RWE npower has acquired the specialist energy management company RUMM in a move that could help British business save up to £4 billion on their annual energy bills. The Welsh tech firm, which was spun out of the University of Glamorgan, uses the latest innovations in cloud-based data analytics to help businesses monitor and control their energy in real time.
Since its inception RUMM has already saved over £43 million for its customers. npower Business Solutions, which is the second largest supplier of energy to British businesses, will roll out RUMM’s software to its biggest customers in Q2 2015, with the goal of delivering energy efficiency at scale.
With the UK’s industrial and commercial sectors spending £20 billion a year on electricity and gas, npower Business Solutions has shown that increasing energy efficiency by 20% could represent a collective saving of around £4 billion annually to British business.
Paul Massara, CEO of RWE npower, said: “npower Business Solutions is committed to helping the UK’s largest companies manage their energy needs so they can budget for the future. RUMM’s technology is truly innovative, giving businesses the tools they need to make significant savings on the bottom line.
“This deal represents an important investment in both our energy solutions business and the thriving South Wales tech community. With the right support and incentives, we are confident that Welsh start-ups, like RUMM, will continue to grow, exporting their expertise across the world.”
Dr Stephen Lloyd, Chairman and co-founder of RUMM, said: “Being part of RWE npower represents a huge opportunity for RUMM. npower Business Solutions wants to provide the best possible energy management for its customers and RUMM has the capability to help deliver this. We spoke to a number of energy suppliers, but the way the team at npower want to bring innovation to their customers proved decisive.”
Jamie Watkins, Co-founder and Director of Sales at RUMM, added: “This is a proud day for everyone at RUMM. We’ve continued to invest in the development of our “best in class” software, while waving the flag for Welsh entrepreneurship. We are excited at the prospect of working with npower Business Solutions to help some of the UK’s biggest companies cut energy, cost and carbon.”
Alan Bristow, who lead the transaction said, “This is an excellent transaction for both parties, with the energy management cloud technology of RUMM to be deployed at scale to npower’s industrial and commercial energy customers. A great fit of innovative tech with an energy giant.”
Commenting on ICON’s role Jamie Watkins said, “ Since we first met ICON in London they have been amazing in helping us package the business in the right way, go to market, turn the heads of all the big boys and then come away with RWE npower following through to acquire us. Thank you for helping secure a great deal for all our shareholders.”