Strathclyde spinout Smarter Grid Solutions has been bought by Mitsubishi Electric for an undisclosed figure.

Smarter Grid Solutions (SGS), a UK-based energy management enterprise software developer spun out of University of Strathclyde, has agreed to an acquisition by electronics manufacturer Mitsubishi Electric. Financial terms have not been disclosed. The deal is expected to close within weeks, following which SGS will continue to maintain its offices in Glasgow and report to Mitsubishi Electric Power Products, a subsidiary of Mitsubishi Electric selling products such as transformers. SGS provides distributed energy resources (DER) management software for utilities and operators. Its technology allows clients to manage capacity on electric grids, handle microgrids and offer fleet energy asset operations and energy as a service. The spinout obtained $5m in a 2013 deal led by Scottish Equity Partners along with Scottish Enterprise through the Scottish Investment Bank and University of Strathclyde. Brent Marshall, chief executive of SGS, said: “We are thrilled to join Mitsubishi Electric and expand the reach of our energy management enterprise software to DER customers around the globe and – in turn – assist those customers to better manage DER assets as they strive to decarbonise their operations.”

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Thierry Heles

Thierry Heles is the editor of Global University Venturing, host of the Beyond the Breakthrough interview podcast and responsible for the monthly GUV Gazette (sign up here for free).