Power Measurements Inc.
A Philippine-based hi-tech Startup research and development (R&D) company that was acquired by TESCO (The Eastern Specialty Company) in 2018. PMI delivers total solutions in the field of test instrumentations and electrical power metering systems. TESCO-The Eastern Specialty Company is the trusted source of electric meter testing and metering accessories for more than 100 years. Power Measurements joins the other TESCO Family of Companies that support TESCO’s Next Generation of Test Equipment that will revolutionize meter testing with innovative meter accuracy testing and functionality.
PRE-FORMATION. In July 2014, four young Filipino R&D engineers formed a team to implement a patented concept made by an American physicist named Dr. William “Bill” Hardy. Agreed to realize the concept based on consolidated engineering ideas, the team worked as an independent contractor (client-customer relationship) for Dr. Hardy. As the work progressed, ideas became solid substances that convinced Dr. Hardy to make the project a full-blown development. Based on that, it required the team’s formation to be a legal entity for properly channeling the payment of engineering services as well as the consigned equipment needed in the development.
FOUNDATION. In October 2014, Power Measurements, Inc. (PMI) was founded and listed in the Securities Exchange Commission as a corporation. The four Filipino engineers and Dr. Hardy were listed as founders. As work continues, PMI hired an additional two full-time engineers to handle additional work and staff to handle the administrative side. At the end of 2014, the company headcount increased to eight(8) working in a small rented apartment in Lapu-Lapu City, Cebu.
COMMERCIAL OPERATION. In February 2015, after a successful application to PEZA for availment of tax incentives, PMI started its commercial operation.