- X2M Connect (X2M) secures a repeat order to deliver water monitoring and control services to households in Okcheon County, South Korea
- X2M first supplied water monitoring services to Okcheon households in March 2020 with this new $600,000 contract the largest placed by the municipality to date
- It will see around 4000 homes provided with the water monitoring system, taking the percentage of Okcheon households connected to X2M’s platform from 47 to 80 per cent
- The company now provides its service to a string of South Korean municipalities, a market X2M says has the potential to bring in more than $400 million in revenue
- Shares are up 12.5 per cent trading at nine cents at 3:59 pm AEST
X2M Connect (X2M) has secured a repeat order to deliver water monitoring and control services to households in Okcheon County, South Korea.
The company’s technology connects devices including water, gas and electricity meters to the internet which enables data exchange and allows the devices to be controlled remotely.
X2M first supplied water monitoring services to Okcheon households in March 2020, however, this new $600,000 contract is the largest placed by the municipality to date.
The new contract will see around 4000 homes provided with the water monitoring system, taking the percentage of Okcheon households connected to X2M’s platform from 47 to 80 per cent.
It follows on from a $660,000 contract secured earlier this week to supply the tech to 7777 households in the South Korean city of Incheon.
CEO Mohan Jesudason believes the repeat orders confirm the company’s view that once a municipality digitises its water through initial contracts, it is likely that additional contracts will follow to complete the digitisation of all households.
Further, the company has assessed the addressable market for South Korean customers to be significant, with around $400 million in revenue potentially up for grabs if all 3.5 million households with water metres were contracted to be fitted with water monitoring and control.
Company shares were up 12.5 per cent trading at nine cents at 3:59 pm AEST.