Update announcement

RNS Number : 2480R

Smart Metering Systems PLC

04 November 2021

 

04 November 2021

Smart Metering Systems plc

Update announcement

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, provides an update on the Group's activities.

The Company notes that there has been considerable turbulence recently in the UK energy market, with the failure of a number of independent energy suppliers and Supplier of Last Resort ("SoLR") mechanisms being enacted. However, the Board remains comfortable with the level of previously guided contracted smart meter order pipeline for the Group.

In grid-scale batteries, t he Group has now secured a further 50MW project which was previously under exclusivity, increasing the secured pipeline to 290MW, and has added a further 150MW to those sites remaining under exclusivity (now totalling 330MW). The total pipeline therefore increases from 470MW as at 30 June 2021 to 620MW. The Group's first 50MW site has now been energised and entered testing. Construction of this site and the remaining secured pipeline continues to progress in line with the expected cost and construction programme.

The FY2021 trading currently remains in line with expectations and the Group has a strong net cash position reflecting the net proceeds of the recent equity placing.

Alan Foy, Chief Executive Officer, commented:

"The strength of our contracted smart meter order pipeline, despite the ongoing turbulence in the energy market, reflects the resilience of our business model.

"Grid-scale batteries are critical to balancing the increasing volume of intermittent renewable energy generation and to accelerate the adoption of renewables, which are fundamental to the net-zero energy transition. The continued progression of our batteries pipeline is a testament to our ability to leverage on our fully end-to-end integrated platform."

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	[phone]

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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