Itron Finalizes Comverge Acquisition to Expand Grid and Customer Experience Solutions
June 01 2017 - 12:26PM
Business Wire
Game-changing acquisition to harness Comverge’s
demand response leadership with Itron’s expertise in smart
connected networks and edge intelligence
Itron, Inc. (NASDAQ: ITRI), a world-leading technology and
services company dedicated to the resourceful use of energy and
water, announced today that it has completed its previously
announced acquisition of privately held Comverge by purchasing its
parent company, Peak Holding Corp., for approximately $100 million.
With the acquisition, Itron strengthens its portfolio of grid
solutions with the industry’s leading demand response offering
while also paving the way for game-changing distributed energy
management applications using Itron’s OpenWay Riva™ IoT
solution.
“We are excited to add Comverge’s strong, healthy and growing
business and integrate Comverge and Itron’s well-proven solutions
to enable distributed energy management,” said Mark de Vere White,
president of Itron’s Electricity business line. “The growing need
for utilities to meet energy efficiency regulations, enable
customer choice in energy management and better optimize the use of
distributed energy resources is driving a convergence between smart
connected networks and demand side solutions. Through this
acquisition, we are helping our utility customers address these
trends to better facilitate grid performance and reliability,
reduce peak demand, drive customer engagement and save energy.”
Merging Comverge’s solution with Itron’s OpenWay Riva solution
will allow utilities to seamlessly connect with homes to improve
operational efficiency, and distribution and energy efficiency,
while allowing consumers to directly participate in managing their
energy use. Taking advantage of the real-time edge computing power
of OpenWay Riva, the joint solution will enable utilities to derive
more operational benefit from their demand response and distributed
energy resources (DER) through more reliable network communications
and real-time measurement and verification of load drop. In
addition, it will give utilities greater access to data and
analytic power, allowing automated DER dispatch decisions, as
opposed to relying on grid operators to manually make decisions. It
will also help utilities with their grid planning decisions by
combining Itron’s forecasting capabilities with data from end-use
devices, making the forecasting process even more accurate.
The combined solution will bring new data and real-time
awareness that promises to greatly enhance the consumer engagement
experience. It will allow price signals to be sent to consumers in
real time and enable demand charge management with real-time alerts
and automated load control. Imagine a solution that could learn a
consumer’s preferences and willingness to tolerate higher
temperatures in their home by presenting cost versus comfort
tradeoff settings and observing interactions with the thermostat
during load control events. The possibilities for these new
capabilities are plentiful.
“With this acquisition, Itron inherits a strong demand response
business with immense possibilities for growth while unlocking new
opportunities by combining our joint capabilities to create new
distributed energy management solutions that can seamlessly
integrate into a comprehensive smart grid,” added de Vere
White.
About Itron
Itron is a world-leading technology and services company
dedicated to the resourceful use of energy and water. We provide
comprehensive solutions that measure, manage and analyze energy and
water. Our broad product portfolio includes electricity, gas, water
and thermal energy measurement devices and control technology;
communications systems; software; as well as managed and consulting
services. With thousands of employees supporting nearly 8,000
customers in more than 100 countries, Itron applies knowledge and
technology to better manage energy and water resources. Together,
we can create a more resourceful world. Join us: www.itron.com.
Itron® and OpenWay® are registered trademarks of Itron, Inc. All
third-party trademarks are property of their respective owners and
any usage herein does not suggest or imply any relationship between
Itron and the third party unless expressly stated.
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version on businesswire.com: http://www.businesswire.com/news/home/20170601006257/en/
Itron, Inc.Sharelynn Moore, 509-891-3524Vice President,
Global Marketing and Public Affairssharelynn.moore@itron.com
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