Calisen
Calisen is a UK energy-infrastructure company that finances, owns, operates and manages smart meters and related metering services.
Last updated August 31, 2026
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Overview
Calisen is an energy-infrastructure business headquartered in Manchester, England, with additional offices in Wigan, London, Portsmouth and Market Harborough. Its core activity is the financing, ownership, operation and management of energy meters, particularly smart meters, for energy suppliers and other market participants. The company’s model is based on providing metering assets and associated services over long-term commercial arrangements rather than selling household energy directly to consumers. The business was established in 2002 under the name Calvin Capital. In 2007 it received backing from Infracapital, helping it expand as an owner and financier of energy-metering infrastructure. A significant later development came in June 2016, when Calvin Capital was acquired by Kohlberg Kravis Roberts. In April 2019, the company broadened its operational capabilities by acquiring Lowri Beck, a Wigan-based meter installation and reading business. Lowri Beck added field-service, meter-reading and installation expertise to the group’s asset-financing activities. Calisen pursued a public-market strategy in 2020. It completed an initial public offering on the London Stock Exchange in January 2020 and was listed in February of that year. The public-company period was brief, however. In December 2020, the board agreed to recommend a takeover offer from a private-equity consortium comprising the Global Energy & Power Infrastructure Fund III, Nineteenth Investment Company and funds managed by Goldman Sachs. The acquisition completed in March 2021, returning Calisen to private ownership. Following the take-private transaction, Calisen remained part of a wider group that also included Plug Me In and Advizzo. In 2021, Plug Me In was launched as a low-carbon-energy installation business, extending the group beyond conventional metering into electric-vehicle charging, heat pumps and other decarbonisation services. The business was later restructured. Calisen withdrew from electric-vehicle and heat-pump work and from activity connected with the Energy Company Obligation Grants ECO4 programme; some roles were transferred to other businesses while many others were made redundant. Ownership changed again in December 2024, when EQT and GIC acquired a majority stake in a transaction reported as being worth approximately US$5 billion. Calisen’s investor base is therefore closely associated with large infrastructure and private-equity institutions rather than public shareholders. The company continues to operate as a specialist metering-infrastructure provider, with its UK activities centred on meter ownership, management, installation and reading. Calisen has also begun developing an international presence. In February 2025, Calisen Group and Octopus Energy Germany announced a pilot involving the financing and operation of smart meters in Germany. In November 2025, Calisen concluded a EUR100 million MAP-services contract with Energy Metering Germany, Octopus Energy Germany’s metering-point-operator arm. The arrangement supports Calisen’s German business in offering metering-as-a-platform services to metering-point operators. Catherine O’Kelly was appointed chief executive in October 2025 after serving as managing director of British Gas Energy. Calisen’s current positioning is consequently that of a long-term owner and service provider for energy-metering infrastructure, with expansion into adjacent energy-transition services and selected European markets.
History
Calisen originated in 2002 as Calvin Capital, a business focused on financing and owning energy-metering assets. Its infrastructure-oriented model allowed energy suppliers and related market participants to use metering equipment without bearing the full cost of acquiring and managing the assets themselves. In 2007, Infracapital provided financial backing, supporting the company’s development in the UK metering market. Kohlberg Kravis Roberts acquired Calvin Capital in June 2016. Under private-equity ownership, the company continued to develop its metering platform and expanded into operational services. In April 2019, it acquired Lowri Beck, a Wigan-based meter installer. The transaction added installation, field-service and meter-reading capabilities, complementing Calvin Capital’s asset-ownership activities. The combined business was subsequently known as Calisen. Calisen entered the public markets in early 2020. It conducted an initial public offering on the London Stock Exchange in January, with the listing taking place in February. The public listing did not last long. In December 2020, Calisen’s board agreed to recommend a takeover proposal from a consortium of private-equity investors, including the Global Energy & Power Infrastructure Fund III, Nineteenth Investment Company and funds managed by Goldman Sachs. The acquisition completed in March 2021, taking the company private again. The group also pursued a broader energy-transition strategy. Alongside Plug Me In and Advizzo, Calisen formed part of Calisen Group (Holdings) Limited. Plug Me In was launched in 2021 to provide low-carbon installation services, including work associated with electric-vehicle charging and heat pumps. This diversification was later reduced through a restructuring. Calisen withdrew from electric-vehicle and heat-pump work and from projects associated with the ECO4 energy-efficiency grants programme. Some staff were moved to other businesses, while a substantial number of positions were eliminated. In December 2024, EQT and GIC acquired a majority stake in Calisen in a transaction reported at approximately US$5 billion. Equitix is also associated with the company’s investor group. The ownership change reinforced Calisen’s identity as a private infrastructure platform with institutional investors. The company began developing a German offering in 2025. A February pilot with Octopus Energy Germany addressed the financing and operation of smart meters. In November, Calisen signed a EUR100 million MAP-services contract with Energy Metering Germany, the metering-point-operator arm of Octopus Energy Germany. The agreement established a foundation for Calisen to provide metering-as-a-platform services to metering-point operators in Germany. In October 2025, Catherine O’Kelly was appointed chief executive. Calisen’s history therefore reflects a progression from UK meter-asset financing, through operational integration and public ownership, back to private infrastructure ownership, with renewed international expansion in smart-meter services.
