STOCKHOLM -- Smart metering is a key element in smart grid solutions. It is estimated that over 800 million smart meters will be installed worldwide by 2020. A wide use of smart grid technology will save transmission and distribution costs, reduce CO2 emissions and facilitate the transition to renewable energy.

One of Norway's largest energy companies has selected Ericsson (NASDAQ: ERIC) as sole supplier of a smart metering solution. This partnership, which includes delivery of 180,000 smart meters, will support a large-scale modernization of the Norwegian power grid and ensure efficient technology and processes transformation. Skagerak Nett's customers will get new smart electricity meters starting from next year. Smart metering introduction ensures more transparent charging models and supports efficient consumption behavior.

Geir Kulås, CEO of Skagerak Nett, says: "We are very pleased with the choice of Ericsson and look forward to a cooperation that will give our customers even better power grids. Taking on transformation approach will enable us to upgrade the grid to boost capacity and manage peak demands."

As part of the agreement, Ericsson is responsible for delivery and integration of a complete smart metering solution. The project is expected to be completed by 2019. In addition, Ericsson will be responsible for operations, support and maintenance of the solution during the project period.

Ericsson AB (Nasdaq: ERIC)