Itron's Ecosystem of Distributed Intelligence Applications Welcomes PayGo

Rhea-AI Summary

Itron (NASDAQ: ITRI) announced an expanded collaboration with PayGo, integrating its billing and payment solution into Itron's distributed intelligence (DI) platform. This partnership allows consumers to track real-time energy usage via Itron's Riva meters, enhancing payment flexibility. Through Itron Smart Pay, users receive alerts for low balances, potentially reducing energy bills by up to 12% and improving utility customer satisfaction by 10 points. The new features will be showcased at DISTRIBUTECH from May 23-25.

Positive

• Integration with PayGo enhances real-time energy consumption insights.
• Potential to reduce consumer energy bills by up to 12%.
• Expected increase in customer satisfaction for utilities by over 10 points.

Negative

• None.

Itron's Distributed Intelligence-enabled Meters Integrated with PayGo's Prepay Energy Solution Allows for Real-Time Energy Insights

LIBERTY LAKE, Wash.--(BUSINESS WIRE)-- Itron, Inc. (NASDAQ: ITRI), which is innovating the way utilities and cities manage energy and water, today announced that it has strengthened its long-term collaboration with PayGo and welcomes the billing and payment solution provider into Itron’s expanding ecosystem of distributed intelligence (DI) applications. Using Itron's DI platform, PayGo integrated its billing customer experience into Itron's DI-enabled Riva meters in order to provide consumers with a comprehensive real-time view of energy consumption and remaining energy credit balance through Itron Smart Pay, Itron’s smart payment Software-as-a-Service (SaaS) solution. The DI application works in concert with Itron Smart Pay and enables consumers to better control their payments and budget their overall energy usage, enhancing the user experience. The application will be demonstrated at DISTRIBUTECH, May 23-25, in Itron booth #2403.

The DI application features PayGo's algorithm, which works inside Itron's Riva meters, enabling consumers to gain access to their energy consumption in real time without worrying about the typical lag time associated with usage information being collected by the utility on a periodic basis. With this DI functionality, consumers can configure settings through Itron Smart Pay to personalize alerts such as low account balances and payment due dates. PayGo’s DI algorithm monitors energy usage threshold information in real time, and sends alerts to Itron Smart Pay, which will send text messages to the energy consumer. This gives the consumer greater flexibility to prepay whenever they want and for how much they want. According the Prepay Energy Working Group, by providing consumers flexible billing and payment options as well as real time information, consumers may be able to change their energy consumption behavior and potentially reduce their energy bills by up to 12% and potentially increase customer satisfaction for the utility by 10 points or more.

“With PayGo joining Itron’s expanding ecosystem of DI applications, the new capabilities for Itron Smart Pay will help consumers understand their energy usage and provide greater visibility into their consumption, enabling them to better control their energy spend,” said Don Reeves, senior vice president of Outcomes at Itron. “We are excited to build upon our partnership with PayGo. Not only does the company share the same value of sustainability, but PayGo values empowering consumers, utilities and the environment. We look forward to improving customer satisfaction and engagement.”

“The digital transformation of customer experience drives behavioral change and positive sustainability outcomes. Combining Itron’s DI platform with PayGo’s technology will enable utilities to delight their customers while better managing energy spend,” said Jeff Weiser, CEO of PayGo. “We look forward to working together with Itron to provide enhanced visibility into consumer energy usage at the meter.”

Itron’s robust DI platform allows innovators to build open, interoperable, value-driven applications on Itron’s secure platform that evolve with market and consumer demands. The DI development program enables an ecosystem of third-party developers to ensure a greater selection of applications to meet utility needs today and into the future. These applications are available via the Itron Enterprise Application Center, which features an increasingly diverse portfolio of Itron and third-party applications that connect to Itron's industry-leading, IoT-based network. The Itron Enterprise Application Center is the operational backbone for our utility customers to manage applications for their customers via a private, secure web portal.

About PayGo

PayGo^® is an Atlanta-based software and payments company. With platforms that deliver flexible billing and payment solutions that enable America's largest investor-owned and public power utilities to enable higher customer engagement and improve revenue assurance. Utility customers experience greater control in how they manage and pay for their energy and water spend, along with ways to reduce consumption. More information is available at www.paygoutilities.com.

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220517005450/en/

Itron, Inc.

Alison Mallahan

Senior Manager, Corporate Communications

509-891-3802

PR@Itron.com

Source: Itron, Inc.

FAQ

What is the recent partnership between Itron and PayGo?

Itron has expanded its collaboration with PayGo, integrating its billing and payment solution into Itron's distributed intelligence platform for real-time energy insights.

How does Itron's new feature benefit consumers?

The new feature allows consumers to monitor their energy usage in real time, potentially reducing energy bills and improving budget control.

When will the new Itron and PayGo capabilities be demonstrated?

The capabilities will be showcased at DISTRIBUTECH from May 23-25.

What is the impact of Itron's partnership on customer satisfaction?

The collaboration is expected to increase customer satisfaction for utilities by more than 10 points.

What stock symbol does Itron operate under?

Itron operates under the stock symbol ITRI on NASDAQ.