Yü Group (YU.) has announced the creation of a new metering services division as part of its efforts to accelerate the installation of SMETS2 metres across the company’s future portfolio.
Yü Group, an independent supplier of gas, electricity and water to the UK corporate sector, said the move follows the integration of the management and support team and Intellectual Property of Magnum Utilities, which are specialists in smart meter installation and services.
Magnum Utilities, which instals smart metres and EV charging points across the UK, also provides complementary services such as smart meter maintenance and revenue protection.
The firm has now entered administration as a result of its clients entering the SOLR process.
Following the integration, a team of 28 will now join Yü Group bringing “extensive expertise and experience” and will trade under 'Yü Smart' a new wholly owned subsidiary of the Group.
The new metering services division is expected to see the development of the group’s field engineering capabilities to accelerate the installation of SMETS2 metres across its portfolio.
Yü Group highlighted to investors that this will provide the business with “greater control and accuracy of metering data” which as a result, will improve operational efficiencies and the reduction of Yü’s current maintenance spend with third party metering service providers.
It said the division will also support its Digital by Default strategy by driving enhanced data insight to enable better hedging performance and understanding of customer consumption.
It added that it will support future growth by unlocking new market opportunities to develop field services across existing customers as well as developing its own customer base.
The installation of SMETS2 will also ensure better outcomes for Yü Group's customers through more accurate billing and meter readings and energy efficiency insight, it noted.
Commenting, Bobby Kalar, CEO of Yü Group, told investors: “The ability to control a larger part of the value chain and influence predictable outcomes for our customers will drive significant value enhancement - providing us greater control of our customers' energy supply. Not only will this improve our operational efficiency but in turn will support our future growth.”
Yü Group will launch its new metering division in early Q3 2022 under the Yü Smart brand.
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