Metering company Landis+Gyr has completed a $100 million shareholder capital fundraising to backstop its rapid growth in the smart metering sector.

The Zug, Switzerland-based company announced the capital raising while reporting that it has won more than $1 billion of new orders this year from the smart metering sectors in the United States, Europe and Australia.

“Our existing shareholders’ active support of the company is a tribute to the global potential of smart metering and Landis+Gyr’s unique position to capitalize on that opportunity,” said Cameron O’Reilly, Landis+Gyr chief executive.

In the United States, Landis+Gyr has partnered with Oncor, the owner and operator of the largest distribution and transmission system in Texas, to deploy more than 400,000 smart meters across the Dallas metro area.

The two companies have a $300 million contract to provide Oncor’s customers with end-to-end smart metering solutions. Oncor anticipates nearly 700,000 advanced meters to be in place by year-end, making this deployment one of the largest and most quickly installed in the United States.

Meanwhile, Landis+Gyr has high hopes for the European smart grid market, as the European Union issued a directive requiring at least 80 percent of homes to have a smart meter by 2020, and 100 percent by 2022.

The company noted that government and regulatory moves in countries such as Canada, Australia and China increasingly promote the expansion into smart metering.

-   Katrice R. Jalbuena