23 Mar 2016 07:00
23 March 2016
Smart Metering Systems plc
("SMS" or "the Company")
New domestic smart meter contract win with Ecotricity
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.
Dale Vince, founder and CEO of Ecotricity, said:
"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."
Alan Foy, Chief Executive Officer of SMS, commented:
"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."
For further information:
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 |
Neil McDonald | |
Nick Tulloch | |
Kreab | 020 7074 1800 |
Matthew Jervois | |
Natalie Biasin | |
Daniel Holgersson |
Notes to Editors
UK Domestic Smart Meter Market
The domestic smart meters project is overseen by the Department of Energy and Climate Change and aims to install smart meters in homes and small businesses across the UK by 2020.
While DECC are responsible for the overall project management and monitoring, Ofgem are responsible for ensuring customers are protected during the installation phase. Capita has been appointed as the project manager for the data communications standards and Smart Energy GB (a Government funded body) are responsible for the communications campaign.
Market size and outlook
This initiative requires every home and small business in the UK to have smart or advanced meter functionality by 2020. This will require significant investment for rolling out and replacing approximately 22 million domestic gas meters and 27 million electricity meters.
Consumer benefits
Smart meters will help consumers to control their energy costs by seeing how much they are using minute by minute and allow them to identify savings to be made by turning off appliances which are not being used. This also means an end to estimated bills as with smart meters the bill will always be accurate and exactly what customers are expecting. They will also provide more accurate feedback to the energy companies of the level of demand which makes balancing the electricity system easier and cheaper to balance.
About Smart Metering Systems
Established in 1995, Smart Metering Systems plc, based in Glasgow, connects, owns, operates and maintains metering systems and databases on behalf of major energy companies. The Company provides a fully integrated service from beginning to end to cover the installation of a gas/electricity supply/connection to the procurement, installation and management of a gas or electricity meter asset to the collection and management of customer data and ongoing energy management services.
The Company has further applications for gas with its ADM™ device which allows "smart" functions such as remote reading and half-hourly consumption data to be offered to customers in addition to the normal metering services. The Company was admitted to the AIM market in July 2011 and is now part of the FTSE AIM 50 index. For more information on SMS please visit the Company's website: www.sms-plc.com.