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Smart Metering Systems (SMS) has announced it has secured a contract with Ovo Energy to provide services for the installation of at least 400,000 domestic smart meters.
The deal increases SMS’s contracted smart meter order pipeline to 2.75 million meters.
Alongside the announcement, the company also revealed it has now secured a further 50MW grid-scale battery project, increasing its secured pipeline to 240MW.
Of this, 90MW is under construction, 100MW will begin during Q4 this year while 50MW will begin construction during Q4 2022.
SMS chief executive Alan Foy said the contract win, which follows two others announced earlier this year, will further expand the company’s long-term indexed-linked annual recurring revenues (ILARR) and that it leverages on the scalability of its end-to-end integrated model.
He added: “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 long-term attractive asset class.”
In a recent trading update SMS reported its ILARR grew 9.3 per cent to £84.2 million in the six months to 30 June.
During that time its domestic smart meter portfolio increased by 146,000 to 1.5 million.
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