Dialight in $15m supply deal for ‘smart grid’ disconnect switch
LED technology specialists Dialight plc said it has signed a supply deal for its PowerPulse 200-amp disconnect/reconnect load switch in support of the US Advanced Meter Infrastructure Initiative, a move to introduce "smart" metering for the "smart grid".
The deal with one of Cambridge-based Dialight's existing customers is initially for two years and could represent more than $15m in revenues over 2010 and 2011. Whilst Dialight is currently shipping to this customer, the agreement assumes a significant increase in volume.
In the US there are more than 100 million domestic electricity meters to be upgraded to "smart metering" and this conversion is in its infancy.
CEO, Roy Burton said he saw the deal as an "endorsement of our capabilities in this safety conscious and demanding market."
Dialight shares gained 4.6% on the news and are now trading around the top end of the past 52 weeks. The company is now worth around £53m.
