in North America, including all 50 states, Washington, DC, and 10 provinces in Canada.
Direct Energy President and CEO Badar Khan said the Texas company “has seen remarkable success this past year with our existing Panoramic Power partnership, which supports our brand promise to help customers buy less of what we sell. With this exclusive technology, Direct Energy is now an even more innovative and effective energy solutions provider and partner with our customers.”
Direct Energy Business president John Schultz explained that commercial industries “are moving toward more centralized energy management solutions with a focus on automated energy data collection and reporting, which is why Direct Energy aims to seamlessly incorporate Panoramic Power’s technology and analytical expertise into what we offer our growing customer base.”
The Panoramic Power solution is recommended for businesses throughout North America, Europe and APAC, ranging from offices to multi-site retail to industrial and large commercial operations such as factories or hospitals.