Entries by smartwiregrid

Smart Wires Signs Agreement for a USD 50 Million Senior Secured Term Loan

Smart Wires Signs Agreement for a USD 50 Million Senior Secured Term Loan

December 31, 2021

Smart Wires Technology Ltd (“Smart Wires” or the “Company”) is pleased to announce that a debt financing agreement (the “Financing Agreement”) has been signed between the Company’s subsidiary Smart Wires Inc as the Borrower and an affiliate of Innovatus Capital Partners, LLC (“Innovatus”) as Lender, granting Smart Wires access to a debt facility of up to USD 50 million (the “Term Loan”). The Term Loan may be used to fund ongoing operations and working capital expenses and for costs, fees and expenses incurred in connection with the Financing Agreement.

The Term Loan includes two tranches. The first tranche consists of USD 30.0 million and is expected to be drawn down on December 31, 2021 (the “Closing Date“). The second tranche consists of USD 20.0 million and will be drawn at the Company’s election between April 1, 2023, and September 30, 2023, following satisfaction of certain conditions precedent, including a funding milestone of a trailing six months revenue of USD 40.0 million.

Prior to the fourth anniversary of the Closing Date, Innovatus will have the right to convert up to 10% of the outstanding principal of the Term Loan into common stock in the Company at a price per share equal to SEK 45, adjusted for the USD/SEK exchange rate at the time of the conversion.

Key terms of the Term Loan:

  • Borrower: Smart Wires Inc.
  • Loan amount: USD 30.0 million in first tranche and USD 20.0 million in second tranche, provided that funding milestone of a trailing six months revenue of USD 40.0 million is achieved.
  • Maturity: June 30, 2027, unless earlier repaid.
  • Repayment: The principal shall be repaid by equal monthly installments beginning (a) June 1, 2025, if neither the average restricted cash is less than USD 15.0 million duing the trailing 12 months prior to date nor the net liquidity (excluding restricted cash) is at least USD 50.0 million immediately prior to June 1, 2025, (either such event, the “Initial Extension Event”), or (b) the February 1, 2026, if an Initial Extension Event has occurred, but the event described in the following clause (c) has not occurred or an Event of Default has occurrerd on or prior to February 1, 2026, or (c) February 1, 2027, if the Company has achieved an Initial Extension Event and trailing 12 months revenue of USD 100.0 million and cash flow breakeven for two consecutive quarters prior to the fourth anniversary of the Closing Date and no Event of Default has occurred on or prior to February 1, 2026.
  • Interest: The interest rate of the Term Loan is floating at (a) the greater of (i) the Prime Reference Rate and (ii) 3.25% plus (b) 4.25% per annum. At the Borrower’s election, a portion of the interest may be paid in kind and capitalized as principal at an incremental rate of 1.5%. Default interest rate is 5% above the applicable interest rate.
  • Security: First ranking security over substantially all assets of the Borrower and on a post-closing basis, substantially all of the assets of the Company, in each case subject to customary exceptions.
  • Covenants: Affirmative and negative covenants, including a minimum liquidity covenant and a performance covenant, as well as events of default provisions customary to a financing of this nature are set out in the Financing Agreement.

*****

CONTACTS

Peter G. Wells, CEO

E-mail: peter.wells@smartwires.com

Tel: +1 (510) 340-9797

Smart Wires’ Certified Adviser is Erik Penser Bank AB, Apelbergsgatan 27, Box 7405, SE-103 91 Stockholm, E-mail: certifiedadviser@penser.se, Tel: 08-463 83 00, www.penser.se.

This information is information that Smart Wires Technology Ltd is obliged to make public pursuant to the EU Market Abuse Regulation. The information in this press release has been made public through the agency of the responsible person set out above for publication at the time stated via the Company’s news distributor Cision at the publication of this press release.

 

ABOUT INNOVATUS CAPITAL PARTNERS, LLC

Innovatus Capital Partners, LLC, is an independent adviser and portfolio management firm with approximately $1.5B in assets under management. Innovatus adheres to an investment strategy that identifies disruptive and growth opportunities across multiple asset categories with a unifying theme of capital preservation, income generation, and upside optionality. Further information can be found at www.innovatuscp.com.

