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Centrica enhances smart energy proposition with SmartWatt purchase

Image: Centrica.

Image: Centrica.

Centrica has bolstered its integrated energy solutions capabilities and enhanced its position in the US market throughout the acquisition of energy services and solutions firm SmartWatt.

Centrica has reached a deal to acquire SmartWatt for US$37 million (£29 million), with the tech company becoming part of the energy giant’s distributed energy and power unit, Centrica Business Solutions.

The transaction is expected to close on 1 July 2019.

SmartWatt, which is headquartered in Albany, New York, focuses on combining lighting retrofits, energy efficiency upgrades, HVAC, building automation and on-site renewables to bring forward bespoke energy saving solutions for C&I customers.

It has 14 offices throughout the US, and has completed installations for major companies including FedEx, Nestle and Pepsi in the past.

Chris Covell, founder and chief executive at SmartWatt, said Centrica’s presence would help the firm deliver better solutions for its customers, while Jorge Pikunic, global managing director for Centrica Business Solutions, said SmartWatt’s portfolio would complement its existing capabilities.

“SmartWatt’s impressive reputation delivering energy solutions and innovative financing, together with our existing technology and trusted customer relationships through Direct Energy Business, will help accelerate our growth in the US,” Pikunic said.

Centrica’s Business Solutions division has been the subject of much investment over the past few years, with the energy major keen to enhance its capabilities in the decentralised energy sector. In November 2017 it acquired demand side response firm Restore for £62 million, adding to the likes of Panoramic Power, Neas Energy and ENER-G which had all been acquired previously.

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