SMS invests up to £6.2m on EV and data assets
Smart Metering Systems is investing up to £6.2m acquiring a significant stake in an electric vehicle charging business and buying a data company.
The Glasgow-based meter management company is committing an initial £2 million to acquire a 25% shareholding in Clenergy EV, a software business focused on EV charging infrastructure.
Clenergy EV’s customer base is in the public charging and fleet sectors, with its platform currently being used in more than 1,000 EV chargers across the UK. SMS has the option to invest a further £2m after one year, leading to the acquisition of an additional 26% interest, and has an option to acquire the remaining shares after five years.
Separately, SMS has acquired n3rgy, a data software company, in a £1.4m cash deal. An additional £0.8 million deferred consideration will be payable by SMS subject to n3rgy achieving certain performance targets.
Tim Mortlock, chief executive, said: “These two strategic investments are highly complementary to the existing SMS business and will significantly enhance our propositions in EV charging and energy data management, continuing the momentum in developing our CaRe products and services.
“Our investment in Clenergy EV will help to accelerate our advancement into the highly attractive EV charging market and the acquisition of n3rgy enables us to build on our strong existing position in energy data solutions.”