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Innovative Grid Technologies Recognized As Key Enabler of Energy Transition in Europe

INNOVATIVE GRID TECHNOLOGIES RECOGNIZED AS KEY ENABLER OF ENERGY TRANSITION

December 17, 2021

There is growing recognition of the importance of innovative grid technologies in Europe for delivering on the Fitfor55 – the EU’s plan for a 55% decrease in CO2 emissions by 2030. 

Leading industry experts have welcomed the recent developments in this space, namely the new Consentec report commissioned by currENT showing that innovative grid technologies can reduce levels of congestion redispatch and renewables curtailment by as much as 90% in the given scenario, the ACER position paper on incentives for smart investments, and ENTSO-E’s Technopedia.

The central role of the grid has been at the forefront of recent global conversations surrounding the COP26 Summit in Glasgow last month. While there is debate on whether the revised climate pledges by national governments go far enough, there is global acceptance that we need to accelerate our collective progress.

Delivering on the 55% emission reductions targets requires near-term progress, as the value of reducing carbon emissions now is far greater than reducing the same level of carbon emissions in 10 years’ time – every day counts.  Rapidly deployable grid enhancing technologies, such as Smart Wires’ innovative, intelligent power flow control technology, SmartValve™, can accelerate this. By enabling earlier delivery of electric capacity than some conventional solutions, these technologies can support the faster more efficient connection of renewables, integration of new loads such as EVs, and ultimately access to lower cost clean energy for consumers with minimal disruption to local communities and the environment.

A new report ‘The Benefits of Innovative Grid Technologies’ states that using readily available innovative grid technologies can reduce levels of congestion redispatch and curtailment of renewables by as much as 90% in the given scenario in one region in Europe[1]. currENT, the key association for innovative grid technology companies in Europe, commissioned Consentec to undertake this report looking at the combined impact of innovative technologies to reduce congestion and its associated costs in the European grid.  In particular, Dynamic Line Rating and M-SSSCs, such as SmartValve, can each reduce the volume of redispatch and costs by 40-50%, and are ready for wide-scale implementation.

The need for greater use of these technologies is reinforced by ACER’s latest position paper on the role of regulation in incentivizing smart investments. ACER acknowledges that traditional regulation tends to favour higher cost solutions, and suggests a paradigm shift to incentivize greater use of innovative solutions that increase network efficiency and use of the existing grid, ultimately providing more immediate benefits to end consumers.

ENTSO-E provides a key resource through its new Technopedia – a collection of factsheets for innovative a technologies researched, demonstrated and deployed by Transmission System Operators. By making the latest information on these technologies available, ENTSO-E is advancing their use to unlock the full potential of the existing infrastructure and to transform the way power systems are managed.

Many of these technologies, such as SmartValve, have already been deployed across the world and are delivering real value to consumers. In the UK, National Grid Electricity Transmission (NGET) are using SmartValve to remove bottlenecks and unlock unused capacity on the existing network. NGET has already installed SmartValves across five circuits in the North of England, creating 1.5 GW of extra capacity; enough to power one million UK homes with renewable energy. NGET is scaling up three of the initial SmartValve deployments in 2022 to unlock extra capacity on the circuits, and ultimately transfer more renewable power to its customers in a timely and cost-effective way.

Reaching the energy targets between now and 2030 is the only way to achieve the ultimate goal of net zero by 2050. By implementing the wide range of grid enhancing technologies that are readily available today and driving forward innovation in new technologies, the grid can continue to evolve and be an enabler of Energy Transition.

[1] The geographic scope of the study is Germany, France, Benelux, Austria and Denmark.

About currENT

currENT is the key industry association representing innovative grid technology companies operating in Europe. Our members are taking Europe’s power network to the next level – developing and supplying innovative technologies that optimise and maximise use and efficiency of the electric grid. These next-generation solutions advance the transition toward a decentralised, distributed and active power network: the future for Europe’s electricity industry. We are proud to be part of Europe’s energy sector: a hugely dynamic and intelligent industry that embraces change, thinks laterally, and is the envy of the world.

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Smart Wires receives 2021 Cleantech Impact Award for Economic Development in North Carolina

Smart Wires receives 2021 Cleantech Impact Award for Economic Development in North Carolina

December 10, 2021

Global power technology company, Smart Wires, accepted the 2021 Cleantech Impact Award for Economic Development on Wednesday at the Awards Ceremony in Raleigh, North Carolina.

