AlertMe, a UK-based home energy conservation company, has raised £15m ($23.9m) in its third investment round which included a strategic investor and local utility British Gas.
British Gas invested £5.7m in cash for its 15.96% stake and will take a seat on AlertMe’s board, it said.
Alongside its equity investment, British Gas has agreed to pay more than £20m to deploy AlertMe products and services to its customers in the UK as it rolls out two million smart meters by 2012.
Phil Bentley, managing director at British Gas, said: "AlertMe’s product portfolio is a great addition to British Gas’ current service offering, and will provide our customers with a range of new, easy to use tools to reduce their energy consumption and cut their fuel bills."
Gearoid Lane, managing director for Communities & New Energy at British Gas, added by email: "Whether we are planning on buying more minority stakes,…
