Press release, 28th of March, 2024
Nordic Propeye AB has today signed an agreement with Ngenic AB (publ) to acquire all shares in the subsidiary Ngenic Sverige AB. The deal also includes the operations in Poland, a wholly owned subsidiary of Ngenic Sverige AB.
Nordic Propeye, including the Home Solutions brand and the Propeye data collection platform, is one of the leading players in individual metering and billing of electricity, heat and water, with housing associations and commercial properties as customers.
This is our third acquisition within metering of energy consumption and indoor climate for commercial properties and housing associations. With this acquisition we strengthen our position further and can offer our customers even better products and services, says Carl Aspenberg, acting CEO of Nordic Propeye.
Nordic Propeye, including the Home Solutions brand and the Propeye data collection platform, is one of the leading players in individual metering and billing of electricity, heat and water, with housing associations and commercial properties as customers.
IMD is a mature market where economies of scale matter. Ngenic's core business is control and energy markets, while IMD is central to Nordic Propeye. We are therefore convinced that the IMD business will develop better with Nordic Propeye as its owner, says Björn Berg, CEO of Ngenic AB.
Nordic Propeye's technical solutions also measure temperature, humidity, CO2, radon levels and more, which can be used for energy saving and damage prevention.
We see great potential in the market and growing demand for our products and services. Nordic Propeye's focus going forward is to keep growing organically and through acquisitions, says Carl Aspenberg.
The deal is a cash transaction of SEK 12–14 million depending on how costs are allocated, and is made on a debt-free basis. The transaction and the final agreement are expected to be completed during Q2 2024.
For further information, please contact: Carl Aspenberg, acting CEO, Nordic Propeye Mail: carl.aspenberg@propeye.se Phone: +46 70 283 09 94
Björn Berg CEO Ngenic AB Mail: bjorn.berg@ngenic.se Phone: +46 70 570 70 17
About Ngenic Ngenic is a leading energy technology company working with the digitalisation and efficiency of energy systems, with energy companies, property owners, housing associations and homeowners as customers. The products and the system make it possible to use the existing infrastructure in electricity and district heating networks more cost-effectively, while increasing the customer value of the energy delivered. Energieffektiviseringsföretagen (EEF) named Ngenic Future Company of the Year 2019. The head office is in Uppsala. Ngenic is listed on Nasdaq First North Growth Market (ticker: NGENIC). For more information, visit: www.ngenic.se
About Nordic Propeye Nordic Propeye offers technical solutions for individual metering of electricity, heat and water, with housing associations and commercial properties as customers. The solutions also measure temperature, humidity, CO2, radon levels and more, which can be used for energy saving and damage prevention. The products contribute to cost savings for customers, as well as to reduced CO2 emissions and water consumption, and to a better indoor climate. The head office is in Stockholm. For more information, visit: www.nordicpropeye.com
