Itron (ITRI) announced today that it has begun delivering 120K smart water meters to Malta’s Water Services Corporation (WSC), as part of a large contract that will continue through 2013.   So far, 25k of the meters and communication modules have been connected to an IBM Information Management System.  Malta is a small island in the Mediterranean that lacks significant natural water resources, so managing it is critical.  Malta is the first country in the world to build a nationwide smart grid integrated with water management.

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“As a result of this project, Malta will become the first country in the world to build a nationwide smart grid with a fully integrated water system. At Itron, we are pleased to be a trusted part of the changing landscape of Malta’s water service”

Shares of ITRI were hit hard about a month ago after missing on earnings, but getting into an area of long term support.  As a smart meter leader, ITRI may soon offer a very compelling entry point, but it’s too soon to initiate a position.  I need to see a few more signals that a bottom is in place.