IntelliHUB, a smart metering and data services provider, acquired GreenSync, an energy technology company. This move will unlock gigawatts of consumer-led renewable energy generation and demand-side control.
The recently concluded transaction brings together Intellihub’s advanced smart metering platform with GreenSync’s cloud-based DER (Distributed Energy Resources) interoperability software known as deX (Decentralized Energy Exchange).
DeX is a digital platform that enables DER registration, near real-time visibility, and the control and data management required for Virtual Power Plant (VPP) participation. It is already being used in most newly connected solar homes in South Australia, helping them comply with emergency backstop provisions under the State Government’s Smarter Homes program.
Intellihub CEO Wes Ballantine said the acquisition was strategically important as the energy sector grapples with the rapid increase of household renewable energy systems. “There’s about one gigawatt of renewable energy generation capacity sitting behind Intellihub’s smart meters.”
“That’s expected to grow to three gigawatts over the next few years. There’s also a growing level of dispatchable resources like pool pumps, hot water systems, and Electric Vehicles. “Together, this is a large source of flexible and controllable generation and demand-side resources – but their value is not being realized. “The deX platform is perfectly geared to partner with the edge computing capability in our new smart meters to access this flexible generation via VPPs. “Together, they unlock value for retailers and consumers and help to stabilize the grid and absorb more renewables.”
Intellihub is Australia and New Zealand’s smart metering and data intelligence provider. It has more than 1.2 million smart meters under management, and by the end of 2022, it expects its smart meter installation rates will double to 2,000 meters a day. It’s deploying new smart meters with high-speed communications links and waveform capture. It includes edge computing platforms that make the meter DER ready, multi-radio connectivity, and IoT device management. GreenSync will become part of Intellihub’s new technology development arm, CrescoNet, led by experienced energy and smart grid engineer Adrian Clark.
According to Mercom Research, in 2018, IntelliHUB completed a $35 million debt financing round from Clean Energy Finance Corporation (CEFC).
According to Mercom’s recently published Q1 2022 funding and M&A report for storage, Grid & Efficiency, in Q1 2022, there were three M&A transactions compared to two in Q4 2021 and six transactions in Q1 2021.