New domestic smart meter contract win with largest independent UK energy supplier
Smart Metering Systems plc (AIM: SMS.L), the integrated metering services company that connects, owns, operates and maintains over one million current generation smart meter and data assets in the UK, is pleased to announce that it has signed a framework agreement with First Utility Limited ("First Utility"), the largest independent UK-based energy supplier serving electricity, gas and dual fuel customers, as its preferred domestic smart meter asset provider.
Under the terms of the non-exclusive agreement, SMS will provide domestic smart meters to First Utility customers as part of the UK Government programme, overseen by the Department of Energy and Climate Change, 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.
First Utility currently supply energy to circa one million homes in the UK. Under the terms of the agreement, SMS will, over the next 18 months, gain ownership of up to 150,000 domestic dual fuel smart meters. The meters will be funded by SMS, supported by its revolving credit facility.
To date, suppliers with whom SMS has contracted for the domestic smart rollout currently provide services to 1,549,000 homes in the UK market.
Phil Gripton, Chief Operating Officer of First Utility, said:
â€œWe are pleased to establish our partnership with SMS as part of our commitment to the Smart metering programme. We are confident that working hand in hand with SMS will support First Utility's ambitions in the next phase of our Smart meter rollout. SMS bring a wealth of knowledge and experience which we believe will support the successful deployment of this technology into our customers' homes."
Alan Foy, Chief Executive Officer of SMS, commented:
â€œWe are delighted to be working with First Utility, the largest independent energy supplier in the UK in the rollout of their smart meter programme between now and the end of 2020. SMS is well positioned for this new market with a strong track record for customer services and asset ownership and management. This is exemplified by the recent acquisitions of Trojan Ltd and CH4 Ltd who have installed over 400,000 domestic smart meters to date for energy suppliers, and Qton Ltd whose market leading meter field force installation and management software services has overseen over one million meter installs so far."