AGL acquires 20% stake in Kaluza for $150M

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AGL Energy has acquired a 20% stake in global energy software business Kaluza to drive its retail transformation and accelerate Australia’s transition to net zero.

Kaluza’s software enables energy utilities to reduce cost to serve by automating their customer operations and unlocking additional value streams through the optimisation of energy usage across millions of connected devices.

Related article: AGL and Kaluza celebrate OVO Energy Australia migration

The Kaluza platform will be rolled out to AGL’s 4 million customer services as part of its Retail Transformation Program, building on a multi-year licensing agreement and a joint venture between the firms that saw the successful operational and technical integration of the OVO Energy Australia customer base on the Kaluza platform.

AGL’s $150 million investment values Kaluza at around US$500 million.

AGL managing director and CEO Damien Nicks said, “This represents a significant milestone in our transformation journey to connect more customers to a sustainable future. Our world-class technology, enabled by Kaluza and alongside other industry partnerships, will allow us to develop a future suite of simplified products that will seamlessly integrate into the lives of our customers and improve their experience.

Related article: Kaluza expands to Australia and New Zealand

“The technology market is changing materially with the emergence of new core utility platforms offering greater flexibility and speed, which makes it imperative to partner with industry leaders, and is why we have chosen Kaluza. The Kaluza platform will enable new product innovation at speed, whilst at the same time materially reducing operating costs for AGL’s customer business in the future.”

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