Saturday, 25 February 2017
Last updated 16 hours ago
Nov 10 2009 | 10:26am ET
The world’s largest electricity-metering company, Switzerland’s Landis+Gyr, has raised $100 million from shareholders to fund its growth.
“Our existing shareholders’ active support of the company is a tribute to the global potential of smart metering and Landis+Gyr’s unique position to capitalize on that opportunity,” said Landis+Gyr CEO Cameron O’Reilly.
The company, which has been expanding its American business significantly, expects to benefit from the $3.4 billion in smart grid funding announced recently by the U.S. administration, as well as from the EU’s Energy Package, which includes a directive requiring 80% of homes to have smart meters by 2020 and 100% by 2022.
Landis+Gyr is has won more than $1 billion in new orders this year, including major contracts in Australia, across the Nordics countries, and in the United States. The company spends approximately $90 million per year on research and development. In addition to its smart metering wins, the company has also had substantial success in South America and India with its new anti-theft technologies which enable utilities to provide electricity to areas that otherwise might go without.