Australian tech company BidEnergy (ASX: BID) has partnered with leading energy retailer Origin Energy to install their automated energy management platform for Origin’s commercial and industrial customers.
The 3-year partnership will see BidEnergy’s platform be progressively rolled out to more than 14,500 Origin customers by December 2019, which will enable users and access portal for bills, meter data, customised reports and analytics.
“This is our first agreement where we are supporting a significant Energy retailer to provide a friendly data-rich experience for their valued customers, with the high standard of service now expected in such a dynamic and highly competitive marketplace,” said BidEnergy Managing Director, Guy Maine.
“This announcement today is yet another key step forward for BidEnergy’s platform becoming the industry standard for excellence in managing utility bills world-wide.”
The partnership with Origin is expected to deliver an additional $588k in annual subscription revenue on top of $4.6m reported as at 30 June 2019.
Although Origin is BidEnergy’s first major Australian retailer partnership, the Company has been growing steadily via their United Kingdom branch of the business where they service more than 85,000 meters through various energy provider contracts.
Major commercial clients using BidEnergy’s multi-site enterprise platform include Quest Apartments, RACV, Downer and AMA Group.
Shares in BidEnergy rose to a high of $0.70 in early morning trade, a rise of +42.8% on the previous day’s close.
Alfred Chan is a Business Reporter at The Sentiment specialising in ASX-listed small cap companies, a bloodstock enthusiast and former equities analyst.
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1 Comment
LJT
Who pays the $588k? Energy prices are high enough already.
Reply