SFS and British Gas invest in Power Plus Communications
Power Plus Communications AG (PPC), a leading provider of broadband powerline communication systems for smart metering and smart grids, has raised EUR12 million growth capital in a round of funding by Siemens Financial Services’ (SFS) Venture Capital unit and British Gas with participation from existing investor Climate Change Capital Private Equity (CPE).
The strategic investment aims to accelerate PPC’s market growth in Europe and in the Middle East and establish its role in the transformation of the German energy system. Meanwhile, SFS and British Gas are strengthening their portfolio of advanced information and communications technology solutions for smart grid and smart metering.
Ingo Schönberg, Chief Executive of PPC, says: ”This new round of financing, which brings with it the additional support of two established players in the market, is testament to PPC’s proven technology and business model. PPC puts the ‘smart’ into smart metering, enabling customers to receive real-time updates of their energy, water and gas consumption and grid operators to control and manage load-demand inefficiencies.
“With Siemens and British Gas we can grow our existing client networks and extend our international market penetration.”
Bruno Derungs, a Partner of Climate Change Capital Private Equity, says: “We are very satisfied that during our competitive fund raising process, we were able to select two investors as partners who we believe will be able to substantially contribute to the future development of PPC.”
In November 2008, CPE invested EUR10m in PPC. With the Round B investment, PPC broadens its investor base where CPE will remain the major shareholder. Other shareholders of the company include founders, management and key employees. Dr Detlef Pohl of SFS and Mr Petter Allison of British Gas will join Dr Manfred Krüper (Chairman), Prof Dr Torsten Gerpott and Bruno Derungs on PPC’s supervisory board.
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