Centrica takes stake in smart meter company

7th Oct 2010 07:21

The shopping spree at Centrica, the parent company of British Gas, shows no sign of ending as the company has taken an equity stake in home energy management services company, AlertMe.Centrica is paying £5.7m in cash for a 15.96% stake in AlertMe, and has also signed a commercial agreement, potentially worth over £20m (dependent upon technology delivery), to deploy AlertMe products and services to its customers in the UK.British Gas customers will gain access to new products such as AlertMe's Home Area Network (HAN) platform, which allows users to manage and control a wide range of home activities and appliances over the internet or smart phone."AlertMe's innovative product portfolio is a great addition to British Gas' current service offering, and will provide our customers with a new range of affordable, easy to use tools to reduce their energy consumption and cut their fuel bills," said Phil Bentley, managing director at British Gas.