Thursday 21 June 2018

Solar giant Lightsource buys Irish firm

Lightsource is best known for its activities in solar power generation. (stock image)
Lightsource is best known for its activities in solar power generation. (stock image)
Gavin McLoughlin

Gavin McLoughlin

Solar power giant Lightsource BP has bought Ubiworx, an Irish internet of things business, for an undisclosed sum.

Limerick-based Ubiworx's technology will be used on Lightsource's smart home products, as well as in other areas, including machine learning.

Lightsource chief operations officer Kareen Boutonnat said it wanted to create "more connected, intelligent, efficient and sustainable energy systems that will turn ordinary homes into 'self-learning smart homes', actively encouraging communities to live more sustainably".

"This transformation is being led by innovation and market disruptors, like electric vehicles that will completely change the way household energy is used and stored. We cannot underestimate the 'power of the home' and its vital role in shaping this new energy future," he added.

"Digitisation and the move towards a low-carbon economy requires reinvention of the energy market - beyond just monitoring and controlling consumption."

Lightsource is best known for its activities in solar power generation.

It has a number of projects in various stages of the planning process across the island of Ireland.

Run by Antrim man Nick Boyle, the company was set up in 2010 and has invested $3bn of capital in solar projects to date.

Late last year the company agreed a strategic partnership with BP, which saw the oil giant invest $200m over three years for a 43pc stake in the business.

BP chief executive Bob Dudley said his company was "committed to advancing lower-carbon energy".

"We're excited to be coming back to solar, but in a new and very different way.

"While our history in the solar industry was centred on manufacturing panels, Lightsource BP will instead grow value through developing and managing major solar projects around the world," Dudley said.

Sunday Indo Business

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