The 2021 Cleantech Impact Award for Economic Development award recognizes Smart Wires’ contribution to driving cleantech innovation and workforce development in North Carolina. This award is given by the Research Triangle Cleantech Cluster.

Earlier this year, Smart Wires announced the relocation of its global headquarters to Research Triangle Park (RTP), North Carolina, to better position the Company to support strong momentum across its key growth markets. The new site will open in early 2022 and will be home to state-of-the-art laboratories, and office space.

Access to highly skilled, globally oriented talent was one of the key drivers in Smart Wires’ decision to move to the smart grid business hub of North Carolina, alongside the exceptional facilities at RTP, as it plans to add 250 personnel to its US operations over the next five years. Smart Wires is passionate about creating a great place to work at RTP that supports the professional and overall wellness needs of its excellent team.

The new research & development and testing & validation laboratories have been expertly designed, with state-of-the-art technical equipment and ergonomic workstations designed to support the work and safety needs of our technicians and engineers working in the lab. The laboratory will support Smart Wires continued research and development on existing and new products that advance the energy transition.

Smart Wires’ Shannon Ross, Chief People Officer, and Haroon Inam, Chief Technology Officer, accepted the award at the Awards Ceremony in Raleigh.

Haroon Inam accepts 2021 Cleantech Impact Award for Economic Development

“We’re excited to start welcoming our team to the new RTP site early next year, and we look forward to joining the vibrant thriving community of businesses who are already here,” said Shannon Ross.

Haroon Inam said, “Smart Wires has a team of world-class engineers that are leading the way in developing technologies to help electric utilities all around the world to evolve their grids. Our new laboratories and growing team in North Carolina will enable us to expand our product development, access R&D partnerships and benefit from the local manufacturing know-how and infrastructure.”

Smart Wires continues to strengthen its global talent base and is currently looking for new team members in North Carolina, see Careers for more details.

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Power flow project extension to unlock further 500 MW of capacity on electricity system

POWER FLOW PROJECT EXTENSION TO UNLOCK FURTHER 500 MW OF CAPACITY ON ELECTRICITY SYSTEM

Oct 14, 2021

National Grid Electricity Transmission (NGET) is expanding the use of transformational power flow control technology – building on the successful installations of the world’s first large scale use of the technology on its UK network earlier this year.

NGET owns the cables and substations that form the electricity transmission system in England and Wales and is using innovative new technology to make the most of its network, avoiding the need to build new infrastructure and contributing to the UK’s net zero ambitions.

More renewables connecting to the network, the phasing out of fossil fuel generation and electrification of transport are changing the way power flows across the UK. This means that circuits become unequally loaded, causing overloads of some circuits that limits the capacity of the entire network.

By using modular power flow control technology, NGET can remove bottlenecks and unlock unused capacity on the existing network. NGET has already installed 48 SmartValves across five circuits at three of its substations in the North of England, creating 1.5 GW of extra capacity; enough to power one million UK homes with renewable energy.

With the increasing volume of renewable generation seeking to connect to the network, NGET sees a pressing need for even more capacity in the area in 2022. By scaling up the initial SmartValve deployments near Harker and Penwortham, NGET can unlock extra capacity on the existing circuits, and ultimately transfer more renewable power to its customers in a timely and cost-effective way.

The modular nature of the technology means that new SmartValves can be easily added to the existing projects, and installed devices can be moved between sites depending on the capability required on each circuit at any point in time.

The deployment design is optimised for scaling up or down the project size, meaning that expanding the project is possible within the existing site footprint. This enables faster installation timeframes, minimizes additional site works and costs, and avoids disruption to local communities and the environment.

Zac Richardson, Director of New Infrastructure said: “At NGET we’re committed to finding new ways to make the most of our existing network, delivering a cleaner, fairer and more affordable energy system that serves everyone.”

“Our Smart Wires project is using new technology at substations in the North of England to unlock extra capacity, allowing greater volumes of renewable power to be efficiently transferred to customers.”

