Toshiba has announced the acquisition of cyberGRID, an intelligent energy solutions provider.
The acquisition of the Austrian provider gives Toshiba a 76 percent stake in cyberGRID. The purchase makes cyberGRID a Toshiba subsidiary, and is "positioned to enhance Toshiba Group's smart community business in Europe where progress in introducing renewable energy is driving a need for optimal power management technology," according to Toshiba.
"This step by Toshiba is a huge advance for our company. We have developed an integrated platform for smart meters and VPP with Landis+Gyr, and that collaboration will be boosted and a strong synergy generated with cyberGRID as a member of Toshiba Group," Reinhard Korsitzke, cyberGRID's CEO said.
Financial details of the deal have not been disclosed.
Toshiba says that the development of its smart community business is a key aspect of the electronics maker's future corporate strategy. The move follows Toshiba's acquisition of Swiss electronic-metering company Landis+Gyr AG in 2011 and energy management company Consert Inc. this year.
cyberGRID is based in Vienna, Austria and has offices in Slovenia, Germany and the United Kingdom.