Japan's Toshiba Corp said on Monday it plans to enter the smart home energy market in the United States at the end of this year and generate 10 billion yen ($129.68 million) in revenue by the fiscal year ending March, 2016.
Toshiba will use Swiss-based Landis+Gyr, which the electronics manufacturer bought in a $2.3 billion deal last May, to move into the smart grid market in the United States.
Toshiba said it expects the small community business, which helps users efficiently manage their power usage, generate 900 billion yen ($11.67 billion) global sales by fiscal year 2015. Toshiba said it expects 140 billion yen ($1.82 billion)in sales to be generated in the United States.
By 2015, utilities are expected to install smart meters in approximately half of the 96 million U.S. homes as well as other meters in 5 million homes.
(Reporting by Tim Kelly; Writing by Mari Saito; Editing by Matt Driskill)