Itron (ITRI) Partners EQUANS, Boosts Streetlighting Efforts

Itron ITRI has joined forces with EQUANS for bringing smart city functionalities to cities in Belgium.

EQUANS will work with a Brussels-based distribution network operator, Sibelga, for the deployment of Itron’s smart streetlight network as a service in Belgium cities.

With the deployment of smart street lighting, customers can reduce electricity consumption and benefit from improved safety and enhanced network resilience.

Itron already manages 3 million smart streetlights worldwide. The recent move has further strengthened its efforts of global expansion.

Itron, Inc. Price and Consensus

Itron, Inc. price-consensus-chart | Itron, Inc. Quote

Efforts in Smart Streetlighting

The latest move bodes well for Itron’s commitment to lower energy consumption and enhance safety in Brussels by 20% by 2035.

Apart from the latest move, the company recently acquired Smart Efficient Lighting Control (SELC), a leading provider of lighting control solutions to smart cities and utilities across the globe. With the acquisition of SELC, Itron added strength to its portfolio of smart city offerings.

Thus, Itron’s growing initiatives toward providing smart city applications are expected to help it penetrate the booming smart cities market.

Per a report by Mordor Intelligence, this market is likely to hit $2.04 trillion by 2026, witnessing a CAGR of 18.22% during the 2021-2026 period.

In addition, the global smart cities market is expected to reach $873.7 billion by 2026 from $457 billion in 2021, registering a CAGR of 13.8% between 2021 and 2026, per a report by Markets and Markets.

Global Expansion

Itron has been consistently working toward expanding its worldwide presence on the back of reliable and efficient smart city solutions.

Apart from the recent move, the company introduced its first software as a service delivery program model, Itron Smart Pay, in North America so that utilities can empower their customers to seamlessly manage and pay bills of their energy consumption.

Additionally, ITRI inked an agreement with United Utilities to deploy its cloud-based meter management solution named Temetra for the latter’s operation optimization and customer management improvement in northwest England.

Further, it deployed a grid-interactive water heater program for Fort Collins Utilities so that it can offer electricity, water, wastewater and stormwater services to more than 75 thousand customers in Fort Collins, CO.

Zacks Rank & Stocks to Consider

Currently, Itron carries a Zacks Rank #3 (Hold).

Investors interested in the broader technology sector can consider stocks like Advanced Micro Devices AMD, Mimecast Limited MIME and Nova Measuring Instruments NVMI, each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Advanced Micro Devices has gained 59.7% on a year-to-date basis. The long-term earnings growth rate for the stock is currently projected at 46.2%.

Mimecast has gained 39.6% on a year-to-date basis. The long-term earnings growth rate for the stock is currently projected at 35%.

Nova Measuring Instruments has gained 86% on a year-to-date basis. The long-term earnings growth rate for the stock is currently projected at 32.2%.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.