A smart energy company has taken over a specialist in consumer energy technology and app development.
North Yorkshire based Chameleon Technology (UK) has acquired GenGame as part of their plans to provide consumers with a platform for intelligent, optimized control of their home energy system.
GenGame will become a wholly owned subsidiary of Chameleon Technology (UK) Ltd and will exist as an ongoing entity.
It will continue to be based in Leicester and all employees will remain with Stephane Lee-Favier as Managing Director.
The transaction represents an acceleration of Chameleon Technology’s roadmap and provides enhanced ways to deliver value to consumers by enabling low-carbon technologies based on real-time energy data insights.
The acquisition was funded by Shard Credit Partners under an incremental facility that forms part of an existing Senior Secured Unitranche facility of € 12.5 million.
Chameleon Technology was advised on corporate finance, tax and structuring by Ryecroft Glenton, led by Nick Johnson and Simon Whiteside. Legal advice and due diligence in connection with the acquisition was provided to Chameleon Technology by Clarion under the direction of Hitesh Tailor.
GenGame Ltd’s legal advice was provided by Austin Moore & Partners, under the direction of Louise Firth.
Shard Credit Partners legal advice was provided by Andrew Madden and Carys Hughes-Jones of Gateley Legal.
Mike Woodhall, CEO of Chameleon Technology, said, “The acquisition of GenGame is a timely strategic move to advance our product roadmap. Our focus is on enabling all consumers to understand and reduce their energy consumption and CO2 emissions – another means of empowering these consumers and providing them with the data they need on their personal path to net zero support.”
Stephane Lee-Favier, GenGame Managing Director, said, “We look forward to scaling and commercializing what we have built and working together to drive a more consumer-centric, low-carbon offering. Consumers see value in changing the way they use energy at home , which makes it an ideal opportunity for GenGame. “
Nick Johnson, CF Partner at RG Corporate Finance, said: “Chameleon and GenGame share the same vision for the future of energy management in the home – where decarbonized, connected items are made around personal preferences and desired outcomes in terms of comfort, safety, and green credentials Costs.”
