Smart Metering Systems is moving into the virtual power plant market after buying tech firm Solo Energy.
SMS bought Solo Energy last autumn. The Cork-based firm is creating a virtual power plant (VPP) that wraps in domestic and business assets such as battery storage, small scale generation and EV chargers, which it installs at no upfront costs. In return, it controls the aggregated assets and sells their flexibility.
The company is involved in the government-funded Orkney ‘ReFLEX’ smart grid project. SMS hopes it can scale and replicate the learning from the project into its VPP business.
SMS is also pushing into ‘decarbonisation-as-a-service’, last week signing a deal with asset management firm Columbia Threadneedle to fund clean technology purchases for businesses.
The companies aim to deliver energy efficiency systems, energy storage, distributed generation, EV charging, and other assets across markets including water companies and telcos, the public sector, retail and enterprise.
Earlier this month SMS sold a chunk of its metering assets to Equitix for £291m.