This week’s Smart Energy Finances looks at the acquisition of Power Data Associates in the UK by IMServ Europe, which they state is a move to enhance their proposition in energy data collection, AMI and smart metering in expectation of the upcoming market-wide half-hourly settlement (MHHS) rules.
Also on the radar are robust earnings from an Indian company for their shunt resistors, which they claim to be the “backbone of smart metering technology and energy management systems” as well as a raised Series B funding round for Electric Vehicle (EV) services provider ev.energy, which they will use for global expansion and new EV data-driven services.
Acquisition to bolster smart metering expertise
IMServ Europe, a UK-based energy data collection and metering specialist, has acquired Power Data Associates, a specialist meter administrator providing unmetered services to electricity, gas and water utilities and non-domestic energy customers.
IMServ is calling the acquisition an augmentation of their existing proposition in energy data collection, advanced meter infrastructure (AMI) and smart metering.
According to the company, unmetered supplies metering systems will be required to upgrade to half-hourly settlement as part of a forthcoming market-wide half-hourly settlement (MHHS) rules.
IMServ has already identified MHHS as a key strategic priority and aims to ease the transition for every sector of the market.\
The acquisition of Power Data Associates is hoped to enable this goal and allow customers with both metered and unmetered requirements to meet their needs ‘under one roof.’
IMServ will be the only company to offer the full range of MHHS services across the metered and unmetered data services segment.
Power Data Associates will continue to operate as a standalone company, with all current employees and senior leadership retained.
Power Data Associates specialises in providing services to help customers manage their unmetered energy usage. Key unmetered applications include street lighting, telecommunications infrastructure and, increasingly, electric vehicle (EV) charge points.
IMServ on the other hand is one of the UK’s leading meter operators and data collectors, servicing over 25% of the UK’s electricity consumption through the monitoring of 80 billion units of energy data.
Also from Smart Energy Finances:
AMI provider acquires a narrowband communications solution
Funding for autonomous EV charging and GridBeyond’s acquisition of Veritone Energy
Robust earnings from smart meter shunt resistors
Indian manufacturer of bimetal/trimetal strips and shunt resistors Shivalik Bimetal Controls has announced robust financial performance for Q1 FY24.
The company reported operational revenue rise to Rs113.07 Crore ($13.7 million) signalling 15.74% YoY growth. According to CFO Rajeev Ranjan, this is “our highest quarterly number in history.”
The company is calling the financial growth reflective of the Indian and global shift towards electrification.
The Indian government’s RDSS scheme has been opening up significant revenue streams for smart metering projects in the aims of reducing aggregate transmission and commercial (AT&C) losses.
Stated the company’s chairman, S.S. Sandhu, “Our shunt resistors are part of the backbone of smart metering technology and energy management systems, providing the precision and reliability required for efficient energy usage.
“As India accelerates its smart meter deployment to achieve electrical energy security, we are proud to be a key player in providing critical components, contributing to the country’s electrification renaissance.”
Shivalik Bimetal Controls was founded in 1984 and is headquartered out of New Delhi. It manufactures and sells thermostatic bimetal/trimetal strips for switching components used in electrical, electronics, automotive, agricultural, medical, defence and industrial applications.
The rising demand for switchgear, battery management and smart metering systems, they state, conveys solid long-term prospects for their product lines.
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ev.energy enters grid services with successful financing
ev.energy, an EV charging software platform, has received a $33 million Series B raise, bringing total funded capital to $46M.
ev.energy connects EVs to grid networks, intelligently managing charging for more than 120,000 EVs daily by charging vehicles at grid-friendly times and connecting them to the company’s virtual power plant (VPP).
This latest funding round provides a pathway for ev.energy to access an additional 400 million energy customers by utilising their shareholders’ energy retail, fleet, vehicle and insurance networks.
The funding round was led by National Grid Partners (NGP) with support from Aviva Ventures, WEX Venture Capital and InMotion Ventures, with continued support from existing investors Energy Impact Partners (EIP), Future Energy Ventures (FEV) and ArcTern Ventures.
The funding will also enable ev.energy to expand its global operations while building on its growth across the US and UK.
Since 2018, ev.energy has won over 30 national, regional and municipal utility contracts while developing partnerships with charging brands and auto original equipment manufacturers (OEMs) like the Volkswagen Group.
In announcing the funding, the company cites their offering of moving, storing and discharging energy for megawatts in flexible capacity as a crucial service in a time when utilities in the US and Europe tackle extreme weather conditions, placing significant strain on the electricity grid system.
Bobby Kandaswamy, Senior Director of Pathfinding & Incubation Investments at National Grid Partners, commented, “ev.energy’s approach to providing a convenient, compelling experience for drivers to charge at home and on the road during grid-friendly times is essential for grid operators.
“Combined with its V2G services, ev.energy positions utilities like National Grid as an accelerant to the clean energy transition.” As part of NGP’s investment, Kandaswamy has joined the ev.energy board of directors.
ev.energy will also use these partnerships to co-create services that leverage vehicle data, deliver smart charging and, in the future, more fully develop bi-directional charging.
WEX Venture Capital’s investment will support the expansion of ev.energy’s solution to bring managed charging to fleet vehicles.
For the latest finance and investment news coming out of the energy industry, make sure to follow Smart Energy Finances Weekly.
Cheers,
Yusuf Latief
Content Producer
Smart Energy International
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