“By expanding the initial SmartValve projects in line with the evolving needs of our network, we’re looking at delivering a further 500 MW of capacity – enough to power more than 300,000 homes – enabling us to release extra capacity quickly and without the need for new, costly infrastructure projects.”

Michael Walsh, Chief Commercial Officer at Smart Wires, said: “We are delighted to collaborate with NGET and our project partner Omexom on this portfolio of projects which leverages the true flexibility, redeployability and scalability of our technology to help decarbonise the UK electricity grid.”

The expansion of projects will be completed in 2022.

About National Grid in the UK:

  • We own and operate the electricity transmission network in England and Wales, with day-to-day responsibility for balancing supply and demand. We also operate, but do not own, the Scottish networks. Our networks comprise approximately 7,200 kilometres (4,474 miles) of overhead line, 1,500 kilometres (932 miles) of underground cable and 342 substations.
  • We own and operate the gas National Transmission System in Great Britain, with day-to-day responsibility for balancing supply and demand. Our network comprises approximately 7,660 kilometres (4,760 miles) of high-pressure pipe and 618 above-ground installations.
  • As Great Britain’s System Operator (SO) we make sure gas and electricity is transported safely and efficiently from where it is produced to where it is consumed. From April 2019, Electricity System Operator (ESO) is a new standalone business within National Grid, legally separate from all other parts of the National Grid Group. This will provide the right environment to deliver a balanced and impartial ESO that can realise real benefits for consumers as we transition to a more decentralised, decarbonised electricity system.
  • Other UK activities mainly relate to businesses operating in competitive markets outside of our core regulated businesses; including interconnectors, gas metering activities and a liquefied natural gas (LNG) importation terminal – all of which are now part of National Grid Ventures. National Grid Property is responsible for the management, clean-up and disposal of surplus sites in the UK. Most of these are former gas works.

Find out more about the energy challenge and how National Grid is helping find solutions to some of the challenges we face at https://www.nationalgrid.com/group/news

National Grid undertakes no obligation to update any of the information contained in this release, which speaks only as at the date of this release, unless required by law or regulation.

About Smart Wires (www.smartwires.com)

Smart Wires is a global power technology company advancing the delivery of affordable, clean electricity around the world. With our innovative technology and advanced analytics, we maximize the grid’s capacity. This means more renewables, at a lower cost and with less disruption to communities and the environment. Headquartered in North Carolina, with European headquarters in Dublin, Ireland and a global workforce of 150 professionals spread across four continents, we collaborate with our customers to achieve their strategic objectives and help them face an uncertain energy future with flexible, high-impact solutions.

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Smart Wires Technology Ltd, Q2 2021 Interim Report

SMART WIRES TECHNOLOGY LTD, Q2 2021 INTERIM REPORT

August 19, 2021

Smart Wires Technology Ltd (“Smart Wires”) presents its Q2 2021 Interim Report at 15:00 CEST on 19 August 2021 via audiocast teleconference at the following link: https://tv.streamfabriken.com/smart-wires-q2-2021Teleconference: Dial-in number SE: +46856642707 UK: +443333009264 US: +1 6319131422, PIN: 26807678#

The Company’s Key Business Events and Metrics for Q2 2021 include:

  • First trading day on the Nasdaq First North Growth Market on 18 May 2021

  • Qualified pipeline increased to $2.3 billion
  • Revenue of $10.2 million, +445%
  • Gross loss of $0.5 million, +85% improvement; negative margin of 5%, +162% improvement
  • EBITDA loss of $15.3 million; negative margin of 150%, + 567% improvement
  • Fully diluted loss per share of $0.16, +50% improvement
  • Orders between $15 million to $17 million received in August 2021 for projects with an existing customer
  • Three patents approved and four new patent applications filed
  • Completed delivery and commissioning of SmartValve™ projects across seven customer sites in H1 2021
  • Added 17 new positions and strengthened Leadership team with 5 new appointments
  • Announced 2022 HQ move to Research Triangle Park in North Carolina with State and County incentives (August)

CEO Comments

We continue to build a strong foundation for delivery on our goals. On the 18th of May Smart Wires was listed on the Nasdaq First North Growth Market. An important step in the Smart Wires journey, allowing access to funds for working capital, R&D and growth. During the quarter we have successfully delivered several projects across the world and increased our pipeline from $2.0 billions at the start of Q2, to $2.3 billions. Our revenue was $22.5 million for H1-21, a $18.8 million and 515% increase year-over-year. In our first six-month of operation during 2021, we have already surpassed the 2020 annual revenue by $7.1 million or a 45% increase from the $15.4 million earned in 2020.

