Smart Metering Sys - Strategic Investments
21/06/2022 07:00
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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 £2.0 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 £2.0 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 £1.4 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 £0.8 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 and Nomad) 0131 220 6939 / 020 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 (mailto: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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