Panoramic Power $60M Exit Proves Potential of Israel’s Energy Efficiency Innovations

Israeli energy management solutions provider Panoramic Power has been acquired by Centrica of the Netherlands, under the ownership of the international conglomerate Direct Energy.

Israel NewTech, which has been supporting Panoramic Power and the Israeli Cleantech industry over the years, congratulated the company on this successful exit: “Panoramic is one of a number of Israeli companies which combine hi-tech skill, innovation and cleantech know-how to optimize energy efficiency.  We are pleased to see that the company plans to maintain its strength as an independent business unit and even substancially expand its activity in Israel, as has been reported in the Israeli media,” said Moran Buganim Gold, head of the energy sector at Israel NewTech. “This successful exit is a vote of confidence in Israel’s  energy arena, and we congratulate the team at Panoramic.”

According to Globes, Centrica plc  has acquired Israeli device developer for energy management solutions Panoramic Power for $60 million. Panoramic Power will become a part of Centrica’s US energy services unit Direct Energy and the acquisition builds upon an existing exclusive partnership between Panoramic Power and Direct Energy that began in June 2014.

Panoramic Power’s energy management solution offers commercial and industrial business customers a unique wireless and self-powered circuit-level technology with cloud-based analytics. The solution is designed to give customers real-time visibility into their business operations through actionable energy insights, enabling them to lower their energy consumption, reduce operating costs, and increase overall operational efficiency.

Panoramic Power was founded in 2009 by chairman Dr. David Almagor and COO/CTO Adi Shamir. Investors include Marker LLC, Greylock Partners, Israel Cleantech Ventures Funds, Clal Energy Ltd., and Qualcomm Ventures. The company has offices in New York and Kfar Saba.

Panoramic Power has deployed more than 25,000 sensors at 700 sites across 30 countries. Panoramic Power is the recipient of numerous awards, and was recently named one of the top 100 IoT startups by Forbes magazine.

Panoramic Power CEO Yaniv Vardi said, “I look forward to Direct Energy’s integration of Panoramic Power into their successful business model for commercial customers, leveraging the market footprint of Direct Energy to scale and grow our vision. I am so grateful to our hardworking Panoramic Power employees for their years of steadfast effort and significant contributions to our success, and I know this effort will continue in working with Direct Energy for future growth.”

Direct Energy president and CEO Badar Khan said, “It’s an exciting time to be in the energy industry. Direct Energy has seen remarkable success this past year with our existing Panoramic Power partnership, which supports our brand promise to help customers buy less of what we sell. With this exclusive technology, Direct Energy is now an even more innovative and effective energy solutions provider and partner with our customers.”

“The commercial industry trend is moving toward more centralized energy management solutions with a focus on automated energy data collection and reporting, which is why Direct Energy aims to seamlessly incorporate Panoramic Power’s technology and analytical expertise into what we offer our growing customer base,” Direct Energy Business president John Shultz. ”Customers will be able to see energy insights, such as once unpredicted device failures, energy-related infrastructure investment ROI, and other valuable information that can inform and affect major business decisions in the future.”

By: Mickey Chesla, Blog Manager Israel New Tech