Gazprom buys out TruRead
A UK subsidiary of the state-run Russian energy group Gazprom has acquired the remaining stake in Cheshire-based smart metering business TruRead.
Gazprom Marketing & Trading bought a 30% interest in the Wilmslow firm two years ago.
It said the latest deal would strengthen TruRead’s proposition as an, “innovative
end-to-end smart energy management provider to both suppliers and end customers
worldwide”. The value of the deal was not disclosed.
Gazprom said it has spent the past two years working with TruRead to develop smart metering technology which will enable customers to monitor energy consumption in real time, and help them to save money on energy bills. It is already working closely with McDonald’s and some local authorities.
It sees the potential to sell TruRead’s technology to other energy companies and also intends to benefit from the growth in demand for smart meters. Under Government plans energy providers will be compelled to start installing smart meters by 2014.
Keith Martin, commercial director of Gazprom Marketing & Trading, said: “Together we can deliver real bottom-line benefits to our customers on a global scale in terms of energy and cost savings in addition to enhanced customer experience.”
Simon Slater, who founded the company, said: “In addition to the driver provided by current UK legislation; making smart meters mandatory, our partnership will also allow us to expand our footprint of activities globally, and to allow consumers in other markets to benefit from the energy solutions pioneered here in the UK.”
