New Smart Meter Contract Win - Octopus Energy

RNS Number : 3200N

Smart Metering Systems PLC

17 January 2019

 

This announcement contains inside information

Smart Metering Systems plc

("SMS" or "the Company")

New Domestic smart meter contract win - Octopus Energy Limited

Smart Metering Systems plc (AIM: SMS.L) ("SMS"), the integrated metering services company that connects (installs), owns, operates and maintains UK metering assets, is pleased to announce that it has signed a meter rental agreement with Octopus Energy Limited ("Octopus Energy") to supply a minimum of 200,000 new SMETS2 meters.

This forms part of the UK Government programme, overseen by the Department of Business, Energy and Industrial Strategy (BEIS), 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.

SMETS 2 meters are the next generation of smart meters and will deliver a wide range of improvements, including: interoperability - these devices enable seamless switching between energy suppliers by connecting with the Data Communications Company (DCC); maintain and extend the highest standard of security for householder data and will facilitate the connection of all types of home renewable and microgeneration technology onto the grid, supporting a cleaner, greener UK.

Alan Foy, Chief Executive Officer, commented:

"We are delighted to be working with Octopus Energy, a supplier of 100% green electricity. Octopus Energy is backed by the Octopus Group, which is a large investor in renewable generation internationally and the United Kingdom's largest investor in solar power. SMS, like Octopus Energy, are committed to leading the smart energy revolution and SMS looks forward to bringing the benefits of smart meters to Octopus Energy's customers".

Stuart Jackson, Chief Financial Officer of Octopus Energy, said:
"The size of this partnership is a result of Octopus Energy's tremendous growth and ambition. Our success is driven by our unique technology and commitment to customer service, as demonstrated by Octopus being the only energy supplier recommended by Which?"

For further information:

Smart Metering Systems plc	0141 249 3850
Alan Foy, Chief Executive Officer
David Thompson, Chief Financial Officer
Craig McGinn, Company Secretary
Dilip Kejriwal, Head of Investor Relations
Cenkos Securities plc	0131 220 6939 / 0207 397 8900
Neil McDonald
Beth McKiernan
Kreab	020 7074 1800
Matthew Jervois

Notes to Editors

About Smart Metering Systems

Established in 1995, Smart Metering Systems plc, headquartered in Glasgow, installs, owns, operates and maintains gas and electricity meters on behalf of major energy companies in the UK energy and utilities market.

The SMS Meter Assets business delivers long term stable income from ownership of over 2.5 million utility metering assets.

The SMS Asset Installation business installs gas and electricity meter assets for the Meter Asset business through engineering workforce across the UK.

SMS provide energy management and consultancy services to support large blue-chip companies in the UK, through a network of offices across the UK.

The energy management and asset installation services also include infrastructure design, installation, consultancy and project management services for new gas, electricity, water and telecoms connections for licenced energy and telecoms suppliers, end consumers and the UK's licenced electricity Distribution Network Owners (DNO's).

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.

About DCC (Data Communications Company)

DCC is leading the design, build, test and integration of the data and communications infrastructure to connect with the business systems of energy.

Smart DCC Ltd (DCC) operates under the Smart Meter Communication Licence which was granted by the Department of Business, Energy and Industrial Strategy (BEIS) and is regulated by Ofgem.

The licence allows us to establish and manage the smart metering data and communications infrastructure.

Smart Metering Systems plc is listed on the AIM market of the London Stock Exchange (SMS)
Registered Office: 48 St. Vincent Street, Glasgow G2 5TS

Registered in Scotland number: SC367563
Legal Entity Identifier number: 213800FGOUFSDPE33S71

 

END

 

 

CNTSFMEFMFUSEIF