Siemens acquisition bolsters smart grid offering

German engineering giant Siemens has stepped up its push into the global smart grid sector this week with the proposed acquisition of a majority stake in smart meter and energy billing specialist Energy4U GmbH.

Siemens said it will shell out an undisclosed sum for a 60 per cent stake in Elbtal-based Energy4U, in a move designed to strengthen its smart gird portfolio. The deal is now subject to final approval by German antitrust authorities.

Energy4U, which already boasts utility customers in Germany, Croatia, Austria and Switzerland, was established in 2000 as a provider of SAP business software for energy firms.

The company has since specialised in rolling out customer information and billing systems, which can be integrated with the data provided by energy smart meters to automatically provide customers with up-to-date and accurate bills.

The deal will further bolster Siemen's green credentials at a time when it is trying to position itself as the "world's largest infrastructure provider in the area of environmental technology".

The company recently reported that its environmental portfolio resulted in sales of just under €19bn in fiscal 2008 and that it was on track to deliver €25bn in green sales by 2011.