BuildingIQ Incorporated announced today a $4.6 million contract to help build Perth’s upcoming Forrestfield-Airport link.
The company’s majority owned subsidiary Buildingsense was awarded electrical and heating control in the project alongside, Italian company Salini Impregilo in joint venture.
The contract mandates Buildingsense to provide HVAC (heating, ventilation, and control) infrastructure.
The contract spans for 27 months from April 2020. Majority of installations will occur this year and early 2020. A $230,000 performance bond is required by the end of May this year.
The deal promotes an expected 2019 revenue of $1.5 million for the BuildingIQ. A constant cash flow of $1 million is expected for the company during project production.
BuildingIQ will enact short term financing as the initial six-to-nine months of the project will require significant funding.
The $1.86 billion Forrestfield-Airport link is funded by federal and state WA government. The project will provide rail stations for eastern Perth suburbs at Redcliffe, Airport Central and Forrestfield.
The project spawns from Australian government’s METRONET plan, a world-class rail system that will begin running in the second half of 2021.
The plan is aimed at providing Eastern Suburb citizens an ease of travelling to the airport and the city centre within 20 minutes. METRONET is expected to ease car-traffic and carry roughly 20,000 passenger trips daily in 2021.
ASX-listed NRW Holdings were awarded design of the project in conjunction with Salini Impregilo in 2016 in a $1.176 billion deal.
BuildingIQ’s platform is targeted at utilising the ‘Internet of Things’ technology in building infrastructure, promoting efficiency and world-class industrial technology use.
BuildingIQ’s market cap sits at $13.74 million as of this morning with shares trading at 5.5 cents a piece.