Meter contract win and grid-scale project secured

RNS Number : 6541J

Smart Metering Systems PLC

25 August 2021

 

25 August 2021

Smart Metering Systems plc

Meter contract win and additional grid-scale battery project secured

Smart Metering Systems plc (AIM: "SMS", the "Group"), the fully integrated energy infrastructure company owning and managing meter assets, energy data, grid-scale batteries and other carbon reduction ("CaRe") assets, is pleased to announce a new domestic smart meter contract win and securing an additional grid-scale battery project.

New domestic smart meter contract win

SMS has entered into an agreement with a large energy supplier to fund and provide services, as Meter Asset Provider, for the installation of at least 400,000 domestic smart meters.

The contract increases SMS's contracted smart meter order pipeline to 2.75 million meters (30 June 2021: 2.35 million) and will, on delivery, add to the Group's existing £84.2 million long-term indexed-linked annualised recurring revenues ("ILARR") as at 30 June 2021.

Grid-scale battery storage pipeline

SMS announced, in its recent trading update, that from its 470MW grid-scale battery pipeline, it had acquired 190MW with 280MW remaining under exclusivity. The Group is pleased to announce it has now secured a further 50MW project which was previously under exclusivity, increasing the secured pipeline to 240MW. 

Of the secured 240MW pipeline:

· 90MW is under construction and continues to be built out in line with cost and construction programme   expectations,

· 100MW will begin construction during Q4 2021,

· 50MW will begin construction during Q4 2022. 

Alan Foy, Chief Executive Officer, commented:

"Today's smart meter contract win, which follows two wins announced earlier this year, will further expand our long-term index linked recurring revenues and leverages on the scalability of our well established end-to-end integrated model.

Grid-scale batteries are critical to balancing the increasing volume of intermittent renewable generation and to further accelerate the adoption of renewables. Our long-standing experience in the design and delivery of large-scale electrical infrastructure projects and asset management positions us extremely well for this longterm attractive asset class."  

For further information:

Smart Metering Systems plc	0141 249 3850
Alan Foy, Chief Executive Officer
Dilip Kejriwal, Investor Relations
Cenkos Securities plc (Joint Broker and Nomad)	0131 220 6939 / 020 7397 8900
Neil McDonald / Pete Lynch Investec Bank plc (Joint Broker) Christopher Baird / Henry Reast RBC Capital Markets (Joint Broker) Matthew Coakes / Evgeni Jordanov / Jack Wood	020 7597 5970 020 7653 4000
Instinctif Partners	[e-mail]
Tim Linacre / Guy Scarborough / Sarah Hourahane	07949 939237 / 020 7457 2020

Notes to Editors

Smart Metering Systems plc (www.sms-plc.com) is the fully integrated energy infrastructure company owning and managing meter assets, energy data, grid-scale batteries and other carbon reduction (CaRe) assets. The Group manages and optimises these assets through its in-house technology and data analytical platform "METIS".

Established in 1995, SMS provides a full end-to-end service, from funding and installation to management and maintenance, with a highly skilled workforce, deep engineering expertise and well-established industrial partnerships.

SMS is leading the low carbon, smart energy revolution in the UK and is committed to reducing its own carbon emissions to net zero by 2030. SMS has been recognised with the London Stock Exchange's Green Economy Mark every year since it was introduced in 2019.

SMS plc is headquartered in Glasgow with a national presence across twelve UK locations.

SMS's shares are listed on AIM.

 

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