BUCHAREST (Romania), July 5 (SeeNews) - French electric utility company Engie said it has acquired 60% of Romanian Internet of Things (IoT) company Flashnet for an undisclosed sum.
With this acquisition, ENGIE strengthens its position on the smart public lighting market, it said in a press release on Wednesday.
"The acquisition of Flashnet responds to Engie’s goal to be a reliable partner of the cities and territories by proposing them highly competitive intelligent energy management systems for better cities and utility grids. We are glad to strengthen our competencies in both intelligent lighting and grid infrastructures and to provide to our customers better solutions integrating IT, energy and telecommunications technologies," Engie Romania CEO Eric Stab said.
Flashnet develops intelligent energy management systems for cities.
"We are very pleased to join the Engie Group and believe this is a stepping stone for us to be at the core of the IoT expansion. We share Engie’s view on the energy transition and are very excited to contribute with our expertise to the strategy of the Group," Flashnet CEO and founder Lorand Mozes said.
Flashnet was established in 2005. Its street lighting management solution has already been deployed in various cities such as Dubai in the UAE, Penang in Malaysia, Brasov and Craiova in Romania, Mecca and Riyadh in Saudi Arabia, and Athens in Greece, with pilots and demonstrators virtually all around the globe.
Flashnet has also developed inteliGRID, a complete hardware and software management solution for low voltage electric distribution which was successfully deployed for several clients in Romania.