Smart Metering Systems plc (AIM: SMS.L), the integrated metering services company that connects, owns, operates and maintains current generation and new advanced metering assets and databases, is pleased to announce that it has signed a framework agreement with The Renewable Energy Company Ltd (“Ecotricity”) for the deployment and financing of smart metering systems across their portfolio in the UK.
SMS has been chosen by Ecotricity as its preferred provider of domestic smart meter installation and meter asset financing services and will be installing around 50,000 duel fuel systems over the next 12 months for its customers. The meters will be funded by SMS’ current banking facility.
“This is the kick-off for our smart meter program. It’s exciting and ambitious. Within two years, we hope to have installed smart meters for all of our customers, putting us right at the forefront of the industry.
“Smart meters are key to moving the energy industry into the 21st century. We see them at the heart of a Smart Home and a Smart Grid – and an energy system that’s customer and environment centric.
“Our customers will have a much better understanding of how much energy they are using and when, with access to real time data via the Ecotricity app. We’re looking forward to the end of estimated bills and the whole meter reading charade, and accounts that are always bang up-to-date - no sudden surprises either way.
“Over the same time period, we'll implement a series of energy saving and Smart Home initiatives – not the least of which is the Black Box, our own energy storage device that commences trials later this year, and which we expect to be a big part of the Smart Home concept.”Founder and CEO of Ecotricity
“We are delighted to be working with Ecotricity as part of their new strategy to deploy smart metering systems across their growing base of over 175,000 customers in the UK. Ecotricity represent an exciting and fast-growing segment of the independent retail energy supply market who are all looking to differentiate themselves from the wider market through the introduction of smart technology to their customers.
“As part of these recently signed agreements it is estimated that we will supply services to hundreds of thousands of homes across the UK. We continue to pursue other opportunities for the rollout of domestic smarter meters between now and 2020. SMS is well positioned to acquire a significant portion of the domestic smart market with our proposition for the provision of turnkey end to end services.”Chief Executive Officer of SMS
Smart Metering Systems plc 0141 249 3850
Alan Foy, Chief Executive Officer
Glen Murray, Finance Director
Cenkos Securities plc 0131 220 6939 / 0207 397 8900
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