Bglobal has signed a memorandum of understanding (MoU) with Samsung to collaborate exclusively to provide a fully funded solution for the installation of smart meters across residential, industrial, and commercial sectors in the UK.
It is estimated there are 27 million residential electricity meters in the UK and approximately two million industrial and commercial electricity meters that need to be replaced with smart meters. In its Spring Package, the British government will announce the technical specification for residential meters and the timescale for the deployment.
It is anticipated that Bglobal and Samsung will establish a joint venture through a special purpose company. According to Samsung, it will provide the new company “with smart meters and will work with Bglobal to secure funding to allow the joint venture to offer a fully funded rental model for the deployment of smart meters by energy suppliers to their residential and commercial customers. It is also envisaged that the joint venture will look to exploit opportunities in energy management and home automation – both of which are enabled through smart metering.”
Bglobal will enter into an agreement with the joint venture regarding the installation, operation, and maintenance of the meters.
Tim Jackson-Smith, Group Chief Executive Officer, notes, “This is a major step forward for the Group and we are extremely honored 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.”
Samsung is a global brand specializing in integrated solutions including consulting, engineering, construction, financing, investment, risk management, and operation and maintenance for industries from industrial materials and public infrastructure to natural resources and renewable energy.