Schneider Electric acquires stake in Steve Ingénierie
Schneider Electric has acquired 70% of Nantes-based start-up Steve Ingénierie via its French public distribution subsidiary SAE Gardy. Steve Ingénierie has been developing an innovative pre-paid power distribution terminal that uses induction technology. This acquisition expands Schneider Electric’s growth potential in public distribution and positions the Company in an emerging market. In the next few years, some 800,000 stand-alone power supply units should be installed in France, in marketplaces, campgrounds and ports and along roadsides. The Steve terminal is an attractive solution for municipal officials and environmental offices who must address the rising environmental concerns of their constituencies.
> Steve Ingénierie
Founded in 1997, Steve Ingénierie has developed the Steve terminal using basic research obtained from French power utility EDF. The company installed the first prototype under the Eiffel Tower in 1998 and began marketing the units in the second half of 1999. Steve Ingénierie will sell the terminals in France under the Steve name, while the Schneider Electric sales team will handle development in other European countries. Schneider Electric may also provide support in France for sales to large cities, private customers and EDF (starting in second half 2000).