Exhibit 99.1
Itron Acquires Elpis Squared, Expands Grid Edge Intelligence Portfolio
Acquisition to Help Accelerate the Energy Transition with Grid Planning, Operations and Engineering
LIBERTY LAKE, Wash. March 5, 2024 Itron, Inc. (NASDAQ: ITRI), which is innovating new ways for utilities and cities to manage energy and
water, announced today it is expanding its Grid Edge Intelligence portfolio through the acquisition of Elpis Squared, an innovative provider of software and services for utility grid operations, effective immediately.
Founded in 2013 and headquartered in Newport Beach, CA, Elpis Squared is modernizing the electric distribution grid by providing innovative, cost-effective
management and optimization solutions to utilities. The acquisition will strengthen and complement Itrons solutions, adding expertise in grid planning, operations and engineering to Itrons Grid Edge Intelligence portfolio. Utilities will
now be able to accelerate how they operationalize next-generation, high-resolution data to address the energy transition.
Faced with increasing grid
complexity utilities are seeking capabilities to better control the volatility and disruption within the low- and medium-voltage distribution network. The acquisition of Elpis Squared allows Itron to embed
real-time, high-resolution grid edge data into the grid planning, operations and engineering process an industry first. This enables enhanced insights for more accurate distribution grid modeling and analysis, delivering improved performance
metrics for the grid edge.
Elpis Squared is deeply integrated with utility distribution grid operations and has more than 10 years of operational
experience with North Americas largest investor-owned utilities. Combining Elpis Squareds RE|Grid Suite with Itrons Grid Edge Intelligence solutions, which operate at utility scale across millions of endpoints, will accelerate key
elements of Itrons product roadmap and enable utilities to maximize the value of existing investments with key use cases, including:
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Integrated Grid Planning: The Elpis Squared RE|Grid Suite, including Model Validator, System Planner and
Power Analyzer, together with Itrons AMI and high-resolution grid edge data will improve modeling and grid edge analytics and deliver an end-to-end approach for
easy and accurate low voltage grid edge scenario planning. |
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Streamlined Scenario Planning and Impact Studies: Studies can be run more frequently to enable more
accurate forecast planning, leading to increased carbon reduction. |
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Improved Asset Planning: With high-resolution grid edge data, the asset planning process can be improved
to protect transformer performance, extending capital investment life and reducing operation and maintenance (O&M) costs. |
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Improved Wildfire Prevention and Mitigation: Combining the power of Elpis Squareds RE|Grid Model
Validator and Service Optimizer, and Itrons Grid Edge Intelligence solutions powers anomaly data and will dramatically improve location analytics. |
The acquisition of Elpis Squared strengthens Itrons Grid Edge Intelligence portfolio and will accelerate our product roadmap to create more value
for our customers, said Don Reeves, senior vice president of Outcomes at Itron. We look forward to enabling customers to solve critical operational challenges by embedding Itrons grid edge data and insights into utilities
grid planning and operations, addressing the energy transition.
We are excited to be acquired by Itron as we help utilities navigate a
transforming grid with confidence, said Bryan Wright, CEO of Elpis Squared. By adding our RE|Grid Suite to Itrons Grid Edge Intelligence portfolio, Itron will catalyze the transformation of energy infrastructure and help utilities
enhance resource productivity and create a sustainable, resilient and interconnected energy ecosystem.
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