TLC sells metering and data subsidiary to Intellihub
4 July 2023
Electricity distribution business, The Lines Company (TLC), has today announced the sale of its subsidiary, Influx Energy Data Limited (Influx), to leading Australasian smart metering and energy data services business Intellihub.
TLC chief executive Mike Fox says the share sale, which completed on 30 June, releases capital and resources, enabling TLC to focus on its core distribution business.
“A strong performing business, Influx has operated separately from TLC’s core electricity distribution activities, growing to become the fourth largest metering and data provider in New Zealand with over 125,000 household and commercial smart and legacy Installation Control Points (ICP’s).
“The business recently released a leading-edge range of cloud-based services set to help retailers provide better service to their customers.
“These factors combined to make the business an attractive acquisition opportunity for Intellihub as they focus on being a leading enabler for intelligent energy use across Australia and New Zealand.
“The sale is also well-deserved recognition of the significant effort and dedication the team at Influx have put into significantly growing and enhancing the business over the last five years to transform the business to what it is today.
“We’re excited that Intellihub will now be able to introduce Influx customers to their broader metering footprint and innovative investment path, continuing the customer-centric business journey” says Fox.
TLC chair Bella Takiari-Brame says the divestment was a positive one for Influx customers and unlocked significant value for TLC as it heads into a phase of significant investment in the network to prepare for a low carbon future, while ensuring it remains safe, reliable and resilient for future generations.
“Not only is this a positive move for New Zealand metering and data customers who we’re confident will continue to experience great levels of service and support from Influx and now parent Intellihub; it’s also a pivotal change for TLC,” says Takiari-Brame.
TLC shareholder, Waitomo Energy Services Customer Trust (WESCT) Trustees were in support of the sale saying it represented a major step toward realising TLC’s vision to grow communities with energy.
“The sale enables proceeds to be invested in ensuring our network is suitable for our future needs and strengthening of our community-owned assets,” says William Oliver, WESCT Chair.