Smart Metering Systems plc (SMS) has announced it signed an agreement with Bristol Energy to provide services as an integrated domestic smart meter installer and Meter Asset Provider.
Under the contract, SMS will have initial access to a minimum 100,000 meter points to exchange, fund and install domestic smart meters on behalf of Bristol Energy.
This forms part of the UK Government programme, overseen by the Department of Business, Energy and Industrial Strategy (BEIS), 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.
The company shares were up 3.39%, trading at £5.49 a share
It has benefited from the continued progress of the government-mandated programme requiring UK energy suppliers to fit 53 million new smart meters by the end of 2020.
The rollout of smart meters has allowed SMS to substantially increase its portfolio, with the company reporting that the rollout has been providing accelerating annualised recurring revenues.
Alan Foy, Chief Executive Officer of SMS, commented: "It gives us great pleasure to have added Bristol Energy to our portfolio of contracted energy suppliers for the smart meter rollout programme.”
He added “It is fantastic to support Bristol Energy who are a force for social good as well as a challenger energy supplier. SMS are well positioned and committed to lead the delivery of benefits that smart meters bring to their customers.”
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