Intellihub Group CEO Wes Ballantine has welcomed Brookfield to the company’s smart metering and data intelligence operation.
The global infrastructure investor has become a 50 percent joint partner in the Intellihub business alongside existing shareholders Pacific Equity Partners’ (PEP) Secure Assets Fund.
Mr Ballantine said the strategic investment in the Intellihub business comes on the back of a strong and growing pipeline of new smart metering deployments.
This includes a new and expanded long term Metering Service Agreement with major Australian energy retailer Origin Energy which has also now been finalised.
Additionally, Intellihub has also purchased a significant number of embedded network meters from Origin Energy and utility service provider WinConnect.
“Smart meters are playing a crucial role in the rapid transformation that is taking place across energy markets,” Mr Ballantine said.
“Intellihub is installing more than 1,000 smart meters a day across Australia and New Zealand and that number is expected to double by the end of the year.
“Intellihub’s new strategic relationship with Brookfield will provide additional access to expertise and capital to keep Intellihub at the forefront of that energy transition.”
Brookfield Managing Director Ray Neill and Managing Director of Infrastructure Jonathon Sellar will join the Intellihub Board as its new Non-Executive Directors.
Mr Ballantine said they would bring considerable expertise and knowledge in utility infrastructure management and investment.
“I’d like to welcome both Ray and Jonathon to the Intellihub Board. I look forward to working closely with them and their valuable contribution to the business.”
Intellihub Chairman Cameron Blanks thanked departing Intellihub Board Members Nerida Caesar, Simon Moutter and Werner Lieberherr for their service on the Board.
“Intellihub has quickly grown to become the leading provider of smart metering and data intelligence across Australia and New Zealand,” Mr Blanks said.
“Our Board has overseen this exceptional growth. I would like to thank all our Board Members for their valuable service.
“I look forward to working closely with the new Board as Intellihub continues to innovate and deliver the best services for its retail customers.”
As part of the transaction Brookfield acquired Landis+Gyr’s interest in Intellihub. Mr Ballantine said Intellihub would continue to work closely with Landis+Gyr as a significant and long standing supplier of smart meters to Intellihub.