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 - SmartValve[TM] - 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.
Julie Andrews, CFO
Tel: +1 (901) 687-8314
Smart Wires' Certified Adviser is Erik Penser Bank AB, Apelbergsgatan 27, Box 7405, SE-103 91 Stockholm, E-mail: email@example.com,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.
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. For more information, please visit www.smartwires.com.