Fortum is a leading energy company focusing on the Nordic countries, Russia and the Baltic Rim area. Its activities cover the generation, distribution and sale of electricity and heat and the operation and maintenance of power plants. Fortum's vision is to be the benchmark power and heat company excelling in sustainability.
It has awarded an advanced metering infrastructure project to Telvent (NASDAQ: TLVT) using Echelon's Networked Energy Services (NES) system integrated with Telvent's Smart Metering Titanium for 550,000 customers in Finland. Telvent is a value-added reseller of Echelon's NES system. This project is the largest advanced metering deployment in Finland to date, where there are approximately 3.1 million electricity customers.
Revenue to Echelon over the life of the project is expected to be approximately $50 to $60 million, depending upon the configuration selected. Volume deployments are scheduled to begin in 2011 and are expected to be complete by 2014.
Echelon's NES system was selected by Fortum in order to meet Fortum's key objectives of offering energy saving and home automation programs for homeowners, as well as for the ability to provide hourly measurement of energy use to retail customers and bi-directional net energy measurement for customer-owned alternative energy generation.