Verizon and eMeter are teaming to offer one of the first cloud-based meter data management solutions for the utility industry.

Verizon and eMeter will be teaming to offer one of the first cloud-based meter data management solutions for the utility industry. The new service, which is expected to be available in the spring of 2011, aims to meet utilities' needs for smart grid solutions with built-in security reliability and new capabilities, TMCnet reports.

The joint cloud-based service minimizes the upfront capital investment for utilities since the offering can be purchased on a per-use basis, says GigaOM. Verizon and other phone companies have been leveraging their infrastructures and networks to offer machine-to-machine services as an area of future growth.

Verizon also recently purchased Terremark, a provider of managed cloud services, for $1.4 billion. That purchase along with its partnership with eMeter are key components of the carrier's "everything-as-a-service" strategy.