SEALSQ Selected to Equip Millions of Smart Meters in the UK with VaultIC 408 Secure Microcontroller
Rhea-AI Summary
SEALSQ (NASDAQ: LAES) has secured a multi-year, multi-million-dollar agreement to supply its VaultIC 408 secure microcontroller for millions of smart meters in the United Kingdom's Smart Metering Implementation Programme (SMIP). The project aims to install smart meters in over 26 million homes and businesses.
The collaboration involves major stakeholders including Data Communications Company (DCC), Landis+Gyr, Calisen, Toshiba, and Vodafone. SEALSQ's VaultIC 408 will work alongside Toshiba's 4G communication hubs and CGI's secure data systems.
This agreement positions SEALSQ as a key contributor to one of the world's largest smart grid initiatives. The global smart meter market is projected to reach 238.42 million units by 2029, with a CAGR of 8.14%.
Positive
- Secured multi-year, multi-million-dollar contract for UK smart meter implementation
- Partnership with major industry leaders (DCC, Landis+Gyr, Calisen, Toshiba, Vodafone)
- Access to massive market potential with 26 million UK homes and businesses target
- Positioned in growing market with 8.14% CAGR projection through 2029
Negative
- None.
Insights
The UK smart meter deal represents a significant revenue opportunity for SEALSQ. With the UK's target of 26 million smart meter installations and SEALSQ's VaultIC 408 being selected as a key component, this multi-year agreement could generate substantial recurring revenue. The smart meter market's projected CAGR of
Partnership with industry giants like Landis+Gyr, Toshiba and Vodafone significantly enhances SEALSQ's market credibility and could lead to additional contracts in other regions. The deal's timing aligns perfectly with the global push toward smart grid infrastructure, positioning SEALSQ to capture market share in a sector expected to reach 238.42 million units by 2029.
The VaultIC 408 selection for the UK's SMIP demonstrates SEALSQ's technological edge in secure microcontrollers. In simpler terms, think of it as a tiny but highly sophisticated digital safe that protects sensitive energy consumption data. The integration with 4G communication hubs and secure data systems creates a robust ecosystem that's important for national infrastructure security.
The technology's ability to support real-time energy usage monitoring while maintaining data security positions SEALSQ advantageously in the IoT security space. This is particularly relevant as cyber threats to critical infrastructure continue to evolve, making secure hardware components increasingly valuable to utility providers and national security initiatives.
This contract win strengthens SEALSQ's market position in the critical infrastructure sector. The UK's SMIP is one of the largest smart meter deployments globally and securing this contract positions SEALSQ as a trusted provider for similar initiatives worldwide. The collaboration with established industry leaders creates a powerful network effect that could accelerate market penetration.
For investors, this represents a pivotal moment in SEALSQ's growth story. The company's current market cap of
Geneva, Switzerland, Jan. 06, 2025 (GLOBE NEWSWIRE) --
This multi-year, multi-million-dollar agreement, positions SEALSQ as a key contributor to one of the world’s most ambitious smart grid initiatives
Collaboration includes leading energy and technology stakeholders such as the Data Communications Company (DCC), Landis+Gyr, Calisen, Toshiba, and Vodafone
SEALSQ Corp (NASDAQ: LAES) ("SEALSQ" or "Company"), a company specializing in Semiconductors, PKI, and Post-Quantum technology hardware and software products, today announced a significant agreement to supply its VaultIC 408 secure microcontroller for millions of smart meters as part of the United Kingdom’s Smart Metering Implementation Programme (SMIP).
The multi-year, multi-million-dollar agreement, positions SEALSQ as a key contributor to one of the world’s most ambitious smart grid initiatives. VaultIC 408 was selected for its state-of-the-art security features, ensuring robust data protection and secure communication across the entire metering infrastructure.
This collaboration includes leading energy and technology stakeholders such as the Data Communications Company (DCC), Landis+Gyr, Calisen, Toshiba, and Vodafone. SEALSQ’s VaultIC 408 will complement advanced 4G communication hubs provided by Toshiba and secure data systems managed by CGI, enabling seamless integration and enhanced operational efficiency.
Carlos Moreira, Chairman and CEO of SEALSQ, commented: “This agreement marks a major milestone for SEALSQ as we expand our footprint in critical national infrastructure projects. Our VaultIC 408 technology ensures the highest levels of security and reliability, making it the ideal choice for the UK’s ambitious smart metering goals.”
The UK’s SMIP aims to install smart meters in over 26 million homes and businesses, reducing energy consumption and empowering consumers with real-time energy usage insights. SEALSQ’s role underscores its commitment to supporting global energy efficiency efforts with secure and innovative technology.
Franck Buonnano, VP of Global Sales at SEALSQ, commented, “We are proud of this new milestone for SEALSQ in the UK. It highlights SEALSQ’s expertise in securing products for the smart meter industry and underlines our ability and commitment to ensure a consistent quality of service and support to global customers. We look forward to continuing to deliver value and security in this dynamic and growing market.”
SEALSQ has extensive experience in providing secure chips for the smart metering industry, with a proven track record of reliability and innovation. The VaultIC range features products specifically tailored for smart metering applications, offering robust security, seamless integration, and scalability to meet the growing demands of this dynamic market. As the global smart meter market is projected to reach approximately 238.42 million units by 2029, growing at a CAGR of
About SEALSQ:
SEALSQ focuses on selling integrated solutions based on Semiconductors, PKI and Provisioning services, while developing Post-Quantum technology hardware and software products. Our solutions can be used in a variety of applications, from Multi-Factor Authentication tokens, Smart Energy, Smart Home Appliances, Medical and Healthcare and IT Network Infrastructure, to Automotive, Industrial Automation and Control Systems.
Post-Quantum Cryptography (PQC) refers to cryptographic methods that are secure against an attack by a quantum computer. As quantum computers become more powerful, they may be able to break many of the cryptographic methods that are currently used to protect sensitive information, such as RSA and Elliptic Curve Cryptography (ECC). PQC aims to develop new cryptographic methods that are secure against quantum attacks. For more information, please visit www.sealsq.com.
Forward-Looking Statements
This communication expressly or implicitly contains certain forward-looking statements concerning SEALSQ Corp and its businesses. Forward-looking statements include statements regarding our business strategy, financial performance, results of operations, market data, events or developments that we expect or anticipates will occur in the future, as well as any other statements which are not historical facts. Although we believe that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of which are beyond our control. Actual results may differ materially from those expressed or implied by such forward-looking statements. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the expected success of our technology strategy and solutions for IoMT Security for Medical and Healthcare sectors, SEALSQ's ability to implement its growth strategies, SEALSQ's ability to continue beneficial transactions with material parties, including a limited number of significant customers; market demand and semiconductor industry conditions; and the risks discussed in SEALSQ's filings with the SEC. Risks and uncertainties are further described in reports filed by SEALSQ with the SEC.
SEALSQ Corp is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.
| SEALSQ Corp. Carlos Moreira Chairman & CEO Tel: +41 22 594 3000 info@sealsq.com | SEALSQ Investor Relations (US) The Equity Group Inc. Lena Cati Tel: +1 212 836-9611 / lcati@equityny.com Katie Murphy Tel: +212 836-9612 / kmurphy@equityny.com |
FAQ
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