Gazprom Marketing and Trading completes the acquisition of UK smart metering company Truread

Gazprom Marketing & Trading (GM&T) has acquired the remaining stake in the UK Automated Meter Reading (AMR) services company TruRead. This follows an earlier acquisition of a 30% stake in March 2008.

TruRead provides UK suppliers, Energy Brokers, Local Authorities and Energy Management Companies with an integrated set of services, for end-to-end collection and delivery of meter readings, for electricity, gas and water. In the UK, TruRead grew its AMR installations from 100 to 1,000 a month between March 2008 and May 2010 and say that the current UK and EU legislation on emissions and utilities will act as a significant business driver for the suite of TruRead products.

Gazprom Marketing & Trading Limited (GM&T) is a UK-registered wholly-owned subsidiary of the Gazprom Group. GM&T is headquartered in London and was established in 1999 to manage Gazprom’s marketing and trading activities in the liberalised markets of Europe.

Simon Slater, Founder of TruRead said: “We are very excited about this development. We are certain that Gazprom Marketing & Trading’s expertise and support will enable us to deliver more affordable and integrated smart energy solutions to our growing customer base. In addition to the driver provided by current UK legislation; making smart meters mandatory, our partnership will also allow us to expand our footprint of activities globally, and to allow consumers in other markets to benefit from the energy solutions pioneered here in the UK.”

Smart meters lie at the heart of UK Government plans to establish a smart grid, becoming mandatory for UK households by 2020, with energy providers mandated to install these as soon as 2014.

Location UK, London and Cheshire

Ref: F231109-497

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