SHARES in Livingtson-based Energy Assets Group have edged up by three per cent after the metering specialist extended a data collection deal with npower.
The extension of the existing contract with npower will see Energy Assets provide data collection and aggregation services from electricity meters being installed over the next 12 months. The agreement relates to additional industrial and commercial (I&C) meter and data points.
The deal is the first contract of its kind to be signed by BGlobal Metering since its acquisition by Energy Assets in April.
Energy Assets bought the business in a £2.3 million cash deal in what was billed as its first big move into the electricity market.
Energy Assets said securing the deal underpins its aim of becoming a leading provider in the electricity sector and in line with growth targets set at the time of the acquisition.
Chief executive Phil Bellamy-Lee said: "npower is a long-standing customer of BGM and, in signing this new agreement, we can look forward to further strengthening the relationship as we continue to grow the BGM business with the objective of becoming the leading provider of metering services to I&C customers in both the gas and electricity sectors."
Wayne Mitchell, head of I&C sales and marketing for npower, said: "This new agreement further helps our new connections business reach its goal of improving its service to customers.
"The installation of these advanced meters will enable more automated meter reads to be undertaken and, critically, will underpin our wider strategy of ensuring we treat our customers fairly and more efficiently."
The deal with npower comes after it won a 20-year contract to supply meters to British Gas I&G customers in the UK in July.
Energy Assets said the installation of the devices - which help companies monitor and reduce energy costs - would boost the growth potential of its long-term recurring revenue portfolio.
Shares in Energy Assets closed up 13.5p at 435p.
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