A new expanded Metering Service Agreement (MSA) between Intellihub and major Australian energy retailer Origin Energy, will continue to provide long term growth to the Intellihub smart metering and data intelligence business.
The new MSA was signed this week, with final completion expected the first half of 2022, and will build on the existing agreement between Origin and Intellihub as its Metering Service Provider.
Intellihub CEO Wes Ballantine said the new agreement would deliver significant growth to Intellihub’s already increasing pipeline of smart meter deployments.
“Smart meters play a crucial role in the rapid digitisation and decarbonisation of energy markers across the region,” Mr Ballantine said.
“Record levels of rooftop solar and predicted increases in batteries, load control, electric vehicles and other behind the meter services are driving significant demand for smart metering and data solutions.
“Intellihub is pleased to be a central part of that energy transition by providing leading smart metering technology to Origin Energy.”
Additionally, Intellihub had also agreed to purchase a significant number of embedded network meters from Origin Energy and utility service provider WinConnect.
Mr Ballantine also welcomed Brookfield Asset Management as a new strategic investor in the company alongside Pacific Equity Partners’ Secure Assets Fund.
Once the transaction is completed, Intellihub will be owned by Brookfield and PEP as a 50/50 joint venture.
“The transaction will drive our continued leadership in the smart metering and data intelligence market,” he said.
“Intellihub’s new strategic relationship with Brookfield will provide additional access to expertise and capital to keep us at the forefront of Australia’s energy transition.”
As part of the transaction, Brookfield will purchase Landis+Gyr’s interest in Intellihub.
“We look forward to a continued and long-term relationship with Landis+Gyr as a supplier of leading smart meter solutions,” Mr Ballantine said.