Entries by smartwiregrid

Smart Wires Extends Commercial Offering by Partnering with Software Provider Operato

SMART WIRES EXTENDS COMMERCIAL OFFERING BY PARTNERING WITH SOFTWARE PROVIDER OPERATO

August 10, 2022

Smart Wires Technology Ltd (“Smart Wires”) today announced a new agreement with Operato d.o.o. (“Operato”) to act as a re-seller for Operato’s SUMO Dynamic Rating System. This compliments and strengthens Smart Wires’ existing offering to help grid operators meet the demands of renewable energy adoption and demand-side electrification with advanced data analytics, system modeling and power flow optimization.

Powerful synergies exist between these technologies. Power flow control (Smart Wires existing offering)  maximizes the use of  grid capacity by redirecting power flows to underutilized lines. A dynamic rating system (Smart Wires new offering) uses weather data to find and quantify situations where even more additional capacity might be available. The combined application of these two technologies creates a multiplier effect which enables much more renewable energy to flow on the existing grid infrastructure. The total available market for dynamic rating systems and the additional power flow control technology required to fully leverage the newly identified circuit capacity is estimated at $10B per annum.

“Smart Wires teaming up with Operato significantly strengthens our current commercial offering by combining modelling, analytics, power flow control and dynamic ratings,” said Peter Wells, Smart Wires CEO. “This partnership creates a high-impact value proposition for our customers.”

There is growing industry agreement on the importance and criticality of leveraging dynamic ratings for lines and other electric system equipment to improve system safety and efficiency. Earlier this year, FERC (the national regulator for electric utilities in the US) opened a notice of inquiry on dynamic line ratings which seeks guidance on a threshold for transmission lines to qualify for a dynamic line rating requirement.

Andrej Souvent, Operato CEO, commented, “We are one of the industry leaders in the Dynamic Ratings space in Europe with technology proven on live utility systems for over 10 years. Partnering with Smart Wires will accelerate our growth, as Smart Wires has a demonstrated global track record of working with utilities to solve complex challenges on the grid by getting more from today’s infrastructure.”

 

CONTACTS

Julie Andrews, CFO

E-mail: julie.andrews@smartwires.com

Tel: +1 (901) 687-8314

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.

 

ABOUT SUMO

SUMO is an indirect dynamic rating system. This software-based offering with an optional hardware component provides system-wide visibility of lines, transformers and other network equipment in real-time and for future forecasts. Electricity system operators use insights from SUMO to optimize network operation, increase grid capacity and improve operational safety. Since no hardware is required, SUMO can be deployed faster and at a lower cost compared to traditional dynamic rating technologies.

 

ABOUT OPERATO

Operato is a subsidiary of ELES Group which is controlled by the Slovenian transmission system owner and operator ELES d.o.o. Operato is a Grid Enhancing Technology provider with a mission to empower power system operators with efficient solutions that follow green transformation principles and are based on the experience and know-how of an innovative TSO.

 

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Invitation to Smart Wires’ Q2 2022 Conference Call on August 11

Invitation To Smart Wires Technology Ltd Presentation Of The Q1 2022 Interim Report

August 4, 2022

Smart Wires Technology Ltd (“Smart Wires”) publishes its Q2 2022 report on 11 August 2022 at 07:30 CEST. The company will hold a conference call and online presentation on the same day at 15:00 CEST. The call will be hosted by CEO, Peter Wells, and CFO, Julie Andrews. The presentation will be in English and followed by a Q&A session.

The webcast will be held via the following link: https://tv.streamfabriken.com/smart-wires-q2-2022. The presentation material will also be available on Smart Wires’ website https://www.smartwires.com/investors/financial-reports-presentations/.

Teleconference numbers for the call are:

SE: +46850558366

UK: +443333009271

US: +16467224957

 

FOR MORE INFORMATION, PLEASE CONTACT:

Julie Andrews, CFO

E-mail: julie.andrews@smartwires.com

Tel: +1 901 687 8314

 

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.

 

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Smart Wires Gives Update on 2022 Outlook Due to Global Supply Chain Disruption

SMART WIRES GIVES UPDATE ON 2022 OUTLOOK DUE TO GLOBAL SUPPLY CHAIN DISRUPTION

July 21, 2022

  • Lowered revenue outlook to $55M – $60M compared to previously stated $65M to $70M due to impact on production volume and technology deployment because of continued global supply chain disruptions
  • Suspended gross margin and EBITDA outlook due to limited forecasting ability related to supply chain constraints, uncertainty, and inflation
  • Company supply chain management strengthened with near-term supply solutions and mid-longer term strategic shifts and diversification
  • The demand for new grid technology solutions is high and the 2022 full-year order forecast of $100M to $120M remains unchanged.
  • Current order backlog is increased to $72M

Smart Wires Technology Ltd (“Smart Wires”) today announced a new outlook regarding full year 2022 revenue in the range of $55M – $60M, previously stated as $65M to $70M. The company also suspended the previously stated outlook regarding full-year 2022 gross margins rising to 12% to 14% and EBITDA loss between $57M to $62M. No new outlook regarding gross margins and EBITDA is provided. The company reiterates 2022 orders outlook of $100M to $120M.