- 2025
German smart-meter pilot announced
[1]Calisen and Octopus Energy Germany announced a pilot for financing and operating smart meters.
- 2025
German MAP contract concluded
[1]Calisen signed a EUR100 million MAP-services contract with Energy Metering Germany.
- 2024
EQT and GIC acquire majority stake
[1]EQT and GIC acquired a majority interest in Calisen in a transaction reported at approximately US$5 billion.
- 2021
Take-private transaction completed
[1]A private-equity consortium acquired Calisen, ending its London listing.
- 2021
Plug Me In launched
[1]The group launched Plug Me In as a low-carbon energy installation business.
- 2020
Initial public offering
[1]Calisen completed an initial public offering and became listed on the London Stock Exchange.
- 2019
Lowri Beck acquired
[1]Calvin Capital acquired Lowri Beck, adding meter installation and reading capabilities.
- 2016
Acquisition by Kohlberg Kravis Roberts
[1]Kohlberg Kravis Roberts acquired the company in June.
- 2007
Infracapital provides financial backing
[1]Infracapital backed Calvin Capital as it developed its energy-metering infrastructure business.
- 2002
Calvin Capital established
[1]The business that later became Calisen was established as Calvin Capital.
Products and positioning
A privately owned energy-infrastructure specialist focused on long-term financing, ownership, operation and servicing of smart-meter assets for energy suppliers and metering-point operators.
Energy infrastructure
Smart-meter asset ownership and financing
Calisen finances, owns and manages energy meters for energy suppliers and other market participants. The offering is infrastructure-led: customers obtain access to metering assets and associated lifecycle management while Calisen retains responsibility for the assets over the relevant commercial term. Smart-meter ownership is the company’s central business activity.
Field services · 2019
Meter installation and reading services
Through operations developed with the acquisition of Lowri Beck, Calisen provides meter installation, field servicing and meter-reading capabilities. These services complement the company’s ownership model by supporting deployment, maintenance and operational management of metering equipment.
Metering platform services · 2025
MAP services
Calisen’s German business offers metering-as-a-platform services to metering-point operators. The service is designed to combine financing, ownership and operational management of smart-meter infrastructure, with the 2025 arrangement involving Energy Metering Germany providing a major reference contract.
Low-carbon energy installation · 2021
Plug Me In
Plug Me In was launched in 2021 as a group business providing low-carbon energy installation services. Its scope included electric-vehicle and heat-pump work, but the activity was later restructured and Calisen withdrew from those areas and from ECO4-related work.
Brand decisions
2025
Expand metering-as-a-platform services into GermanyStrategyBackground
Calisen sought to apply its meter-financing and asset-management model outside the United Kingdom.
Action taken
It piloted smart-meter financing and operation with Octopus Energy Germany and later concluded a long-term MAP-services contract with Energy Metering Germany.
Aftermath
The arrangements established Calisen’s German business as a provider of MAP services to metering-point operators.
Contract value. EUR100 million (2025)
2021
Restructure and narrow Plug Me In activitiesStrategyBackground
Plug Me In had expanded the group into low-carbon installation work involving electric vehicles, heat pumps and the ECO4 grants programme.
Action taken
Calisen restructured the business, withdrew from electric-vehicle and heat-pump work and exited work associated with ECO4. Some roles moved to other businesses and many positions were made redundant.
Aftermath
The group returned to a stronger focus on metering and related infrastructure services.
2020
Board recommends private-equity takeoverM&ABackground
After its 2020 London listing, Calisen received a takeover proposal from a private-equity consortium.
Action taken
The board agreed to recommend the offer from a consortium including the Global Energy & Power Infrastructure Fund III, Nineteenth Investment Company and funds managed by Goldman Sachs.
Aftermath
The acquisition completed in March 2021 and Calisen ceased to be a listed company.
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