Smart Metering Systems PLC Meter contract win and grid-scale project secured (6541J)
25 August 2021 - 8:00AM
UK Regulatory
TIDMSMS
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 GBP84.2 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 0131 220 6939 / 020 7397
and Nomad) 8900
Neil McDonald / Pete Lynch
Investec Bank plc (Joint Broker)
Christopher Baird / Henry Reast
020 7597 5970
RBC Capital Markets (Joint Broker)
Matthew Coakes / Evgeni Jordanov /
Jack Wood 020 7653 4000
Instinctif Partners sms@instinctif.com
Tim Linacre / Guy Scarborough / Sarah 07949 939237 / 020 7457
Hourahane 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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