July 7, 2014 / 1:10 PM / 4 years ago

REFILE-Israel's Nation-E sees revenue of up to $400 mln by year end

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By Tova Cohen

HERZLIYA, Israel, July 7 (Reuters) - Nation-E expects revenue of up to $400 million by the end of 2014 from its energy management meters that will roll out in August after signing agreements with major utilities in California, the company’s president said.

The solution will first be launched in the United States, in alternative energy-friendly states like California and Florida, and will then be rolled out in Europe, Daniel Jammer said.

“We anticipate by the end of the year almost 1 million units going into the United States. We’re talking about revenue of $300 to $400 million by the end of the year,” he told Reuters.

Israel’s Nation-E also plans to go public on Nasdaq in 2015.

“Our first customers are the biggest utilities in California,” Jammer said, noting the utilities will sell the home product to their residential customers.

The German-born Jammer, who moved to Israel nine years ago, made his fortune in titanium in Russia and invested about $100 million of his own money in Nation-E.

The device is aimed at home producers and consumers of energy. It will integrate energy sources such as electric batteries, solar panels and wind turbines, enabling consumers to store energy for use in times of power outages and sell energy when there is surplus.

Software on the device, which will connect to mobile phones and home computers, will provide security against cyber attacks and prevent theft of data.

Researchers with F-Secure of Finland and Symantec reported last week that they believe the “Energetic Bear” hacking group was behind a campaign to infect energy and industrial firms with malicious software.

Nation-E said its technology minimises the chance of a nationwide power outage and provides critical infrastructure with the capability to respond to such threats.

Jammer said the company will make most of its revenue from selling applications for the product, and not from the device itself, which will be priced at $299.

Nation-E will launch in September a $25 million energy cyber security centre to test and integrate new security products. The centre is aimed at utilities, telecommunications, homeland security, financial services and data centres.

It will build a similar centre in Luxembourg, which will be financed by the government for its financial industry. (Editing by Ari Rabinovitch)

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