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ENGIE acquires controlling stake in Swiss energy management startup

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ENGIE acquires controlling stake in Swiss energy management startup

ENGIE SA has acquired a controlling majority interest in Swiss startup tiko.

Founded in 2012, tiko is a joint venture between Swiss telecom operator Swisscom AG and Swiss utility Repower AG, and has become a forerunner in the expansion of intelligent energy management systems for residential customers.

French energy company ENGIE's investment will enable tiko to expand into other European and overseas markets, according to a news release.

Swisscom and Repower will retain their stakes in tiko's capital and will remain on the company's board.

Additionally, Ueli Dietiker, the previous chairman of tiko's board of directors, is stepping down.