Smart Wires Technology Ltd. (“Smart Wires”) today announced it has signed a Contract with National Grid Electricity Transmission plc (“NGET”) for new projects, under an existing Framework Agreement between the parties. This contract will have a net revenue of approximately $29 – 31 million in 2024.

NGET has been using Smart Wires’ digital power flow control technology – SmartValve™ – for several years to maximize the use of its existing network and unlock up to 2 GW of extra grid capacity. These new projects will use SmartValves on two more circuits in England to release additional capacity on the network for the integration of new renewable energy and the North Sea Link interconnector. 

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 2023-01-16, 18:30 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, South America, and Australia with upcoming projects in the United States. The Company has a large customer base comprised of utilities globally. For more information, please visit www.smartwires.com.