Climate change is a far reaching, and critical topic. Perhaps the most important subject many of us will deal with in our lives. One critical area is Energy Transition, the movement of energy generation away from fossil-based fuel sources and harmful processes, towards renewable fuel sources, like solar and wind, with more efficient use and conservation, leveraged across multiple sectors that are electrified in order to create a sustainable and circular economy for green energy. The ability to modernize the Grid is a fundamental and critical need that can be addressed with Grid Enhancing Technology (GET) like the SmartValve™. Smart Wires has developed a key digital technology and evolved the right solution mix to rapidly enhance the grid, and drive the inflexion point we see today for the grid, the world, and our business.

The full Smart Wires Technology Ltd Q2 2021 Interim Report is attached to this release, and can be found at: https://www.smartwires.com/investors/financial-reports-presentations/.

The Smart Wires Technology Ltd Q3 2021 Interim Report will be published on 18 November 2021.

Important notice about forward-looking information

This interim report contains certain forward-looking information and statements that reflect the Company’s current views on future events as well as financial and operational developments. Words such as “refer”, “assess”, “expect”, “can”, “plan”, “estimate”, “calculate”, “could” and other expressions that indicate indications or assessments regarding future developments or trends, and which does not relate to historical facts, constitutes forward-looking information. Forward-looking information is inherently associated with both known and unknown risks and uncertainties because it is dependent on future events and circumstances. Forward-looking information does not constitute a guarantee regarding future results or development and the actual outcome may differ materially from what is stated in forward-looking information. Neither the Company nor anyone else make any representations about publishing updates or revisions of forward-looking information as a result of new information, future events or similar circumstances other than as provided by applicable mandatory rules and regulations.

CONTACTS

Peter G. Wells, CEO

E-mail: peter.wells@smartwires.com

Tel: +1 (510) 340-9797

Smart Wires’ Certified Adviser is Erik Penser Bank AB, Apelbergsgatan 27, Box 7405, SE-103 91 Stockholm, E-mail: certifiedadviser@penser.se, Tel: 08-463 83 00, www.penser.se.

This information is information that Smart Wires Technology Ltd is obliged to make public pursuant to the EU Market Abuse Regulation. The information in this press release has been made public through the agency of the responsible person set out above for publication at the time stated via the Company’s news distributor Cision at the publication of this press release.

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Joanna Lohkamp and Sharon L. Cohen Appointed as Board Members by Smart Wires

Joanna Lohkamp and Sharon L. Cohen Appointed as Board Members by Smart Wires

NOT FOR PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, HONG KONG, CANADA, NEW ZEALAND, JAPAN, SINGAPORE, SOUTH KOREA OR SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH THE PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL OR REQUIRE FURTHER REGISTRATION MEASURES. PLEASE SEE IMPORTANT INFORMATION AT THE END OF THE PRESS RELEASE.

August 17, 2021

Smart Wires Technology Ltd. (“Smart Wires”) has today appointed Joanna Lohkamp and Sharon L. Cohen to its Board of Directors. These new appointments fill the vacancies created following the planned resignation of former Board Members, Jay Schmelter and Steve Specker.

Smart Wires’ Board of Directors is structured with a three-year rotation plan. Annually, one third of the Board will resign and be replaced by candidates identified and recommended by the Company’s Nomination and Governance Committee.  The resignations and appointments announced in this release represent the first annual planned rotation, with the next rotation expected during the Company’s second year on the Nasdaq First North Growth market.

Joanna Lohkamp is a seasoned Board Director, qualified Financial Expert and NACD Board Leadership Fellow, with global operating experience across technology, manufacturing, and AEC (Architecture, Engineering and Construction) sectors. Joanna serves as Non-Executive Director and Audit Committee Chair of Woods Bagot Holdings Pty Ltd., a global architecture and design firm headquartered in Australia, and Director of NACD Northwest Chapter, a NACD chapter delivering world-class director education programs and networking events.

