Bglobal, a U.K. provider of smart metering solutions, has signed a memorandum of understanding with Samsung (News - Alert) C&T Corporation, the Korean-based global trading and investment company.

The two companies will work exclusively with each other in order to provide a fully funded solution for the installation of smart meters across the residential and industrial and commercial sectors in the UK. There are approximately 27 million residential electricity meters in the U.K. and around two million meters in the industrial and commercial sector that will need to be replaced.

he U.K. government will announce in its Spring Package the technical specification for residential meters and the timescale for the roll out.