Engie provides street lighting services in 500 cities throughout the world, which could become platforms for implementing the solutions devised by the Brasov firm. The deal also shows the transformation major utilities group are going through as they are trying to add more services to keep their customers amid the deregulation of the markets.
The two parties did not reveal the value of the deal, but according to the Finance Ministry data, Flashnet posted 3.2 million lei (EUR686,000) revenue and RON4.3 million losses.
“The acquisition of Flashnet meets the goal of the Engie group to be a partner of cities and territories, proposing energy management systems for smart cities and utility networks,” said Eric Stab, chairman and CEO of Engie Romania, which generates over EUR1 billion revenue a year.
The most important solution of the Brasov-based company is inteliLIGHT, which allows adjusting street lighting as needed.
The solution has already been implemented in various cities such as Dubai (UAE), Penang (Malaysia), Brasov, Craiova (Romania), Mecca, Riyadh (Saudi Arabia), Athens (Greece) with pilot projects throughout the world, Engie officials say. (EUR1=RON4.6617)
(English version by Loredana Fratila-Cristescu)