Itron and Norgesnett to Launch Grid Edge Project in Nordic Region

Itron, Inc. ITRI is partnering with Norwegian utility provider Norgesnett to roll out the first edge computing deployment in the Nordic region. Utilizing Itron’s Grid Edge Intelligence portfolio, which features distributed intelligence (DI)-enabled smart meters, this collaboration marks a major milestone in modernizing the electricity grid.

As part of Norgesnett’s Advanced Metering Infrastructure (AMI) strategy, the utility will use DI to boost visibility and control across the distribution system—from substations to individual consumers. Edge computing is expected to significantly enhance grid awareness, enable smarter decision-making and support real-time operational management. It also lays the groundwork for more efficient integration of distributed energy resources (DERs), like rooftop solar and electric vehicles (EVs).

Itron, Inc. Price and Consensus

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With Norway’s energy sector already operating on nearly 100% renewable electricity and EVs making up 96% of new car registrations as of January 2025, the country is at the forefront of clean energy adoption. Norgesnett, known as Norway’s most efficient grid operator, continues to lead by example, actively working to minimize energy loss and maintain grid balance amid growing demand and ambitious climate goals. Grid edge intelligence offers the scalability and agility needed to address these challenges effectively.

The initiative kicks off in early 2026 with the deployment of 10,000 DI-enabled smart endpoints in its first phase. Norgesnett will also gain access to the broader Itron ecosystem, unlocking a suite of DI applications tailored to support grid modernization and address the complexities brought on by the rise of decentralized energy production and EVs.

These endpoints support flexible, two-way communication, allowing Norgesnett to remotely update devices, deploy applications and take actions such as shutting off power for safety reasons, managing customer transitions, or reducing energy usage during peak hours. Both the utility and its customers will benefit from real-time energy data, enabling more efficient electricity use and greater consumer insight.

The project also aligns with Nordic Innovation’s 2030 vision for the region to become the most sustainable and interconnected in the world. As more renewable energy is introduced into the grid, Norgesnett will be able to analyze real-time data to assess its impact on the network, helping to avoid outages and transformer overloads. This enhanced data-driven approach encourages responsible energy use, contributing to a greener and more resilient grid.

Itron's Grid Edge Intelligence Platform Bodes Well

Grid Edge Intelligence platform’s growth is being driven by various factors, including data center-related demand growth, reindustrialization and production localization, as well as electrification of transportation and homes. Itron added that automation of water infrastructure, safety applications for gas customers and the digitalization of its operations were other growth drivers. The total backlog at the fourth-quarter’s end was $4.7 billion. Steady market demand backed by strong opportunities in grid resiliency, capacity, safety and automation augurs well. This growth is driven by the continued uptake of its grid intelligence platform, shipping 13.4 million DI endpoints and licensing more than 15 million applications. 

Itron's 2024 bookings of $2.7 billion resulted in a book-to-bill ratio of 1:11. The backlog primarily consists of grid-edge intelligence platform content from its Network Solutions and Outcomes segments, including more than 10 million endpoints and related platform components. Due to the back-end-loaded nature of 2024 bookings and the usual time lag from bookings to revenue, most new bookings will likely contribute to revenues beyond 2025. Considering this timing in its current 2025 revenue guidance, Itron anticipates 2025 revenues to be between $2.4 billion and $2.5 billion, flat year over year at the midpoint.

On March 25, 2025, Itron announced that its CityEdge portfolio has been leveraged by the City of Helsingborg in Sweden to drive smart city transformation. This marks the first phase in Helsingborg’s ambitious journey to become a smart, sustainable and data-driven city. On March 24, 2025, Itron, Schneider Electric and Microsoft Corporation MSFT joined forces to deliver an innovative Grid Edge Intelligence solution that leverages artificial intelligence (AI), big data analytics and real-time DI to optimize grid operations. On March 21, 2025, Itron collaborated with Tesla and Xcel Energy to deploy an advanced virtual power plant in Colorado. This initiative marks a significant milestone in Itron’s ongoing work with Xcel Energy to manage the increasing number of DERs using Itron’s Grid Edge Intelligence solutions.

On March 20, 2025, Itron partnered with Microsoft to unveil the power of Gen AI to utilities and cities. The initiative aims to enhance data accessibility, optimize decision-making and improve operational efficiency by integrating Microsoft’s Copilot AI technology into Itron’s Intelligent Edge Operating System. Also, Itron teamed up with NVIDIA to bring AI-powered solutions to the grid edge, enabling utilities and communities to improve grid resilience, disaster management, consumer engagement, efficiency and energy security while tackling future challenges.

ITRI’s Zacks Rank and Stock Price Performance

ITRI currently carries a Zacks Rank #2 (Buy). The stock has gained 3.4% in the past year against the Zacks Electronics - Testing Equipment industry’s decline of 19.2%.

Other Key Picks From the Computer and Technology Space

Some other top-ranked stocks from the broader technology space are Unity Software Inc. U and Gilat Satellite Networks Ltd. GILT. U and GILT carry a Zacks Rank #2. You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.

Unity Software’s earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, with the average surprise being 65.52%. In the last reported quarter, U delivered an earnings surprise of 14.29%. The company’s long-term earnings growth rate is 5.7%. Its shares have lost 20.2% in the past six months.

The Zacks Consensus Estimate for Gilat’s 2025 earnings per share is pegged at 50 cents, unchanged in the past 30 days. In the last reported quarter, GILT delivered an earnings surprise of 7.14%. Its shares have jumped 10% in the past six months.

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