Joanna is also co-Founder and CEO of Better Boards Initiative, a nonprofit organization aimed at uncovering and leveraging the best practices of diverse boards. Her previous executive roles as CEO, President, Chief Financial Officer, and Chief Operating Officer span across high-growth Fortune 50, emerging and mid-market private companies.

Sharon L. Cohen is a results-oriented, resourceful business and legal professional, with extensive experience as a Board Member serving on Executive, Governance, Finance and Audit Committees in the nonprofit sector. Sharon is the Chair of a California-based foundation supporting education in a disadvantaged community, as well as a Director for the La Jolla Music Society, San Diego Volunteer Lawyers Program, and California Association of Women in Water, Energy and Environment.

Sharon is also Managing Attorney – Regulatory for San Diego Gas & Electric Company, a regulated public utility subsidiary of Sempra Energy, where she has held several legal, compliance and business leadership positions since joining the Sempra group of companies in 2000. Prior to joining Sempra, Sharon worked as a litigation attorney at Skadden Arps Slate Meagher & Flom LLP, an international law firm headquartered in New York.

“We welcome Joanna and Sharon to Smart Wires’ Board of Directors. These appointments significantly strengthen our regulatory, finance, accounting, growth, and strategy expertise, and complement the existing Board of Directors and Leadership team,” said Smart Wires’ CEO, Peter Wells.

“The strong business acumen, breadth of experience, and diverse perspectives that Joanna and Sharon bring to our Board will be extremely valuable at this exciting stage of our company’s journey,” he said.

CONTACTS

Peter G. Wells, CEO

E-mail: peter.wells@smartwires.com

Tel: +1 (510) 340-9797

Smart Wires’ Certified Adviser is Erik Penser Bank AB, Apelbergsgatan 27, Box 7405, SE-103 91 Stockholm, E-mail: certifiedadviser@penser.se, Tel: 08-463 83 00, www.penser.se.

This information is information that Smart Wires Technology Ltd is obliged to make public pursuant to the EU Market Abuse Regulation. The information in this press release has been made public through the agency of the responsible person set out above for publication at the time stated via the Company’s news distributor Cision at the publication of this press release.

ABOUT SMART WIRES TECHNOLOGY LTD.

Smart Wires conducts grid technology business that helps utilize, modernize, optimize and monetize grid capacity to meet the demands and opportunities of the energy transition. The Company operates in the global transmission grid technology market and is a leader in modular power flow control technology. Power flow control technology controls and directs power flow on high voltage electric transmission systems. Smart Wires serves transmission owners, primarily electric utilities. Transmission owners use power flow controllers to eliminate line overloads by redirecting power to other lines, to reduce transmission congestion, and to enable renewable energy connection and dispatch. Currently, Smart Wires’ main projects are located in Europe, the United States and Australia with upcoming projects in South America and Canada. The Company has a large customer base comprised of utilities globally. For more information, please visit www.smartwires.com.

This announcement is not for publication or distribution, directly or indirectly, in or into the United States of America. This announcement is not an offer of securities for sale into the United States. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States, except pursuant to an applicable exemption from registration. No public offering of securities is being made in the United States. 

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Smart Wires Receives Order of $15-17 M from National Grid Electricity Transmission for Extension of Existing Projects

Smart Wires Receives Order of $15-17 M from National Grid Electricity Transmission for Extension of Existing Projects

August 13, 2020

Smart Wires Technology Ltd. (“Smart Wires”) has received a Purchase Order from National Grid Electricity Transmission (“NGET”), under an existing Framework Agreement between the parties. The order has an approx. value of $15-17 M, and will be delivered to NGET in 2022.

NGET is already leveraging Smart Wires’ technology, SmartValve™, to maximise the use of their existing network across five circuits at three substation sites. The order of additional SmartValves builds on the existing SmartValve installations.

 

CONTACTS

Peter G. Wells, CEO

E-mail: peter.wells@smartwires.com

Tel: +1 (510) 340-9797

Smart Wires’ Certified Adviser is Erik Penser Bank AB, Apelbergsgatan 27, Box 7405, SE-103 91 Stockholm, E-mail: certifiedadviser@penser.se, Tel: 08-463 83 00, www.penser.se.

