ERM POWER FLICKS INDUSTRY SWITCH WITH LED ACQUISITION

Written on the 8 March 2016

ERM POWER FLICKS INDUSTRY SWITCH WITH LED ACQUISITION

BRISBANE-based energy company ERM Power Limited (ASX:EPW) has acquired lighting company Lumaled for $3.5 million.

The deal also includes a payment of $1.5 million to the energy-efficient LED product developer - contingent on first-year earnings.

The acquisition rides off the back of ERM's strategic plan to evolve its customer solutions portfolio using smart software, data analytics and energy-efficient products, to grow its retail electricity customer base to better manage energy consumption.

ERM CEO Jon Stretch says the company was attracted to Lumaled's growth and customer satisfaction after analysing the lighting market.

"Our strategy is focused on capital efficiency, diversification, growth, and innovative customer solutions," says Stretch.

"We're delighted to now have finalised our agreement with the Lumaled team which will allow us to bring energy-efficient lighting options to our existing and new customer base across the country."

He says the acquisition ties in well with the company's plans this year, as the construction industry shifts towards energy efficient lighting.

Lumaled managing director Terry Fox says ERM's move into the LED market demonstrates why Australian energy corporations should take the technological revolution seriously.

"We've spent time with the ERM Power team and they have aspirations for this business which will support its national growth," says Fox.

"There are multiple benefits of LEDs and we've been at the forefront of this rapidly growing technological change.

"We're very excited to be a part of ERM Power to take this technology to a broader national base."

 

 

Latest News

SURFSTITCH GOES UNDER AS LEGAL COSTS FINALLY TAKE THEIR TOLL

SurfStitch (ASX: SRF) has entered voluntary administration, impacted by a series of protracted legal entanglements...

APOLLO MOTORS TO HIGHER THAN EXPECTED PROFIT ON ACQUISITIONS

APOLLO Tourism & Leisure's (ASX ATL) aggressive acquisition strategy in Canada and Australia has lifted th...

SANTOS CLAWS BACK LOSS DESPITE HEAVY IMPAIRMENT CHARGES

SANTOS Limited (ASX: STO) has reported a loss of $640 million for the first six months of 2017, a huge reduction o...

BOARD SHAKEUP AND UNDERPERFORMING ASSETS IMPACT EUREKA RESULTS

EUREKA Group's (ASX: EGH) FY17 financial performance has suffered at the hands of a board reshuffle and underp...

Related News

ACCC CLEARS THE WAY FOR BILLIONAIRE INVESTORS MURDOCH AND GORDON TO BUY TEN NETWORK

THE COMPETITION watchdog has cleared a proposed takeover of the Ten Network by billionaire investors Lachlan Murdo...

COMMBANK FACES 'VERY LARGE' CLASS ACTION LAW SUIT OVER MONEY LAUNDERING SCANDAL

THE Commonwealth Bank is facing a potential massive class action from shareholders because of a big drop in its sh...

REPORTING SEASON WRAP: WEDNESDAY HIGHLIGHTS

The A2 Milk Company (ASX:A2M) has almost tripled its profits and increased total revenue by 56 per cent off the ba...

THE MOTHER OF THREE WHO HAS SHARK TANK'S ANDREW BANKS AND STEVE BAXTER FIGHTING TO INVEST WITH HER

NOT every entrepreneur on Shark Tank Australia convinces the 'sharks' that their business is worthy of inv...

BOOK YOUR FUNCTION SPACE HERE

 

 

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter