Itron and SmartThings Join Forces to Unlock Utility Energy Analytics for Carbon Reduction

Rhea-AI Summary

Itron, Inc. (NASDAQ: ITRI) and SmartThings, Inc. are collaborating to enhance the energy management experience for utilities and consumers. This partnership will integrate Itron’s industrial IoT network solution with SmartThings’ services to provide real-time energy data, thereby improving energy management and reducing carbon footprints. Key benefits include enhanced consumer engagement, improved utility program enrollment, and innovative data sharing capabilities. Itron aims to enable consumers to optimize their energy usage with connected smart devices.

Positive

• Collaboration with SmartThings to enhance consumer energy management.
• Integration of real-time energy data to improve utility efficiency.
• Access to SmartThings' growing user base, expected to reach 500 million.
• Improved programs for energy efficiency and demand response.

Negative

• None.

Collaboration Combines Industry Leading IoT Platforms to Enhance Value for Utilities and Consumers

LIBERTY LAKE, Wash.--(BUSINESS WIRE)-- Itron, Inc. (NASDAQ: ITRI), which is innovating the way utilities and cities manage energy and water, and SmartThings, Inc. are working together to provide an integrated energy experience by connecting Itron’s industrial IoT (IIoT) network solution and SmartThings’ services and solution. The companies plan to combine their industry leading IoT platforms to allow utilities to unlock the user experience and rapidly enhance value to both the consumer and the utility through improved distributed energy management, accelerated carbon reduction and enhanced consumer engagement.

The collaboration will combine Itron’s proven distributed intelligence (DI) ecosystem, which features millions of connected endpoints, with SmartThings Energy service¹ to provide real-time energy readings and consumption patterns to improve energy management and conservation. The combined solution, which will support multiple connectivity options, will bring together participating consumers’ real-time consumption data from their meter, behind the meter assets and appliances all within the SmartThings Energy, giving the consumer a complete picture of their energy consumption.

Consumers that opt into their utility’s program will gain greater visibility into their energy use and reduce their usage while enabling utilities to improve overall grid management and visibility as well as advance carbon reduction goals. For example, utilities will be able to enhance their demand response (DR) programs with AI Energy Saving mode combined with high-fidelity real-time data from Itron’s IIoT solution to initiate DR events for participating consumers, reducing the energy load of their appliances.

Benefits of the collaboration include:

1. Enhancing value to consumers – A complete view of consumers' energy consumption can be obtained through the application, which displays both the whole house real-time consumption information provided by Itron as well as the preexisting app features that show real-time data use of smart appliances.
2. Enhancing value to utility – Utilities will be able to engage the rapidly growing base of SmartThings app users to enroll in energy efficiency, demand response and EV charging programs. A total of 230 million people have downloaded the SmartThings app, and Samsung expects to grow to 500 million users within five years. This combined with Itron’s millions of connect DI devices will allow utilities to enhance their distributed energy management programs.
3. Enhancing the enrollment experience – SmartThings’ enhanced enrollment experience can be applied into utility programs for energy efficiency, demand response, and EV charging – directly from the SmartThings application. Using this comprehensive view of energy consumption over time, utilities may identify likely customers to enroll EV and solar customers into the application.
4. Enhancing innovation with improved high-fidelity data – Itron, its utility partners, and SmartThings can leverage the cloud-to-cloud integration to provide consumers with an easy, secure way to authorize data access to DI application data, whole building consumption data and more. Consumers can also securely share data from their millions of connected devices with the utility or authorized third parties to enable seamless collaboration.

More details and information about Itron and Samsung SmartThings’ collaboration will be available soon.

“We are excited to join forces with Samsung SmartThings to drive the future of IoT, combining Itron’s unequaled track record of success in delivering utility outcomes with SmartThings’ expertise in consumer engagement,” said Don Reeves, senior vice president of Outcomes at Itron. “Combining two industry leading platforms is a game changer for energy management. This collaboration will significantly accelerate consumers’ understanding of their energy use, combining information from smart energy devices such as Samsung appliances, electric vehicles, solar panels, heat pumps, thermostats and more. Our goal is to enable consumers to optimize their use of green, renewable energy and reduce their carbon footprint.”

“With this collaboration, we are enabling consumers to make smarter decisions about their energy use. Integrating Itron’s IIoT solution with the SmartThings Energy application will not only make it easier for utilities to inform their customers on their energy consumption, it will also make it easier for consumers to take advantage of energy savings opportunities in their smart appliances,” said Chanwoo Park, EVP & Head of IoT Biz Group, Samsung Electronics. “We are thrilled to collaborate with Itron as this not only conserves energy but also aligns with our customers’ goals of achieving net-zero carbon households.”

About Itron

Itron enables utilities and cities to safely, securely and reliably deliver critical infrastructure solutions to communities in more than 100 countries. Our portfolio of smart networks, software, services, meters and sensors helps our customers better manage electricity, gas and water resources for the people they serve. By working with our customers to ensure their success, we help improve the quality of life, ensure the safety and promote the well-being of millions of people around the globe. Itron is dedicated to creating a more resourceful world. Join us: www.itron.com.

Itron^® is a registered trademark of Itron, Inc. All third-party trademarks are property of their respective owners and any usage herein does not suggest or imply any relationship between Itron and the third party unless expressly stated.

About SmartThings

SmartThings is the premier technology enabling connected living and driving the future of IoT. Its open platform already supports thousands of devices across hundreds of brands and offers endless possibilities to innovators and developers seeking seamless connectivity in a vast IoT ecosystem. The company is committed to bringing simple, smart functionality to provide unifying experiences that inspire people to make a difference in their everyday lives. There are currently millions of people in more than 200 countries accessing SmartThings technology daily to create automations and control facets of their smart homes via the SmartThings App and through a range of Samsung products such as phones, TVs, and digital appliances. SmartThings offers the most flexible amount of protocols, including the new IoT standard, Matter. Launched in 2012, SmartThings is headquartered in Mountain View, CA and is a founding board member of Connectivity Standards Alliance, an organization of hundreds of companies creating, maintaining, and delivering open, global standards for the IoT. For more information, please visit www.smartthings.com.

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¹ Available on Android and iOS devices. A Wi-Fi connection and a Samsung account are required

View source version on businesswire.com: https://www.businesswire.com/news/home/20220926005726/en/

Itron, Inc.

Alison Mallahan

Senior Manager, Corporate Communications

509-891-3802

PR@Itron.com

Source: Itron, Inc.

FAQ

What is the purpose of the collaboration between Itron and SmartThings?

The collaboration aims to provide an integrated energy experience by combining Itron’s industrial IoT network with SmartThings’ services, enhancing energy management and consumer engagement.

How many users does SmartThings have, and what is its growth expectation?

SmartThings currently has 230 million users and expects to grow to 500 million within five years.

What are the benefits of Itron's collaboration with SmartThings?

Benefits include improved energy management, enhanced consumer engagement, increased utility program enrollment, and innovative data sharing options.

How will the collaboration impact energy consumption for consumers?

Consumers will gain real-time visibility into their energy usage, enabling them to reduce consumption and manage their energy more effectively.