Bglobal strikes deal with Samsung

SMART metering business Bglobal and the Korean electronics manufacturer Samsung have agreed to target the electricity meter market together.

They have signed a memorandum of understanding that is likely to lead to a joint venture which will be used to supply smart meters to energy suppliers.

In a stock market statement the AIM-listed Darwen-based firm said there were 27 million residential electricity meters in the UK and around two million electricity meters in the industrial and commercial sector that will need to be replaced with smart meters.

Samsung would supply the joint venture with meters and work with Bglobal to secure funding to allow the venture, “to offer a fully funded rental model for the deployment of smart meters by energy suppliers to their residential and commercial customers”. Bglobal would handle the installation, operation and maintenance of the meters.

Chief executive Tim Jackson-Smith, said: “This is a major step forward for the group and we are extremely honoured that Samsung has chosen us to be its partner to develop a solution which will help to unlock the massive potential this market has to offer. We look forward to working closely with Samsung over the coming months.”