Energy technology company Acorn Energy said it plans to buy the remaining stake in remote monitoring and control systems company GridSense Systems.
The agreement is subject to Acorn term, with closing expected to occur on or about 5 January, 2010.
The terms include cash, Acorn stock, conversion of Acorn loans to GridSense stock and management performance incentives for 2010.
The GridSense team has introduced the first cost effective two-way monitoring device for overhead power lines and transformers, the oldest and most vulnerable energy assets in the US, according to Acorn.
“The devices offer a reliable system to close a monitoring gap between the transmission network and the smart meter, providing instantaneous, accurate fault detection,” CEO of Acorn John Moore said.
The US Department of Energy’s recent announcement of $3.4bn in grants to spur the transition to a smart energy grid is expected to produce substantial business for companies like GridSense.
GridSense Systems is a provider of remote monitoring and control systems to electric utilities and industrial facilities. The solutions include outage management, power quality monitoring, capacity planning and demand response.