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Fulcrum wins new smart meter contract with energy supplier E
24th May 2021 10:44
(Sharecast News) - Infrastructure and service provider Fulcrum Utility Services has been awarded a new five-year smart meter exchange and management contract worth an expected £20m, it announced on Monday, with energy supplier E Gas and Electricity.
The AIM-traded firm said the new agreement was a tripartite between its smart metering business Fulcrum Metering Services, E, and its meter asset provider Vantage Meters.
It said it was expected to deliver total revenues of £20m over the five-year period.
Under the agreement, Fulcrum would become E's meter operator and meter asset manager, managing its portfolio of 320,000 UK meter points and delivering an expected 80,000 meter exchanges as part of E's smart meter exchange programme.
Fulcrum would receive income from both E and from Vantage Meters.
The board said the new agreement would take Fulcrum's portfolio of managed meter points to just under 500,000, and was expected to double the run rate of its meter exchange programme.
"We are delighted to announce this significant new agreement with E and Vantage Meters, which is a positive endorsement of our growing position in the smart metering market, and substantially grows our meter portfolio and exchange programme activity," said chief executive officer Terry Dugdale.
"There are strong synergies between Fulcrum and E, particularly our shared focus on delivering the highest levels of service, which will be essential when we are operating on E's behalf in customers' homes.
"Through our collaborative approach, we can assist E and its customers to continue to make a valuable contribution to the low carbon economy by saving energy."
At 0951 BST, shares in Fulcrum Utility Services were up 5.4% at 36.1p.
The AIM-traded firm said the new agreement was a tripartite between its smart metering business Fulcrum Metering Services, E, and its meter asset provider Vantage Meters.
It said it was expected to deliver total revenues of £20m over the five-year period.
Under the agreement, Fulcrum would become E's meter operator and meter asset manager, managing its portfolio of 320,000 UK meter points and delivering an expected 80,000 meter exchanges as part of E's smart meter exchange programme.
Fulcrum would receive income from both E and from Vantage Meters.
The board said the new agreement would take Fulcrum's portfolio of managed meter points to just under 500,000, and was expected to double the run rate of its meter exchange programme.
"We are delighted to announce this significant new agreement with E and Vantage Meters, which is a positive endorsement of our growing position in the smart metering market, and substantially grows our meter portfolio and exchange programme activity," said chief executive officer Terry Dugdale.
"There are strong synergies between Fulcrum and E, particularly our shared focus on delivering the highest levels of service, which will be essential when we are operating on E's behalf in customers' homes.
"Through our collaborative approach, we can assist E and its customers to continue to make a valuable contribution to the low carbon economy by saving energy."
At 0951 BST, shares in Fulcrum Utility Services were up 5.4% at 36.1p.