The COVID pandemic and the subsequent series of lockdowns and restrictions in China and other major markets, and the Russian invasion on Ukraine, continue to put pressure on global supply chains. Although Smart Wires has no operations in or sales from Russia and Ukraine, and limited dependence on China, the company’s production volume and platform deployment are impacted by global disruptions in the supply chain affecting material availability, lead times, supplier quality, logistics, and costs. The high uncertainty connected to raw material, components, parts, and sub-assemblies greatly limits forecasting ability for the near term. Against this background, Smart Wires has decided to lower the 2022 revenue outlook and to suspend the 2022 gross margins and EBITDA outlook.

Throughout 2022 Smart Wires has deployed various strategies to manage supply chain vulnerability and uncertainty. Near term, the business has developed a deep daily management process on material availability by production week, project, and commodity to track percent availability required to support targeted production. In addition, the company has added numerous supplier, reseller, and distributor options to help offset extended original manufacturer lead times (driven by backlog and production constraints). Smart Wires believes these steps support the company’s revised production targets for 2022 but recognize purchase price variance and other cost adders remain open.

Mid-longer-term, Smart Wires has established significant shifts on supply chain strategy by qualifying additional key suppliers across all commodities that add different regional sources, greater competition, alternatives, back-up options, multiple logistical options and greater strategic alignment and support. Smart Wires expects the supply chain to improve every quarter and anticipates ongoing improvements with full normalization by Q4 2023.

Market demand for Smart Wires technology continues to build as more and more governments, companies and consumers realize the importance of taking action to transform how electricity is produced, transported, and consumed. The company has a growing order backlog of $72M with additional orders expected in the back half of 2022. A second largescale project with ISA Transelca, a key lighthouse customer in Latin America, was received in May 2022. This builds on existing projects in the region, demonstrating how a market evolves from pilot, to initial application, to large-scale applications and ultimately to platform adoption.

The company continues to expect $100M to $120M in orders in 2022 with more than 50% coming from key lighthouse customers in the UK, Australia, and Colombia. In the UK specifically, there are over 15 power flow control projects recommended for investment in the latest NOA (Network Options Assessment) published by the National Grid ESO. The NOA lists the network reinforcement projects that are critical to facilitating the energy transition and should receive investment by Transmission Owners in the UK.  The continued adoption of the technology by key lighthouse customers strengthens the order target of $100M to $120M.

Smart Wires will present their Q2 2022 Interim Report on 11th August 2022. A webcast will be held at 15:00 CEST via https://financialhearings.com/event/44070.

Dial-in numbers

SE: +46850558366
UK: +443333009271
US: +16467224957

CONTACTS

Julie Andrews, CFO

E-mail: julie.andrews@smartwires.com

Tel: +1 (901) 687-8314

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 was submitted for publication, through the agency of the contact persons set out above, at 2022-07-21, 21:30 CET

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Smart Wires Announces Change of Auditor to Deloitte & Touche, LLP

Smart Wires Announces Change of Auditor to Deloitte & Touche, LLP

June 9, 2022

Smart Wires Technology Ltd (“the Company”) today announced that it has changed its auditors from Frank Rimerman + Co, LLP (“Former Auditor”) to Deloitte & Touche, LLP (“Successor Auditor”) effective June 9, 2022.

The change of the Company’s auditor was made after careful a consideration and evaluation process. This change was approved by the Audit Committee and the Board of Directors of the Company.

CONTACTS

Julie Andrews, CFO

E-mail: julie.andrews@smartwires.com

Tel: +1 901 687 8314

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.

 

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Smart Wires Receives Order of $18 – 20 Million for a Second Largescale Project in Colombia

Smart Wires Receives Order of $18 – 20 Million for a Second Largescale Project in Colombia

May 18, 2022

Smart Wires Technology Ltd today announced it has received a purchase order from ISA Transelca for a grid expansion project in the Atlantico region in Colombia. The order will have a net revenue of approximately $18-$20 million over 2022, 2023 and 2024, with energization date by June 2024.

This project will consist of Smart Wires’ technology – SmartValveTM – installations on five 220 kV circuits within ISA Transelca’s asset base. This will enable an additional 300 MW of renewables to reliably connect to the grid.

“We are proud to announce further progress in Latin America with ISA Group,” said Smart Wires CEO Peter Wells. “ISA Group is well-respected throughout the region for their technical rigor and industry leadership. This announcement shows how a market evolves from pilot, to initial application, to large-scale applications and ultimately to platform adoption.”

