Engie accelerates smart city plans with 60% Flashnet stake acquisition
Engie has acquired a 60% stake in Romanian Internet of Things (IoT) firm Flashnet to expand its smart city business.
Flashnet, which uses IoT to deliver intelligent energy solutions with a specialism in smart lighting, will add to Engie's portfolio in the field, where it has 25 years of experience and where it operates in over 500 cities across Europe and the Americas.
According to Engie, Flashnet's street lighting management solution gives a city more control over the entire street lighting grid, allowing it to save energy and improve schedule and maintenance works and costs.
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The solution has already been deployed in various cities such as Dubai (UAE), Penang (Malaysia), Brasov, Craiova (Romania), Mecca, Riyadh (Saudi Arabia), Athens (Greece), with pilots and demonstrators all over the globe.
"The acquisition of Flashnet responds to Engie’s goal to be a reliable partner of the cities and territories by proposing them highly competitive intelligent energy management systems for better cities and utility grids," said Eric Stab, CEO of Engie Romania. "We are glad to strengthen our competencies in both intelligent lighting and grid infrastructures and to provide to our customers better solutions integrating IT, energy and telecommunications technologies."
Lorand Mozes, CEO and founder of Flashnet, added: "We are very pleased to join the Engie Group and believe this is a stepping stone for us to be at the core of the IoT expansion. We share Engie’s view on the energy transition and are very excited to contribute with our expertise to the strategy of the Group."