Keith Martin,
Commercial Director,
Gazprom Marketing &
Trading
 
London, U.K. --- (METERING.COM) --- June 8, 2010 - Russian gas giant Gazprom’s U.K. subsidiary Gazprom Marketing and Trading has taken full ownership of the Wilmslow-based automated meter reading (AMR) services company, TruRead Limited.

The company, which bought a 30 per cent stake in TruRead in March 2008, said the deal would further strengthen TruRead's proposition as an innovative end-to-end smart energy management provider to both suppliers and end customers worldwide, and would enhance Gazprom Marketing & Trading’s portfolio of efficient, integrated energy solutions.

TruRead has developed a proprietary technology offering one-stop-shop smart metering solutions in gas, power and water management.

According to a statement the acquisition is part of Gazprom Marketing & Trading’s strategy of widening its portfolio of energy management solutions, and TruRead will offer the benefits of its technology not only to Gazprom Marketing & Trading’s customers, but also sees potential for significant sales to wider energy providers and customers globally.

During the past two and a half years, Gazprom Marketing & Trading has worked with TruRead to develop cutting-edge smart metering technology, which will enable customers to monitor their energy consumption in real time, and achieve considerable savings on their energy bills.

“I am very pleased that our partnership with TruRead has delivered a unique set of energy management market oriented propositions,” said Gazprom Marketing & Trading commercial director Keith Martin. “We believe in TruRead's potential to become the market leader in energy management services in what is a highly competitive market.”

“We are very excited about this development,” added TruRead founder Simon Slater. “We are certain that Gazprom Marketing & Trading's expertise and support will enable us to deliver more affordable and integrated smart energy solutions to our growing customer base.”

TruRead is currently installing approximately 1,000 smart meters a month, up from 100 per month in March 2008. By the end of the year, the company aims to be installing 2,000-3,000 smart meters a month. Customers include McDonalds and Bristol Council in the U.K., while sales also have been achieved in Ireland and France. New regions such as Singapore and the wider Asian market, in addition to SE Europe are also showing significant promise.

Since November 2009, Gazprom Marketing & Trading and Siemens have been building upon the connections with Russia in the U.K., and together will be looking to take TruRead's products and services global.