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Pulse Utilities raises 1 million

posted Sep 14, 2010, 9:42 PM by ema-1 ema-1
June 2010

" Pulse Utilities New Zealand Ltd., the smart metering and electricity software company, said it raised $1 million by placing 2.1 million shares at 50 cents apiece for general working capital"

"The company needs new capital because it installs smart meters when it acquires new customers. In return customers sign up for a minimum term of six months. As new customers join, Pulse must purchase more electricity to supply customers, post more security for the purchase of electricity on the electricity market and fund office resources to service new customers."

Pulse Expands Offering in New Deal

"Pulse Utilities subsidiary Pulse Metering Limited has signed a four year contract with Contact Energy, one of New Zealand’s biggest power companies"

"Under the deal Pulse Metering will undertake a meter technology refresh for all Contact Energy customer sites that were acquired from Energy Direct Limited (EDL) in May 2009. It will also provide specialist data management services for the duration of the contract"