Smart Energy Finances: Badger acquires smart water solutions & TE Connectivity’s smart grid win
This week’s edition of Smart Energy Finances leads with two stories on smart energy acquisitions, specifically Badger meter’s acquisition of Syrinix and TE Connectivity’s acquisition of Kries’ grid monitoring portfolio.
Also on the radar are two successfully closed seeding rounds.
Swedish company qvantum has raised €42 million ($45.5 million) to drive its European expansion and launch its next generation modular electric heat pump series, based on natural refrigerant, across Europe.
And Enpal, a European solar provider, has received €215 million ($233 million) in growth capital for its expansion strategy.
Badger acquires Syrinix
Badger Meter has acquired Syrinix, a privately-held provider of intelligent water monitoring solutions, for £15 million ($18.3 million), funded with available cash.
The acquisition will add a new element of smart water capabilities. The acquired company has its specialities in high-frequency pressure monitoring and leak detection within water distribution and collection networks.
Syrinix’s remote network monitoring equipment and cloud-based software platform deliver data, customised alerts and insights, providing real-time asset monitoring to reduce water loss and improve asset life.
On the other hand, Badger Meter is a global provider of water solutions, including flow measurement, quality and other system parameters.
Their offerings provide data and analytics with the hopes of optimising water operations. Add onto this the acquisition of Syrinix, it will be interesting to see how Badger’s offerings develop into the future.
Kenneth C. Bockhorst, chairman, president and chief executive officer of Badger Meter, stated on the acquisition: “We are pleased to add the hardware-enabled software capabilities of Syrinix into our smart water solutions portfolio.
“We continue to expand our comprehensive digital solutions to operationalise real-time data into actionable insights that improve efficiency, resiliency and sustainability. I look forward to working alongside the talented Syrinix team to further our aim to preserve the world’s most precious resource.”
Have you read:
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TE Connectivity adds grid monitoring portfolio to its mix
TE Connectivity, US-based consumer electronics company with a focus on connectivity and sensors, and Germany-based Kries-Energietechnik, have signed a sales agreement covering North, Central and the majority of South America.
Through the agreement, TE becomes the exclusive seller in the region of Kries’ portfolio of grid monitoring products that enable a smarter, more reliable and sustainable power network.
The joint portfolio is hoped to boost TE’s smart grid offerings to digitalise existing networks and provide information about where and how much power is flowing. These intelligent digital systems pinpoint faults and weak connections in the grid, providing a tool for power monitoring and asset management.
Through the exclusive partnership, TE will provide three key levels of smart grid monitoring solutions from Kries:
- Permanent voltage monitoring and detecting with the CAP-Line;
- Fault indication on underground and overhead networks with the IKI-Line;
- Remote monitoring and feeder control for substations with the PON-Line.
These product lines can be used with TE’s Raychem switchgear connectors and high voltage terminations for applications such as substations, underground and overhead power distribution networks.
Series B for a natural refrigerant heat pump series
Swedish heat-pump systems and tech company Qvantum has closed its Series B capital raise, securing €42 million.
The new capital will support Qvantum’s growth and expansion strategy and accelerate go-to-market of its next generation electric heat-pumps into densely populated urban areas and cities across Europe.
Specifically, the company will finalise its new production site in Åstorp (with a capacity of 50 000 heat pump per year) and launch its next generation modular electric heat pump series, based on natural refrigerant, across Europe.
The new electric heat pump platform is modular and designed to make the heat pump an integrated part of a local energy system.
The heat pumps are emission free and will be accessible to many application fields, including in densely populated areas.
Lead investors include Thomas von Koch (Partner and ex CEO of global private equity firm EQT) investing through his private company, IMAS Foundation, a sister foundation to the INGKA Foundation which is owner of the INGKA Group that operates most IKEA stores globally.
Munters, which develops energy-efficient air treatment and climate solutions, also joined the financing round and will enter into a co-operation agreement with Qvantum.
Other Series B investors are SEB Greentech, DIG Investment (connected to the H&M Persson family) and Gullspång Invest. Mats Rahmström, chief executive of Atlas Copco, is also investing through his private company and joins Qvantum as industrial advisor.
Also of interest:
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Series D for an intelligent energy provider’s platform expansion
Solar power provider Enpal has received a further €215 million ($233 million) in growth capital from a Series D funding round led by TPG Rise Climate with Westly Group and Activate Capital coming on board.
Existing investors such as HV Capital (backed by the European Investment Bank), SoftBank Vision Fund 2 and Princeville Climate Technology have also taken part and further increased their commitment.
The additional growth capital will enable Enpal to offer new products, expand into new markets and further develop the company’s intelligent energy platform.
Enpal offers an intelligent energy platform as well as PV systems with storage and a wall box to enable a clean energy transition for consumers.
In announcing the funding, Enpal founder and CEO Mario Kohle stated the company’s mission of helping tackle global climate change “by putting solar panels on every roof, a battery in every home and a wallbox electric vehicle in front of every door”.
For this and the latest news in the energy sector’s finance and investment scene, make sure to follow Smart Energy Finances Weekly.
I will also be attending GridTECH Connect (6 February) and DISTRIBUTECH International (7 to 9 February) in San Diego, California. Will I see you there?
Cheers,
Yusuf Latief,
Content Producer, Smart Energy International
