Entries by smartwiregrid

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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US Federal Government gives Smart Wires technology a boost

US Federal Government gives Smart Wires technology a boost

April 22, 2022

U.S. leaders recognize how advanced power flow control technologies, like those implemented by Smart Wires’, can save consumers money and promote clean energy. This week, the U.S. Department of Energy (DOE) and the Federal Energy Regulatory Commission (FERC) took actions to support the widescale roll-out of grid enhancing technologies (GETs), and Smart Wires is poised to lead the way.

FERC released a Notice of Proposed Rulemaking (NOPR) requiring investor-owned utilities to consider such technologies as part of their traditional transmission planning process.

The DOE released a report ­– Grid-Enhancing Technologies: A Case Study on Ratepayer Impact – that shows the impact of installing GETs on today’s grid to save customers money while the grid transitions to a cleaner generation mix.

Commenting on these developments, Peter Wells, Smart Wires CEO said, “Today, U.S. utilities do not have the right incentives or mandates to facilitate the rapid and widescale adoption of grid enhancing technology. The steps taken by DOE and FERC lay the foundation to fix these issues and underscore the widespread agreement across the industry that GETs are necessary for a reliable, low-cost and clean power network.”

FERC’s NOPR is the first large-scale action taken regarding the Commission’s effort to reform or revise existing regulations to improve how regional transmission grids are planned, how costs are allocated to various stakeholders and the process by which new generation connects to the grid. Today’s transmission planning process does not require the evaluation of GETs. These changes would require electric utilities to consider the use of technologies like advanced power flow control in their annual transmission planning processes.

The DOE’s report establishes an assessment methodology for quantifying the impact of GETs on the grid and applies this to the New York grid as a case study. Power flow control was found to significantly reduce the curtailment of renewable generation — by 23-43% – avoiding nearly 200 GWh/year and savings upwards of $8 million annually for New York consumers. This case study shows that GETs can be considered alongside and instead of traditional alternatives to optimize investment, alleviate existing transmission constraints and integrate the large amounts of renewable resources seeking grid connections.

Grid enhancing technologies are hardware and software that increase the capacity, efficiency and safety of the transmission system. These technologies are installed on existing transmission infrastructure to give electric utilities and system operators more control over their grid. Smart Wires power flow control technology – SmartValveTM – controls the flow of power on a line and ensures flows are efficient and balanced. Put simply, this technology pushes power off overloaded lines or pulls power onto underutilized lines. Unlike many other grid enhancing technologies, SmartValve offers utilities a long-term planning solution that also provides real-time flexibility in the operational (short-term) timeframe.

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Smart Wires Technology Ltd, Q4 2021 Interim Report

SMART WIRES TECHNOLOGY LTD, Q4 2021 INTERIM REPORT

March 24, 2022

Smart Wires Technology Ltd (“Smart Wires”) presents its Q4 2021 Interim Report at 15:00 CET on 24 March 2022 via audiocast teleconference at the following link: https://tv.streamfabriken.com/smart-wires-q4-2021. Teleconference: Dial-in number SE: +46856642705 UK: +443333009271 US: +16467224957

The Company’s Key Business Highlights for Q4 2021 and 2022 Outlook:

  • Q4 Revenue of $19.2 million, +131% improvement
  • Q4 non-GAAP adjusted EBITDA loss of $8.3 million, +46% improvement
  • Secured $50 million debt facility in December, drawing $30 million in first tranche
  • 2021 Revenue of $47.5 million, >3x growth over 2020; exceeds guidance of $38 million to $42 million
  • 2021 Gross margin of 4%, +98 ppt improvement
  • 2021 non-GAAP adjusted EBITDA loss of $50.5 million, +12% improvement
  • 2021 weighted average loss per share of $1.03, +94% improvement
  • Advanced opportunities in pipeline grew by $48 million to over $240 million
  • Delivered and commissioned over 80 SmartValves™ at 9 customer sites in 2021
  • Expanded Smart Wires team by 81 during 2021, strengthening organizations across the company
  • 2022 Full-year revenue guidance of $65 million to $70 million
  • 2022 Orders expected of $100 million to $120 million
  • Current order backlog at $58 million slated for 2022 delivery
  • 2022 Full-year gross margins of 12% to 14%
  • 2022 Full-year non-GAAP adjusted EBITDA loss of $57 million to $62 million

 

CEO Comments

Countries around the world understand the importance of eliminating carbon emissions and reaching the international goal of net zero by 2050. The world has come a long way, but so much more must happen for us to reach this critical target.

Alongside this global momentum towards net zero, we have continued to gain traction in 2021. At Smart Wires, we are in the business of the energy transition, helping the owners and operators of today’s electricity networks modernize and digitalize their grids. We deliver advanced technology and analytics to transform today’s electricity grid into a next-generation, platform.

Smart Wires made tremendous progress in 2021. The company strengthened its team and brought in new investors with its listing. We entered new markets and began working with new customers around the world. Smart Wires has a robust backlog and pipeline of projects for 2022, and interest in our technology and solutions to help modernize and digitalize the electric grid is rapidly increasing.

The world has urgent and essential environmental goals to achieve by 2050, and these require immediate action as referenced in the recent IEA report, where renewable energy adoption needs to grow at 4X the current levels. We already have much of the technology and knowhow to make a difference and have an impact now.

The full Smart Wires Technology Ltd Q4 2021 Interim Report is attached to this release, and can be found at: https://www.smartwires.com/investors/financial-reports-presentations/.

Financial calendar:

Annual Report 2021                     28 April 2022

Q1 2022 Interim Report               12 May 2022

Annual General Meeting              19 May 2022

The Annual Report 2021 and other future financial reports will be made available at: https://www.smartwires.com/investors/financial-reports-presentations/.

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

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 2022-03-24, 07:30 CET.

 

Smart Wires Technology Ltd Q4 2021 Interim Report

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Invitation to Smart Wires Technology Ltd presentation of the Q4 2021 Interim Report

Invitation To Smart Wires Technology Ltd Presentation Of The Q4 2021 Interim Report

March 18, 2022

Smart Wires Technology Ltd (“Smart Wires”) publishes its Q4 2021 Interim Report on 24 March 2022. In connection with the publication, Smart Wires invites you to a webcast on the same day at 15:00 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-q4-2021 . The presentation material will also be available on Smart Wires’ website https://www.smartwires.com/investors/financial-reports-presentations/.

Teleconference: Dial-in number SE: +46856642705 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.

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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