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Founder resigns from smart metering company

Wednesday 10th March 2010

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The founder of smart metering company Pulse Utilities, James Martin, intends to retire from the company's board on March 31.

Martin has recently established an Energy Sector Investment Fund which among other investments will be looking at international opportunities in the smart metering space and focus on assisting Pulse Utilities in gaining access to privately owned electricity generation.

Martin will join a board sub-committee to evaluate the best options for governance of the company including the appointment of a permanent chairman.

Acting chairman, Joseph van Wijk says Martin has taken Pulse from a fledgling start-up to a company poised to be a significant player in electricity retail.

Dene Biddlecombe was appointed chief executive last year. In the past 12 months Pulse has developed a faster and more effective customer acquisition strategy, acquired the metering assets of former energy retailer EDL and successfully completed capital raising to fund further growth.

"Now that Pulse has the financial backing required to fuel further growth I have full confidence in Dene to lead the company to greater success," Martin says.

Martin founded Pulse Utilities New Zealand Limited in February 2004; the company listed on the New Zealand Stock Exchange NZAX board in November 2007 and is New Zealand's first electricity retailer to offer variable tariffs to its customers via smart metering.

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