Smart Metering Systems signs two new contracts
Smart Metering Systems (LON:SMS) said this morning that it signed two new contracts for gas metering services since the end of June. The new deals bring Smart Metering's total number of contracts to 12.
In a trading update today, the firm - an independent provider of gas infrastructure connection and gas meter asset management services as well as a developer of advanced smart metering technology systems - said that since the end of the half-year period it had also seen an increase in meters under management of around eight per cent to more than 245,000.
Smart Metering said that it had signed the two contracts with UK Healthcare Corporation (trading under the name of D-ENERGi) and Vayu.
D-ENERGi provides gas and electricity predominantly to the UK care home market, where the firm aims to help care home owners reduce their energy costs. Its customers range from smaller, individual care homes to larger care home groups, as well as other specialist areas of business (manufacturing, leisure and retail).
Vayu supplies gas and electricity to businesses and has a 20-per cent market share of the large commercial and industrial gas sector in Ireland. It has also been licensed since 2008 to supply gas to non-domestic premises in Great Britain.
The deals mean that Smart Metering now has 12 service contracts with gas suppliers for the operation and management gas meter assets. It said that these suppliers represent more than 80 per cent of the UK's industrial and commercial market, and more than 30 per cent of the domestic market.
Meanwhile, Smart Metering added that its lender Clydesdale Bank has agreed to extend the ‘master lease facility' arranged in September 2010. The lease facility has been increased from £12 million to £19.5 million. The facility will be used to fund the purchase of further meter assets as and when the opportunity arises, said the firm.
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