Telit to supply smart metering infrastructure project

(ShareCast News) - Telit Communications has signed a deal worth $220m to supply the UK's Smart Metering infrastructure project.The AIM-listed company announced the contract with the £11.3bn project on Monday.The project proposes to install smart meters in homes and businesses across the UK, targeting the vast majority of gas and electricity utility customers by 2020.It will see the company's internet of things cellular modules power a portion of the nearly 30 million "comms" hubs.It will bridge the ZigBee data communication between the smart meters and either RF or cellular networks.Chief executive Oozi Cats said: "Telit is not only proud to be selected as a supplier to this world benchmark project in smart metering, but also to be a part of the think tank that worked on key standards and technology foundation that made GB SMIP possible."Telit shares were up 12.25p to 291.00p at 0910 BST.