New Zealand electricity seller Vector buys into Israeli software firm mPrest

Vector

30/10/2017 15:16

By Steven Scheer 
    JERUSALEM, Oct 30 (Reuters) - New Zealand energy utility 
Vector Ltd  VCT.NZ  said on Monday it has taken a minority stake 
in a software firm that has adapted its system to manage 
Israel's Iron Dome missile defence system to managing 
electricity grids. 
    Vector, New Zealand's largest energy distributor, has paid 
about $10 million for the stake in the Israeli firm mPrest, 
which has been applying its technology to commercial uses. 
    Earlier this year Vector became a customer of mPrest to use 
its Internet of Energy monitoring, control and data analytics 
software and wants to develop it to give consumers more control 
over their electricity usage. 
    "If we are going to develop something that is going to 
change the way we do things then why shouldn't we share in the 
fruits?" Vector Chairman Michael Stiassny told Reuters after a 
news conference. 
    He said Vector will become the second largest shareholder in 
mPrest behind 50 percent shareholder Rafael Advanced Defense 
Systems, the state-owned defence contractor. Vector said it also 
has options to raise its stake in mPrest. 
    Stiassny said the software, which uses analytics to monitor 
the power grid's performance and feed-in resources such as solar 
and wind power generation, will serve Auckland's population of 
1.4 million but he also hopes to eventually use it to be able to 
sell energy to other parts of New Zealand and to Australia. 
    "We need to move from a distributor to a place where the 
consumer has all the keys," Stiassny said. 
    "Using this type of platform we can now put everything that 
we think the consumer can want onto the platform and be able to 
engage with us. If we look to the future we will see consumers 
trading electricity using our platform." 
    Founded in 2000, mPrest developed software to manage complex 
networks, such as a command and control system for Israel's Iron 
Dome.  
    Other investors in mPrest include venture firm OurCrowd, GE 
Ventures, Angeleno Group, and Israel Electric Corp. 
    The software "turns an old fashioned electric grid to 
something ultra modern" where it can more easily manage peaks in 
electricity demand," said Jon Medved, chief of executive of 
OurCrowd. 
    The New York Power Authority became a customer of mPrest 
this year. 
 
 (Reporting by Steven Scheer; Editing by Greg Mahlich) 
 ((steven.scheer@thomsonreuters.com; +972 2 632 2210; Reuters 
Messaging: steven.scheer.thomsonreuters.com@reuters.net; 
Twitter: @StevenMScheer)) 
 
Keywords: ISRAEL ENERGY/NEWZEALAND