Power Plus Communications AG, a Mannheim, Germany-based Smart Grid company, has closed a €12m Series B funding round with strategic investors.
The round was led by Climate Change Capital, with participation from British Gas and Siemens Financial Services.
The company intends to use the funding to accelerate its market growth in Germany, Europe and in the Middle East.
Founded in 2001 by Ingo Schönberg (CEO) and Eugen Mayer (COO), Power Plus Communications provides Distribution Network Operators (DNOs) and utilities with broadband powerline communication systems for smart metering and smart grids.
Customers include leading European DNOs and utilities such as E.ON, WPD and EnBW as well as utilities such as MVV Energie AG, Stadtwerke Düsseldorf, DEW21 (Dortmund) and Stadtwerke Ratingen.
In conjunction with the funding, Dr Detlef Pohl of Siemens Financial Services and Mr Petter Allison of British Gas will join the company’s supervisory board.