Glasgow-based Smart Metering Systems plc (SMS) has announced it won a new domestic smart meter contract and secured an “additional grid-scale battery project.”
SMS said it 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,” said SMS.
On the battery project, the company added: “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.”
SMS CEO Alan Foy said: “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.”