What Smart Meter Assets does

Smart Meter Assets 1 Ltd (SMA) is a UK Meter Asset Provider (MAP), founded in 2014 and headquartered in London, that funds and manages a portfolio of approximately 2 million SMETS2-compliant residential electricity and gas smart meters leased to UK energy suppliers under long-term contracts. The company operates five integrated service modules covering the meter lifecycle: funding provision, contract management with manufacturers and service providers, asset management and warranty administration, lifecycle asset tracking via industry data flows through the Smart Data Communications Company (DCC), and fault management and end-of-life recycling. Named customers include OVO Energy and Utility Warehouse, which were specifically cited in connection with SMA's £545m green refinancing in March 2022.

SMA's business model is asset-heavy managed services: it owns the meters on balance sheet, finances them through long-tenor debt (a seven-year £510m revolving green capex facility with an accordion, plus ancillary facilities), and earns revenue through leasing and lifecycle service fees from energy suppliers. The company is privately held — acquired by Arcus Infrastructure Partners and GLIL Infrastructure in May 2021, and then by KKR in June 2025, with the KKR transaction combining SMA with Horizon Energy Infrastructure (HEI) and Smart Metering Systems (SMS) to form one of the leading UK Smart Metering providers. The company maintains ISO 9001 certification, Investors in People Gold accreditation, Living Wage and Living Pension Employer status, and a Green Financing Framework that has supported consecutive GRESB scores of 87, 91, and 93 from 2022 to 2024, materially above the Network Utilities sector average of 81. The operating model is largely remote, with approximately 75% of staff based in Suffolk following a 2021 transition to home working.

Name

Smart Meter Assets

Legal name

Smart Meter Assets 1 Ltd

Website

https://smartmeterassets.co.uk

Company type

Private

Founded year

2014

Operating status

Operating

Headcount range

11–50 employees

Short description

Smart Meter Assets is a UK Meter Asset Provider that funds and manages approximately 2 million SMETS2 residential smart meters, leasing them under long-term contracts to UK energy suppliers including OVO Energy and Utility Warehouse.

Ownership category

akta.pro rank

Product category

Meter Asset Provision Services

NAICS

Electric Power Generation, Transmission and Distribution (2211)

SIC

Services-Equipment Rental & Leasing, Nec (7359), Electric & Other Services Combined (4931)

akta.pro primary industry

AMI Smart Meters (Electric) & Meter Hardware (EUADAFAA)

akta.pro secondary industries

Meter Asset Management (Lifecycle, Testing, Calibration & Replacement) (EUAJACAC), Meter Data Management Systems (MDMS) (EUADAFAB), Meter Installation, Exchange & Field Services (EUADAFAF), Grid Data & Analytics Enablement (MDM, Data Integration, Hosting) (EUAEANAI)

Keywords

• Smart meter funding
• Meter asset provider
• Smart meter leasing
• Utility asset management
• Smart meter financing

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Supply Chain, Personnel, Technology or R&D, Others

Revenue model

1. Smart Meter Leasing: SMA owns and manages high quality meter assets leased to UK energy suppliers under long-term contracts. Revenue generated through asset leasing arrangements for residential smart meters deployed across the UK.
2. Asset Management Services: Comprehensive lifecycle services including sourcing, procurement, financing, contract management, fault management, warranty management, and recycling of removed assets. Revenue derived from service fees associated with managing meter assets throughout their lifecycle.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels3 records

Core offering

Smart Meter Assets (SMA) operates as an independent Meter Asset Provider (MAP) that owns, funds, and manages approximately 2 million residential smart meter assets for UK energy suppliers under long-term leasing contracts. The company delivers end-to-end smart meter lifecycle services including funding provision, contract management with manufacturers and suppliers, asset management and warranty administration, lifecycle asset tracking via industry data flows, and fault management with recycling of removed meters. SMA's services enable energy suppliers to meet the UK Smart Metering Implementation Programme target of 85% of homes having smart meters by 2025 without requiring capital expenditure on meter ownership.

Product overview

Smart Meter Assets (SMA) operates as a Meter Asset Provider (MAP) offering a comprehensive, integrated suite of smart meter services to UK energy suppliers. The core offering comprises five interconnected service modules: Funding Provision (owning and financing meter assets), Contract Management (procurement with manufacturers and suppliers), Asset Management (sourcing and warranty), Asset Tracking (lifecycle tracking for accurate billing), and Fault Management & Asset Disposal (recycling of removed meters). Together, these services cover the complete lifecycle of residential smart meters from procurement through disposal, supporting the UK's Smart Metering Implementation Programme.

