Centrica makes modest acquisition
20th June 2012
Energy firm Centrica (LON:CNA) today announced that its British Gas division has invested £3.6 million in cash in return for a minority shareholding in Power Plus Communications, a German based technology company that provides broadband powerline technology for smart grid and smart metering applications.
Following this transaction, British Gas will also hold a seat on the Board of Power Plus Communications. As part of this investment British Gas says it will work closely with Power Plus Communications to develop and deploy technology solutions for its customers in the UK. The transaction will also enable British Gas to further expand its position in smart technology and enhance its smart metering service.
Phil Bentley, Managing Director at British Gas, said: 'We want to continue to lead in smart metering, making energy saving as easy as possible for our customers. This is why we continue to drive the smart meter roll out and offer new, smarter ways to help customers take control of their energy usage. Power Plus Communication's world leading technology will enable us to connect more of our customers with smart meters, transforming their relationship with energy and helping them better manage fuel bills.'
At 11:07am: (LON:CNA) Centrica share price was -0.8p at 314.3p
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