Siemens is to provide the hardware and software for a smart metering solution to two power suppliers in Austria.
Smart meters allow consumers to see a breakdown of their gas and electricity use through a display in their homes and can also communicate directly with energy companies.
The technology giant will supply a complete system made up of smart meters, secure transmission technology and IT systems for collecting and processing the data.
The Austrian Government has set a target to install smart meters in at least 95% of homes by the end of 2019.
The first 10,000 devices are to begin operation later this year.
The government in the UK has committed to getting 53 million smart meters into homes and small businesses by the end of 2020.
Last month it was revealed the UK’s intelligence gathering service is looking into ensuring the rollout of smart meters is not open to hackers.