Itron Partners with Norgesnett to Advance Nordic Grid Technology

Itron, Inc. (ITRI) is teaming up with Norgesnett, a Norwegian utility provider, to implement the first edge computing deployment in the Nordic region. This collaboration utilizes Itron’s Grid Edge Intelligence portfolio, which includes smart meters enabled with distributed intelligence (DI). This partnership marks a significant step towards modernizing the electricity grid.

Enhancing Grid Functionality in Norway

As part of its Advanced Metering Infrastructure (AMI) strategy, Norgesnett plans to leverage DI to improve visibility and control across its distribution system—from substations to individual consumers. The introduction of edge computing is anticipated to significantly enhance grid awareness, support intelligent decision-making, and facilitate real-time operational management. Furthermore, it sets the stage for better integration of distributed energy resources (DERs) such as rooftop solar panels and electric vehicles (EVs).

Norway’s energy sector is nearly 100% powered by renewable resources, with EVs accounting for 96% of new car registrations as of January 2025. Norgesnett, recognized as the country’s most efficient grid operator, is dedicated to minimizing energy loss and preserving grid balance while addressing rising demand and ambitious climate objectives. The implementation of grid edge intelligence provides the necessary scalability and flexibility to tackle these challenges efficiently.

Initial Deployment and Future Upgrades

The initiative will commence in early 2026 with the deployment of 10,000 DI-enabled smart endpoints during its first phase. In addition to this deployment, Norgesnett will gain access to Itron’s broader ecosystem, unlocking a variety of DI applications designed to support grid modernization while addressing the complexities brought on by decentralized energy production and increasing EV installations.

These smart endpoints facilitate two-way communication, enabling Norgesnett to remotely update devices, deploy applications, and perform critical actions such as disconnecting power for safety, managing customer transitions, or curbing energy use during peak periods. This system will provide real-time energy data, benefiting both the utility and its customers by promoting better electricity usage and enhancing consumer insight.

Additionally, this initiative aligns with Nordic Innovation’s vision for 2030, which aims to make the region the most sustainable and interconnected globally. With more renewable energy being integrated into the grid, Norgesnett will be able to analyze real-time data, helping to prevent outages and transformer overloads, contributing to a greener and more resilient energy grid.

Growth of Itron’s Grid Edge Intelligence Platform

The growth of Itron’s Grid Edge Intelligence platform is fueled by various factors, including the rising demand for data centers, reindustrialization, production localization, and the electrification of transportation and residential areas. Itron has also noted growth in the automation of water infrastructure and safety applications for gas customers. The company reported a total backlog of $4.7 billion at the end of Q4. Strong market demand in areas such as grid resiliency, capacity, safety, and automation bodes well for future prospects. Notably, Itron has shipped 13.4 million DI endpoints and licensed over 15 million applications.

For 2024, Itron’s bookings amount to $2.7 billion, resulting in a book-to-bill ratio of 1:11. The backlog primarily consists of content from its grid-edge intelligence platform, including over 10 million endpoints and associated components. However, due to the back-end-loaded nature of the bookings, significant revenue contributions from these orders are expected to materialize beyond 2025. Accordingly, Itron anticipates revenues for 2025 to fall between $2.4 billion and $2.5 billion, demonstrating stable performance year-over-year at the midpoint.

Itron’s CityEdge portfolio is being utilized by the City of Helsingborg, Sweden, as it embarks on its journey toward becoming a smart, sustainable city. Other collaborations have also taken place; on March 24, 2025, Itron, Schneider Electric, and Microsoft Corporation (MSFT) announced a partnership to enhance grid operations through AI and big data analytics. Furthermore, on March 21, 2025, Itron collaborated with Tesla and Xcel Energy to deploy an advanced virtual power plant in Colorado, enhancing management of the increasing number of DERs.

Itron’s Market Position and Stock Performance

Itron currently holds a Zacks Rank #2 (Buy). The stock has experienced a 3.4% increase over the past year, contrasting with a 19.2% decline in the Zacks Electronics – Testing Equipment industry.

Image Source: Zacks Investment Research

Additional Stock Insights from the Technology Sector

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Unity Software has consistently exceeded the Zacks Consensus Estimate for earnings in the last four quarters, achieving an average surprise of 65.52%. In the most recent quarter, Unity reported an earnings surprise of 14.29%, and its long-term earnings growth rate is projected at 5.7%, despite a 20.2% decline in share price over the past year.