Posted on April - 23 - 2010
Bglobal shares climb on back of Orange deal
Shares in Lancashire-based smart meters supplier Bglobal climbed nearly five per cent after the firm announced UK regulatory approval for a new product and a partnership deal with telecoms giant Orange.
Bglobal said it had received approval for its Smart1 meter, enabling its deployment in UK and European electricity markets.
The Smart1 is designed to meet the needs of UK energy firms supplying the mass residential and SME business markets.
It has been designed by Bglobal’s research and development teams in Darwen and Brisbane.
Partners in south-east Asia will produce parts for the Smart1, which will be launched at the Sustainability Live event in Birmingham next Tuesday.
Darwen-based Bglobal also announced an agreement which will see the Smart1 capable of carrying energy management and other data over the Orange network to Bglobal customers.
Bglobal chief executive Tony Barnes said:”The innovation and adaptibility of the Smart1 marks a big step forward for smart meters and for Bglobal.
“Partnering with Orange will serve further to enhance our expertise and maintain our position at the forefront of the drive towards smarter communication and delivering the goal of greatly-improved customer access to energy information.”
AIM-listed Bglobal’s shares gained 4.73 per cent, or 2p, to 44.25p after the announcement.
Broker Ambrian repeated its ‘buy’ rating on the stock and said in a note the launch of the Smart1 product highlights Bglobal’s continued investment in protecting its position as a leading smart meter provider.
Bglobal, which was founded by chairman Peter Kennedy in 2003, added in a stock market update that it achieved a milestone in March with more than 5,000 installations.
It has billed for more than 40,000 installations during the past financial year. The upbeat news follows announcements last month of contract wins with customers including electricity market entrant MA Energy, Transport for London and npower.
Smart meters enable users to monitor energy usage, helping them to manage their consumption and control costs.
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