STOCK TITAN

Canada’s FortisBC Energy Selects Xylem for Advanced Gas Network

Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
Tags
Rhea-AI Summary

Xylem Inc (NYSE: XYL) has partnered with FortisBC Energy Inc to implement a Sensus advanced gas meter network in British Columbia. This initiative aims to modernize FortisBC's metering infrastructure, benefiting over one million natural gas customers. With a planned deployment of approximately one million Sonix IQ gas meters, the project will enhance safety features and operational resilience. The 20-year agreement includes Managed Services and Software as a Service solutions, aiming to begin deployment in 2023, pending regulatory approval.

Positive
  • Long-term 20-year agreement with FortisBC enhances revenue stability.
  • Deployment of approximately one million Sonix IQ meters increases market presence.
  • Safety features include remote shutoff and tamper detection, improving customer trust.
Negative
  • Dependent on regulatory approval, which may delay project initiation.

Xylem Inc. (NYSE: XYL), a leading global water and resource management technology company, is working with FortisBC Energy Inc. in British Columbia to deploy a Sensus advanced gas meter network. FortisBC serves more than one million natural gas customers across 135 communities in Canada’s westernmost province.

Canada’s FortisBC Energy selects Xylem for Advanced Gas Network. One million Sonix IQ meters to help increase safety and reliability in 20-year technology and services agreement. (Photo: Business Wire)

Canada’s FortisBC Energy selects Xylem for Advanced Gas Network. One million Sonix IQ meters to help increase safety and reliability in 20-year technology and services agreement. (Photo: Business Wire)

Through its Advanced Gas Meters project, FortisBC will address the need to modernize its metering infrastructure and enhance the resilience of its gas system. Pending regulatory approval, the project will provide the ability to better monitor and manage its system, and offer additional safety features.

FortisBC plans to deploy the Sensus FlexNet® communication network and approximately one million Sonix IQTM ultrasonic, residential gas meters. The FlexNet system will provide the utility secure, reliable, near real-time customer usage data from advanced meters and sensors over an encrypted wireless network. The Sonix IQ goes beyond precise, ultrasonic measurement to include smart-sensing safety features such as:

  • remote shutoff
  • continuous health checks on pressure and temperature
  • theft and tamper detection

“FortisBC exemplifies an innovative utility widening its view of what’s possible from advanced metering technology. They’re making their system smarter, safer and more sustainable while empowering their customers to better understand and track energy usage,” said Colin Sabol, senior vice president and president, Xylem Measurement & Control Solutions. “We’re proud to help FortisBC with this important work.”

The 20-year agreement includes Managed Services and Software as a Service (SaaS) solutions, which allows Xylem to maintain and perform upgrades so the utility can focus on what it does best: providing safe, reliable energy.

Subject to regulatory approval and other conditions precedent, meter deployment should begin in 2023.

Learn more about advanced gas meter technology in this video.

About Xylem

Xylem (XYL) is a leading global water technology company committed to solving critical water and infrastructure challenges with innovation. Our more than 16,000 diverse employees delivered revenue of $4.88 billion in 2020. We are creating a more sustainable world by enabling our customers to optimize water and resource management, and helping communities in more than 150 countries become water-secure. Join us at www.xylem.com

About Sensus

Sensus, a Xylem brand, provides remotely-managed products and solutions that deliver the right data at the right time for investor-owned utilities, cooperatives and municipalities. As part of Xylem’s digital portfolio, our smart devices connect with a variety of communication technologies to help customers make timely decisions that optimize electric, gas and water systems. Learn more at sensus.com.

FAQ

What is the partnership between Xylem and FortisBC Energy about?

Xylem is collaborating with FortisBC Energy to deploy an advanced gas meter network for modernizing metering infrastructure in British Columbia.

How many meters will Xylem deploy for FortisBC Energy?

Xylem will deploy approximately one million Sonix IQ ultrasonic gas meters.

When is the deployment of the gas meters expected to begin?

Meter deployment is expected to begin in 2023, pending regulatory approval.

What are the key features of the Sonix IQ gas meters?

The Sonix IQ meters include smart-sensing safety features such as remote shutoff, continuous health checks, and theft detection.

What is the duration of the agreement between Xylem and FortisBC?

The agreement between Xylem and FortisBC is for a duration of 20 years.

Xylem Inc

NYSE:XYL

XYL Rankings

XYL Latest News

XYL Stock Data

30.94B
241.29M
0.65%
93.9%
1.03%
Specialty Industrial Machinery
Pumps & Pumping Equipment
Link
United States of America
WASHINGTON