By Mark Reynolds
Investment firm Hellaby Holdings is injecting $3.5 million into Wellington-based Total Metering in return for a 30 per cent stake in the energy technology group.
Total will use the cash and management expertise from Hellaby to develop its sophisticated electricity metering technology and enter the export market.
It supplied about 70 per cent of new commercial and industrial electricity meters in New Zealand last year.
Total Metering began making its devices just two years ago, but it has been able to take a dominant share of new business because its equipment is much more adaptable than that of competitors.
The new meters allow consumers to more accurately measure their power use and can be read remotely.
Total Metering will use the cash injection to perfect an Internet-based electricity measuring and payment product for residential customers.
The company also plans to hire more marketing staff and look at entering the Australian market.
Asian power companies have expressed interest in the product.
Total Metering started five years ago under Dean Gowans and Regan Ryan, and now employs 20 development staff in Wellington.
Another 12 to 15 people are employed during production runs of the meters.
Mr Gowans said the firm's success was tied to deregulation of the energy market.
Hamish McGregor, special projects manager for Hellaby Holdings, said the move was a bit of a departure for the company.
In the past, Hellaby had focused on investing in companies that needed cash and management expertise to revitalise business.
But Mr McGregor said growth and technology companies such as Total Metering also needed a helping hand, and Hellaby was now looking for more opportunities in similar areas.
Hellaby has an option to increase its holding to 42 per cent.
Meter firm's potential enticing for Hellaby
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