Itron, Inc. (ITRI - Free Report) recently partnered with leading smart grid solutions provider PrimeStone to offer their energy solutions to the customers in Latin America. The partnership intends to provide a wide range of smart metering and smart grid solutions to the customers, which will help in better management of energy distribution.
Colombia-based PrimeStone is a leading software development company that provides Smart Grid applications and solutions. The solutions help in data collection, validation, management, control and information exchange between meters and other devices for the power industry.
Both the companies will provide advanced smart grid solutions of Itron to the utilities and will empower them to better address challenges arising from soaring demand, aging infrastructure and increasing costs.
Moreover, Itron’s technology enables end users better manage energy usage while keeping down costs. Alongside, the technology provides secure and reliable data collection platform as well as a two-way communication system between the utility and its customers. Most importantly, the technology includes a robust tool that helps safeguard revenues.
The deal will augment the wide smart grid solution portfolio of Itron as it will add PrimeRead Energy Suite (residential, commercial and industrial meters) of PrimeStone to its portfolio. Therefore, with a broader product portfolio, Itron will be able to cater to a wider client base in Latin America.
The utilities in Latin America will also benefit from PrimeRead’s Data Collection Engine that helps in validating, estimating and editing engine to process data collected through the meters. The PrimeGrid and PrimeGuard solutions will help utilities in revenue protection against theft and undetected losses.
Itron is successfully enhancing its global footprint by providing its solutions that has wide acceptance among the customers. Recently, it has introduced OpenWay AURUM in Brazil which will accomplish the objective of business by reducing costs, improving services and protecting revenues. In addition, it secured a contract from E.ON in Hungary to provide more than 7,600 smart meters to the company.
Itron faces tough competition from a large number of companies offering similar products, systems, and services. Some of its well-known competitors are General Electric Company (GE - Free Report) and Badger Meter Inc. (BMI - Free Report)
Itron retains a short-term Zacks#3 Rank (Hold). We have a long-term Neutral recommendation on the stock.