Kranj - Electricity meter maker Iskraemeco has signed a contract with Iceland's largest power distributor Veitur on an advanced smart metering project that will allow Veitur to transform electricity, heat and water networks into a sustainable smart network, the Kranj-based company said on Tuesday.

Using Iskraemeco's solution Energy IoT, Veitur will improve its efficiency through digitalisation and service development while supporting Iceland's ambition of becoming a carbon neutral society by 2040.

As part of the project, Iskraemeco will provide solutions for remotely-operated metering points and service management for the entire Veitur. For end users, this will mean being able to better manage their own energy usage and improve their energy efficiency.

The first smart meter solution is to be supplied to Veitur at the beginning of next year.

Iskraemeco CEO Luis Goncalves is confident that a strong partnership will be build with Veitur, which provides its services to about 70% of the people in Iceland.

Iskraemeco's solution is based on NarrowBand-Internet of Things (NB-IoT) communication and electricity metres combined with heat and water metres that will be supplied by the company Diehl Metering.

Iskraemeco has been providing solutions, products and services to energy companies for more than 70 years. It is present in more than 80 countries.