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Smart Metering Systems PLC on Tuesday said it has made two strategic investments to accelerate its growth in electric vehicle infrastructure and energy data management.
SMS is Glasgow-based smart meter and energy management company.
SMS said it has invested an initial £2.0 million to acquire a 25% shareholding in Clenergy EV Ltd, a software business with a charge point operator platform. Clenergy has more than 1,000 electric vehicle chargers across the UK, SMS added.
Also, SMS has the option to invest a further £2.0 million after one year, leading to the acquisition of an additional 26% interest, and it has the option to buy the remaining shares after five years.
Separately, SMS has bought data software company n3rgy Data Ltd for £1.4 million cash. An additional £800,000 is payable by SMS, subject to n3rgy's performance.
‘n3rgy's software platform enables and facilitates the use of energy consumption, generation and tariff data from smart meters registered on the data communications company platform,’ SMS said.
SMS added that the two investments are intended to accelerate the company's capabilities in electric vehicle charging infrastructure and energy data management.
Chief Executive Tim Mortlock said: ‘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.’
Shares in SMS were up 1.1% to 832.00 pence each in London on Tuesday morning.
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