Smart Metering Systems PLC Strategic Investments (5115P)
21 Juni 2022 - 8:00AM
UK Regulatory
TIDMSMS
RNS Number : 5115P
Smart Metering Systems PLC
21 June 2022
21 June 2022
Smart Metering Systems plc
Strategic Investments
Smart Metering Systems plc (AIM: "SMS", the "Group"), a 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 two strategic
investments, accelerating the Group's capabilities in the electric
vehicle (EV) charging infrastructure asset class and further
expanding its service offering in energy data management.
Clenergy EV Limited ("Clenergy EV")
SMS has invested an initial GBP2.0 million to acquire a 25%
shareholding in Clenergy EV, a software business with a Charge
Point Operator (CPO) platform focused on EV charging
infrastructure. Clenergy EV's customer base is in the public
charging and fleet sectors, with its platform currently being used
in more than 1,000 EV chargers across the UK. SMS has the option to
invest a further GBP2.0 million after one year, leading to the
acquisition of an additional 26% interest, and has an option to
acquire the remaining shares after five years.
This investment complements SMS's existing EV installation
capabilities and will enable the Group to deliver a fully
end-to-end integrated platform for EV charging infrastructure, a
model the Group has successfully adopted for its meters, data and
grid-scale battery assets.
n3rgy Data Ltd ("n3rgy")
SMS has separately acquired 100% of n3rgy, a data software
company, for a cash consideration of GBP1.4 million. n3rgy's
software (SaaS) platform enables and facilitates the use of energy
consumption, generation and tariff data from smart meters
registered on the Data Communications Company (DCC) platform. This
data is then used for settlement, billing, energy management and a
growing market of wider applications and services.
The acquisition, together with the Group's accredited and
scalable technology platforms, will enhance and accelerate SMS's
capabilities in smart energy data solutions, providing the Group
with a strong competitive position in the significant addressable
market as the industry moves towards mandatory half-hourly
settlement.
An additional GBP0.8 million deferred consideration will be
payable by SMS subject to n3rgy achieving certain performance
targets.
Notice of Half Year trading update
As reported at the Group's AGM update on 19 May 2022:
-- Our smart meter installation run rate has continued to
strengthen throughout the course of this year, in line with the
Group's expectations
-- Our first 50MW grid-scale battery project continues to
perform strongly and our additional 660MW pipeline continues to
progress in line with our expectations
A trading update for the first six months to 30 June 2022 is
expected to be released on Wednesday 27 July 2022.
Tim Mortlock, Chief Executive Officer, commented:
"These two strategic investments are highly complementary to the
existing SMS business and will significantly enhance our
propositions in EV charging and energy data management, continuing
the momentum in developing our CaRe products and services. Our
investment in Clenergy EV will help to accelerate our advancement
into the highly attractive EV charging market and the acquisition
of n3rgy enables us to build on our strong existing position in
energy data solutions."
For further information:
Smart Metering Systems plc 0141 249 3850
Tim Mortlock, Chief Executive Officer
Gavin Urwin, Chief Financial Officer
Dilip Kejriwal, Head of Investor Relations
Cenkos Securities plc (Joint Broker 0131 220 6939 / 020
and Nomad) 7397 8900
Neil McDonald / Pete Lynch
Investec Bank plc (Joint Broker) 020 7597 5970
Christopher Baird / Henry Reast
RBC Capital Markets (Joint Broker) 020 7653 4000
Matthew Coakes / Evgeni Jordanov /
Jack Wood
Instinctif Partners sms@instinctif.com
Tim Linacre / Guy Scarborough / Sarah
Hourahane
Notes to Editors
Smart Metering Systems plc (www.sms-plc.com) installs and
manages smart meters, energy data, grid scale batteries and other
carbon reduction assets ("CaRe") to facilitate effective energy
management. The Group manages and optimises these assets through
its in-house technology and data analytical platform.
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. In 2019, SMS was also awarded the London Stock Exchange
Green Economy Mark.
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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