Acorn Energy, Inc. (“Acorn” or “the Company”) is a holding company focused on technology driven solutions for energy infrastructure asset management. Following the sale of our remaining interests in DSIT Solutions Ltd. (“DSIT”) in February 2018 (see below), we provide the following services and products through our OmniMetrixTM, LLC (“OmniMetrix”) subsidiary:
- Power Generation (“PG”) monitoring. OmniMetrix's PG activities provide wireless remote monitoring and control systems and services for critical assets as well as Internet of Things applications. - Cathodic Protection (“CP”) monitoring. OmniMetrix's CP activities provide for remote monitoring of cathodic protection systems on gas pipelines for gas utilities and pipeline companies. During 2018, each of our PG and CP activities represented a reportable segment.
On January 28, 2016, we entered into a Share Purchase Agreement for the sale of a portion of our interest in DSIT to Rafael Advanced Defense Systems Ltd. (“Rafael”), a major Israeli defense company (the “2016 DSIT Transaction”). Following the closing of the transaction on April 21, 2016, we owned approximately 41.2% of DSIT and had limited representation on its Board. Accordingly, from that date, we no longer consolidated the results of DSIT and instead reported DSIT's results on the equity method. Consequently, from April 21, 2016, we no longer reported segment information with respect to DSIT's Energy & Security Sonar Solutions segment or its other activities.