Smart Wires installed an initial pilot project in Colombia with Empresas Públicas de Medellín (EPM) in 2021 to gain experience with the technology. This was followed by an initial application by Grupo Energía Bogotá (GEB) which involved a project from $7-$9 million which unlocked more than 250 MW of network capacity to alleviate inter-regional congestion, improve reliability of electricity supply and support economic development.

In 2021, Smart Wires announced its first purchase order from ISA Transelca which had a net revenue of $20-$23.3 million dollars and an energization date later this year, meaning this revenue will be recognized this year.

CONTACTS

Julie Andrews, CFO

E-mail: julie.andrews@smartwires.com

Tel: +1 901 687 8314

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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Smart Wires strengthens team by appointing industry leaders to key technical management roles

Smart Wires strengthens team by appointing industry leaders to key technical management roles

May 11, 2022

Smart Wires announced the appointment of two industry leaders, further strengthening the Company’s product industrialization efforts. 

Jeremy Knepper is the new Senior Vice President of Quality and is responsible for the global quality organization. Sundar Baladhandapani joins Smart Wires as the Senior Director of Controls & Communication and will lead the development of SmartValve™ control systems firmware and software.

Jeremy Knepper brings over 20 years of experience in quality within multiple industries, including aerospace, military and defense, renewable energy, and agriculture. Most recently, Jeremy held various positions of increasing scope at Collins Aerospace, where he was responsible for integrating teams, establishing a customer satisfaction program, and elevating overall quality performance. As SVP, Quality at Smart Wires, Jeremy will be responsible for the global quality organization, including strategy, development and implementation of quality systems, policies, standards, procedures and deliverables. Jeremy reports to CEO Peter Wells and assumed this role during the first quarter of this year.

“I am excited to join Smart Wires as it’s focused on industrialization and scale,” said Jeremy. “Our future depends on our ability to continuously deliver an exceptional customer experience through the outstanding quality of our products and services.”

“Jeremy brings both a strategic focus to quality and a deep operational commitment to excellence that will help ensure that we reach our business goals,” said Smart Wires CEO Peter Wells. “It’s essential that we implement world-class quality management systems across the organization, ensuring that we deliver an exceptional customer experience in every phase of our business.”

Sundar Baladhandapani joins Smart Wires as the Senior Director of Controls & Communication. He spent more than 25 years in the embedded and IoT systems areas of various manufacturing companies, most recently as an engineering director at Aprilaire. At Smart Wires, he will lead the development of communications, software and firmware for the SmartValve control systems. Sundar reports to Chief Engineer Marie Hayden and assumed this role during the first quarter of this year.

“Over the past decade, Smart Wires has established itself as the leader in modular power flow control technology,” said Sundar. “As the company continues to industrialize and expand its product offerings, I look forward to helping deliver innovative, high-value technical solutions to meet our customers’ needs.”

“Sundar has demonstrated himself to be a superb leader in the software engineering industry, and we are delighted to welcome him to our team,” said Smart Wires Chief Engineer Marie Hayden. “He joins our team at a time when we are seeing a significant increase in the demand for our products. Sundar will play a key role in helping Smart Wires develop world-leading products and technology.”

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Invitation to Smart Wires Technology Ltd presentation of the Q1 2022 Interim Report

Invitation To Smart Wires Technology Ltd Presentation Of The Q1 2022 Interim Report

May 2, 2022

Smart Wires Technology Ltd (“Smart Wires”) publishes its Q1 2022 Interim Report on 12 May 2022. In connection with the publication, Smart Wires invites you to a webcast on the same day at 09:00 CET. The presentation will be held in English by Peter Wells (CEO) and Julie Andrews (CFO), followed by a Q&A session.

The webcast will be held via the following link: https://tv.streamfabriken.com/smart-wires-q1-2022. The presentation material will also be available on Smart Wires’ website https://www.smartwires.com/investors/financial-reports-presentations/.

Teleconference: Dial-in number SE: +46856642706 UK: +443333009262 US: +16467224903

FOR MORE INFORMATION, PLEASE CONTACT:

Julie Andrews, CFO

E-mail: julie.andrews@smartwires.com

Tel: +1 901 687 8314

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.

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. Smart Wires Technology Ltd is listed on the Nasdaq First North Growth Market. For more information, please visit www.smartwires.com.

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Smart Wires Technology Ltd Publishes Annual Report 2021

Smart Wires Technology Ltd Publishes Annual Report 2021

April 28, 2022

Smart Wires Technology Ltd (“Smart Wires”) today announced the publication of its Annual Report 2021. The Annual Report is attached to this press release and available on the company’s website at: https://www.smartwires.com/investors/financial-reports-presentations/

CONTACTS

Julie Andrews, CFO

E-mail: julie.andrews@smartwires.com

Tel: +1 (901) 687-8314

The information was submitted for publication, through the agency of the contact persons set out above, at 2022-04-28, 16:00 CET

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. Smart Wires Technology Ltd is listed on the Nasdaq First North Growth Market. For more information, please visit www.smartwires.com.

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