Israel’s Panoramic Power acquired for $60 million

Direct Energy says Panoramic’s wireless energy-management tech ‘supports our brand promise to help customers buy less of what we sell.’

One of North America’s largest energy and energy-related services companies has bought an Israeli energy-management company for $60 million.

Houston-based Direct Energy electric retail supplier announced the acquisition of Panoramic Power on November 12. The deal was arranged through Direct Energy’s parent company, Centrica.

Founded in 2009 in Israel, Panoramic Power quickly became a global pioneer in energy-management solutions and was recently named one of the top 100 IoT (Internet of Things) startups by Forbes magazine.

The wireless and self-powered Panoramic Power device offers commercial and industrial business customers real-time visibility and actionable energy insights regarding energy consumption, operating costs and efficiency with the help of cloud-based analytics.

The company, which also has New York and UK offices, has deployed more than 25,000 sensors at 700 sites across 30 countries.

Soon after i