Smart Metering Systems plc
("SMS" or the "Company")
Smart Metering Systems plc (AIM: SMS.L) ("SMS"), 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 new meter rental agreement with Utility Warehouse to provide a minimum of 100,000 new meters starting immediately.
Under the terms of the agreement, SMS will provide domestic smart meters as part of the UK Government programme, overseen by the Department of Business Energy and Industrial Strategy, requiring domestic energy supply companies to provide all of their customers with a smart meter in homes and small businesses across the UK by 2020.
The funding of the domestic smart meters will be within SMS' existing syndicated banking facility and on the same terms.
Alan Foy, Chief Executive Officer, commented:
"We are delighted to be working with Utility Warehouse who are part of the fastest-growing segment of the retail energy supply in the UK. SMS is well positioned to add these assets into its existing and growing portfolio of owned meter assets delivered from our established in house installation and asset ownership operations."