This information is information that Smart Wires Technology Ltd is obliged to make public pursuant to the EU Market Abuse Regulation. The information in this press release has been made public through the agency of the responsible person set out above for publication at the time stated via the Company’s news distributor Cision at the publication of this press release.

 

ABOUT SMART WIRES TECHNOLOGY LTD.

Smart Wires conducts grid technology business that helps utilize, modernize, optimize and monetize grid capacity to meet the demands and opportunities of the energy transition. The Company operates in the global transmission grid technology market and is a leader in modular power flow control technology. Power flow control technology controls and directs power flow on high voltage electric transmission systems. Smart Wires serves transmission owners, primarily electric utilities. Transmission owners use power flow controllers to eliminate line overloads by redirecting power to other lines, to reduce transmission congestion, and to enable renewable energy connection and dispatch. Currently, Smart Wires’ main projects are located in Europe, the United States and Australia with upcoming projects in South America and Canada. The Company has a large customer base comprised of utilities globally. For more information, please visit www.smartwires.com.

 

 

 

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Julie Andrews from Wright Medical is Appointed as Chief Financial Officer of Smart Wires

Julie Andrews from Wright Medical is Appointed as Chief Financial Officer of Smart Wires

August 10, 2021

Smart Wires Technology Ltd (“Smart Wires”) has appointed Julie Andrews as Chief Financial Officer. Julie Andrews is a results-focused Senior Finance Executive with more than 20 years of financial leadership experience. She has a proven track record of leading and executing strategic initiatives including divestitures, mergers, acquisitions and business restructuring, developing high performing teams, and driving cultural transformation.

“I’m excited to join this exceptional global team, particularly at this massive inflexion point for strong growth and momentum in the company’s journey. I look forward to helping further strengthen our market position and contributing to Smart Wires’ goal of accelerating the energy transition"

Julie Andrews

Chief Financial Officer

Julie joins Smart Wires from Wright Medical where she spent eight years as Vice President Finance, Chief Accounting Officer and Senior Vice President Global Finance.

At Wright Medical, Julie successfully led the Finance function for the $1 B global business with oversight for all finance and accounting functions. Prior to Wright Medical, Julie spent almost 15 years at Medtronic holding positions of increasing responsibility within Finance.

“We are delighted to welcome Julie to Smart Wires,” said Smart Wires’ CEO, Peter G. Wells.

“Julie’s prior experience at Wright Medical will be extremely valuable to us as we continue to scale up our business and position Smart Wires for sustainable, rapid and profitable growth,” he said.

“Smart Wires is the leading power technology company in the clean tech sector,” Julie said.

“I’m excited to join this exceptional global team, particularly at this massive inflexion point for strong growth and momentum in the company’s journey. I look forward to helping further strengthen our market position and contributing to Smart Wires’ goal of accelerating the energy transition,” she said.

CONTACTS

Peter G. Wells, CEO

E-mail: peter.wells@smartwires.com

Tel: +1 (510) 340-9797

Smart Wires’ Certified Adviser is Erik Penser Bank AB, Apelbergsgatan 27, Box 7405, SE-103 91 Stockholm, E-mail: certifiedadviser@penser.se, Tel: 08-463 83 00, www.penser.se.

This information is information that Smart Wires Technology Ltd is obliged to make public pursuant to the EU Market Abuse Regulation. The information in this press release has been made public through the agency of the responsible person set out above for publication at the time stated via the Company’s news distributor Cision at the publication of this press release.

ABOUT SMART WIRES TECHNOLOGY LTD.

Smart Wires conducts grid technology business that helps utilize, modernize, optimize and monetize grid capacity to meet the demands and opportunities of the energy transition. The Company operates in the global transmission grid technology market and is a leader in modular power flow control technology. Power flow control technology controls and directs power flow on high voltage electric transmission systems. Smart Wires serves transmission owners, primarily electric utilities. Transmission owners use power flow controllers to eliminate line overloads by redirecting power to other lines, to reduce transmission congestion, and to enable renewable energy connection and dispatch. Currently, Smart Wires’ main projects are located in Europe, the United States and Australia with upcoming projects in South America and Canada. The Company has a large customer base comprised of utilities globally. For more information, please visit www.smartwires.com.

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