Smart Metering Systems plc

Update announcement

Smart Metering Systems plc (AIM: “SMS”, the “Group”), the fully integrated energy infrastructure company owning and managing meter assets, energy data, grid-scale batteries and other carbon reduction (“CaRe”) assets, provides an update on the Group's activities.

The Company notes that there has been considerable turbulence recently in the UK energy market, with the failure of a number of independent energy suppliers and Supplier of Last Resort (“SoLR”) mechanisms being enacted. However, the Board remains comfortable with the level of previously guided contracted smart meter order pipeline for the Group.

In grid-scale batteries, t he Group has now secured a further 50MW project which was previously under exclusivity, increasing the secured pipeline to 290MW, and has added a further 150MW to those sites remaining under exclusivity (now totalling 330MW). The total pipeline therefore increases from 470MW as at 30 June 2021 to 620MW. The Group's first 50MW site has now been energised and entered testing. Construction of this site and the remaining secured pipeline continues to progress in line with the expected cost and construction programme.

The FY2021 trading currently remains in line with expectations and the Group has a strong net cash position reflecting the net proceeds of the recent equity placing.

Alan Foy, Chief Executive Officer, commented:

“The strength of our contracted smart meter order pipeline, despite the ongoing turbulence in the energy market, reflects the resilience of our business model.

“Grid-scale batteries are critical to balancing the increasing volume of intermittent renewable energy generation and to accelerate the adoption of renewables, which are fundamental to the net-zero energy transition. The continued progression of our batteries pipeline is a testament to our ability to leverage on our fully end-to-end integrated platform.”