February 15, 2011 - Bglobal plc (AIM: BGBL), the leading provider of smart metering solutions to the energy market is pleased to announce that it has signed a memorandum of understanding (“MoU”) with Samsung C&T Corporation (“Samsung”), the Korean based global trading and investment company.
Under the terms of the MoU, Bglobal and Samsung have agreed to work exclusively with each other in order to provide a fully funded solution for the installation of smart meters across the residential and industrial and commercial sectors in the UK. There are approximately 27 million residential electricity meters in the UK and around 2 million electricity meters in the industrial and commercial sector that will need to be replaced with smart meters. The Government will announce in its Spring Package the technical specification for residential meters and the timescale for the roll out and the relationship with Samsung will mean Bglobal is well placed to play a major role in this market as it develops.
It is envisaged that Bglobal and Samsung will establish a joint venture through a special purpose company. Samsung will provide this 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 commented: “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.”
Samsung C&T Corporation is a pre-eminent global brand specializing in offering 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 through over 90 overseas operational bases around the world.