The Danish Greentech company True Energy has been acquired by Landis+Gyr, a leading provider of integrated energy management solutions. The agreement accelerates True Energy’s growth and market potential.
Hørsholm, Denmark. – April 21, 2021 – True Energy has been acquired by Landis+Gyr AG, who is delivering innovative and flexible solutions to help utilities solve their complex challenges in Smart Metering, Grid Edge Intelligence and Smart Infrastructure. As a result, True Energy will be able to expand their offerings in new markets to continue to drive sustainable and climate-friendly energy solutions.
True Energy’s solutions for intelligent, automatic utilization of electricity for applications, such as charging electric vehicles (EV) when electricity is most cost efficient and climate-friendly, complement the portfolio of Landis+Gyr AG, who has acquired 100% of the share capital of True Energy, and are aligned with the Company’s vision to manage energy better.
“True Energy was founded based on our vision to resolve challenges and frustrations around optimized energy usage for electric vehicles, offering a solution that allows our customers to minimize the climate and economic impact of electricity”, stated Charlotte Sand, Founder of True Energy. “We are excited to join Landis+Gyr and look forward to enabling even more customers on their journey to reach ambitious CO2 targets.”
“We are pleased to announce the acquisition of True Energy, which complements our portfolio by expanding our smart infrastructure capabilities and offering our customers a unique solution to solving challenges around the increasingly complex grid infrastructure. We expect to benefit from strong growth opportunities with the adaption of EVs and expansion from the Nordics to the rest of Europe, leveraging our existing customer base to accelerate access to the technology as well as expanding our offering into other residential areas. Currently, we are already involved in pilots in the UK, such as the SmartSTEP project, which brings smart EV charging to residential urban streets, and proof-of-concept activities in France to support our customers in the development of future proof technology”, said Werner Lieberherr, Chief Executive Officer of Landis+Gyr.
“True Energy’s technology enables sustainable electricity on the go, automating EV energy use for times of the day when electricity is most cost efficient and most climate-friendly. Therefore, True Energy’s vision is a perfect match with our sustainable mindset and will enable us to drive our initiatives related to EV charging infrastructure, smart home and solar applications. We look forward to welcoming the True Energy team as part of Landis+Gyr”, added Werner Lieberherr.
From the outset, True Energy’s vision has been to strengthen consumers’ opportunities to use electricity in smarter ways. In addition to automatic, intelligent charging applications for electric vehicles, the company has developed several other solutions such as applications controlling Smart Home devices. Additional projects are currently under development and joining Landis+Gyr bears the potential to accelerate these initiatives.
Far-reaching Danish Success
As part of Landis+Gyr, True Energy will continue to drive the business with the existing structure, management, employees, solutions and partnerships. The acquisition will enable opportunities for continued international expansion as well as integration and development of solutions and services.
”True Energy’s journey so far and the subsequent sale are proof of the high level of entrepreneurship and investor support in Denmark. We are very grateful for the support of our Danish investors, who allowed us from the very beginning to create both innovative solutions for our customers as well as jobs in Denmark. Both the investor support as well as the acquisition by Landis+Gyr are a testament to a wider ecosystem of innovative Danish companies with a strong focus on renewable energy and our green transition”, said Charlotte Blou Sand, Founder of True Energy.
“We are happy to have supported and advised True Energy through some of the most important phases of its growth and helped prepare it for further, multinational expansion. The efforts enabled the development of exciting opportunities, while at the same time supporting the green transition, which is something we are proud of having helped to achieve”, said René Heiselberg Gier from RGT Holding, an early investor in True Energy.
“We are pleased about the acquisition by Landis+Gyr as it offers new opportunities to leverage True Energy’s innovative green tech solutions in new markets. Being involved from the very beginning has been an exciting journey and we are pleased to see that, as part of Landis+Gyr, the development of cutting-edge technology will continue,” added Mikkel Bulow-Lehnsby, serial entrepreneur and Chairman of NREP, another early investor in True Energy.
About True Energy
True Energy was founded in Denmark in 2018. With partners in the Nordics, we aim to make it easy for customers to automatically use electricity when it is cheapest and most climate-friendly. At the same time, True Energy’s solutions help balance the energy grid. In this way, we – and our customers – support the transition to more renewable energy. Read more about True Energy here: www.trueenergy.io.
Landis+Gyr is a leading global provider of integrated energy management solutions for the utility sector. Offering one of the broadest portfolios, we deliver innovative and flexible solutions to help utilities solve their complex challenges in Smart Metering, Grid Edge Intelligence and Smart Infrastructure. With sales of USD 1.7 billion in FY 2019, Landis+Gyr employs approximately 5,500 people in over 30 countries across five continents, with the sole mission of helping the world manage energy better. For more information, please visit our website: www.landisgyr.com.
For True Energy: Charlotte Blou Sand, CEO and Founder (email: email@example.com telephone: +45 53 81 81 04).
For Landis+Gyr: Melissa van Anraad, Head of PR (email: Melissa.vanAnraad@landisgyr.com / telephone: +41 41 935 63 98 )
Facts About the Acquisition
- Landis+Gyr acquires 100% of the share capital of True Energy, purchase price undisclosed.
- The existing management and employee team continue in their current roles.