Differentiator

Problem solved

Functional benefit

Products and services

• Smart Meter Funding Provision

Quantifiable outcome

• GRESB sustainability score improved from 87 (2022) to 91 (2023) to 93 (2024), exceeding network utilities sector average of 81
• +1 more outcomes

Named customers2 records

Segments2 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature2 records

Partnerships

Six partnerships are on record, tiered core and minor.

• Horizon Energy Infrastructure (HEI)coreStrategic or Co-development Partner · 18 June 2025Horizon Energy Infrastructure is part of the combined entity created through KKR's acquisition of SMA, forming one of the leading UK Smart Metering providers alongside Smart Metering Systems (SMS).
• Smart Metering Systems (SMS)coreStrategic or Co-development Partner · 18 June 2025Smart Metering Systems is part of the combined entity created through KKR's acquisition of SMA, forming one of the leading UK Smart Metering providers alongside Horizon Energy Infrastructure (HEI).
• Pinsent MasonsminorImplementation/ SI/ Consulting Partner · 14 March 2022Pinsent Masons acted as borrower's legal counsel to SMA on the £545m green refinancing transaction.
• Herbert Smith FreehillsminorImplementation/ SI/ Consulting Partner · 14 March 2022Herbert Smith Freehills acted as lender's legal counsel on the £545m green refinancing transaction.
• Magnum Meter Finance LimitedminorStrategic or Co-development Partner · 1 March 2022SMA completed acquisition of 100% of the installed meter assets of Magnum Meter Finance Limited in March 2022. The portfolio of approximately 13,000 Kaifa, GWi and Secure SMETS2 meters was transferred to SMA, along with the MMAL Electricity MPID for the MAP role.
• Suffolk Wildlife TrustminorOthers · 1 December 2021SMA is a Silver Level Sponsor of Suffolk Wildlife Trust, supporting conservation projects and demonstrating the company's commitment to ESG matters. This partnership reflects the green credentials of the business which provides funding for smart energy meters supporting UK carbon reduction commitments.

Scale indicators4 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Smart Metering Systems (SMS): UK Meter Asset Provider operating a similar SMETS2 meter leasing and asset management model to energy suppliers. Now a sister company to SMA within KKR's combined UK smart metering platform, making it the most directly comparable peer.
• Horizon Energy Infrastructure (HEI): UK smart meter asset provider and infrastructure operator with overlapping MAP services to energy suppliers. Combined with SMA and SMS under KKR in June 2025, forming one of the leading UK smart metering platforms.
• Energy Assets Group: Independent UK Meter Asset Provider and multi-utility network owner offering smart meter funding, asset management, and metering services to energy suppliers and end customers. Comparable business model and customer base to SMA.
• Calisen: UK smart meter asset manager and data services provider serving energy suppliers with SMETS2 meter ownership, installation, and data management. Directly comparable in product offering and target customer segment.

Broad incumbents

• Landis+Gyr: Global leader in smart electricity and gas meter manufacturing and AMI solutions. While a hardware manufacturer rather than a MAP, Landis+Gyr is a key supplier partner to MAPs like SMA and operates across the same UK smart meter value chain.
• Itron: Global smart metering, AMI, and grid data analytics provider serving utilities worldwide. Comparable as an upstream technology provider to UK smart meter programmes, though Itron's model is hardware/analytics rather than asset financing.
• Aclara (Hubbell): Supplier of smart metering, AMI, and grid monitoring solutions to electric, gas, and water utilities. Adjacent comparable as a smart meter technology provider active in UK and European utility markets.

Emerging players

• Morrison Data Services: UK provider of meter reading, meter installation, and meter asset services to energy suppliers. Comparable touchpoints in meter asset lifecycle management, fault management, and recycling, though Morrison's model is more service-led than financing-led.

Others

• Baringa Partners: Energy consultancy advising on UK smart metering rollout, MAP economics, and SEC code design. Adjacent ecosystem participant shaping the regulatory and commercial environment in which SMA operates.
• Data Communications Company (DCC): Licensed provider of the smart metering communications network connecting SMETS2 meters to energy suppliers in Great Britain. Critical infrastructure dependency for SMA's installed meter assets to communicate readings and support billing and fault management workflows.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Smart Meter Assets