PT Mecoindo – a joint venture between Itron, Inc. ITRI and a local partner – has signed a contract with PT PLN. Per the deal, Itron will place 635,000 smart payment meters.
Itron’s smart payment technology is designed to help utilities implement revenue protection measures and allow consumers to manage their electricity usage. In addition, utility companies will be able to simplify customer service and reduce operational costs. Further, these meters will help in reducing delinquent account risks, while improving cash flow.
PT PLN is a state-owned utility company in Jakarta, Indonesia. Itron’s technology is pertinent for PT PLN’s electrification program. The technology will assist PT PLN to achieve its electrification goals, bringing a better understanding of energy use and costs for consumers as well as providing convenient and affordable electricity services.
With this Itron solution, PT PLN will provide end-customers with a convenient, cost-effective way to prepay for electricity; thus improving electrification for Southeast-Asia residents. Installation of Itron’s smart payment meters is expected to be complete by the end of 2016.
Itron continues to focus on investments to increase operational efficiencies and customer-service levels by embracing new technologies. The company is also undertaking aggressive measures to strengthen quality processes, additional project risk management controls, centralized global supplier and procurement management.
Moreover, significant backlog growth, benefits from restructuring and efficiency projects as well as Itron OpenWay Riva next-generation platform are expected to drive revenue growth and improve profitability.
Liberty Lake, WA-based Itron Inc., along with its subsidiaries, is one of the principal technology providers to the energy and water industries worldwide. It produces electricity, gas, water, and heat meters, data collection and utility software solutions, and various other associated metering products for residential, commercial and industrial customers as well as transmission and distribution customers.
Currently, Itron carries a Zacks Rank #2 (Buy).
Some better-ranked stocks in the same sector are Agilent Technologies, Inc. A, Superconductor Technologies Inc. SCON and Cognex Corp. CGNX, each carrying the same rank as Itron.
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