British energy managment business Navetas has taken its fundraising totals to £12 million through a tie-up with Sensus.
Oxford University spin-out Navetas Energy Management has scored investment from a US source, allowing it to launch new energy management systems in the UK and Europe.
Smart grid infrastructure technology business Sensus has invested £5 million into Suffolk-based Navetas in exchange for a 15 per cent stake in the business.
Navetas provides services in the field of energy measurement, management and conservation to the energy supply market.
The funding is the latest in a series of rounds which has seen Navetas raise £5 million from backers including Swarraton Partners, Naxos Capital and the University of Oxford.
As part of the deal Sensus has also acquired an ‘exclusive licence agreement’ for Navetas’ technology in the US.
Chris Saunders, CEO of Navetas Energy Management, comments, ‘The pace of change in the global energy market is rapid and this investment will allow Navetas to develop internationally, specifically in the US, and to deliver new and innovative technologies that will address the emerging market dynamics.’
Following the deal, Sensus is set to integrate Navetas’ energy management technology into its future smart meters, due to launch in 2013.
Matt Zafuto, vice president for corporate strategy and business development at Sensus, says that the global energy and water utility markets are constantly looking at the future value to be gained through applications that ride on smart utility networks.
‘Our investment in Navetas will enable Sensus to leverage energy management applications that deliver information and added-value consumption data to our customers in the US and beyond.’