Itron Launches Revolutionary Currency based Smart Payment Solution

LIBERTY LAKE, Wash. — Nov. 3, 2014 — Itron, Inc. (NASDAQ: ITRI) a world-leading technology and services company, announced today the availability of its new currency-based smart payment solution, including the ITRON CENTIAN™ prepayment meter and associated prepayment software. The Itron Centian meter enables consumer convenience and easier understanding of usage by displaying the meter's remaining balance in currency instead of kilowatt-hours (kWh). In addition, the meter can be reloaded with cash using a contactless smart card held close to the meter.

The Itron Centian meters are the first in the industry to use the Standard Transfer Specification (STS) to display remaining credit in the form of currency instead of the typical kWh. This makes it easier for electricity customers to fully understand and engage with their consumption, simplifying efforts to save energy and money. In addition, the introduction of currency enables utilities to implement time-of-use-based tariffs as credit and consumption is reconciled at the meter.

Featuring Near Field Communications (NFC), the Itron Centian meter allows consumers to purchase and apply credit using a contactless smart card. Consumers hold the smart card near the meter to recharge instead of entering a 20-digit STS code. This allows transactions to become faster and more convenient with a reduction in human error. In addition, use of NFC also enables two-way communication between the utility and the meter, providing meter reading information and the capability to remotely manage meter functionality.

"The launch of our currency-based smart payment solution reestablishes Itron's leadership in delivering smart payment solutions and brings a truly distinctive offering to utilities," said Jeff Carkhuff, vice president of global solutions marketing for electricity at Itron. "We believe that this solution will make a real difference to consumers in terms of the convenience of purchasing electricity credit and also understanding their energy use to help save money and conserve resources."

The Itron Centian meter is being launched in several countries across the world, including Thailand, Bangladesh, Sub-Saharan Africa and Eastern Europe, where prepayment is becoming an essential way for consumers to access electricity. The meter is available in a number of bottom connected variants for single and three phase supplies.