- X2M Connect (X2M) wins three new contracts in South Korea for remote water monitoring and control
- The company has won a sixth tender with K Water Resources to deploy its monitoring solution to 1987 households in South Korea
- The other two orders are for remote water monitoring for 8400 households in districts that already have X2M devices deployed
- All up, today’s contracts have a combined value of $1.25 million, taking the total contract value secured in South Korea in FY22 to over $7.3 million
- Company shares end the day trading steady at 10 cents
X2M Connect (X2M) has won three new contracts in South Korea for remote water monitoring and control.
X2M Connect is an Australian tech stock that has developed and commercialised a patented solution for enterprise and government clients in the utilities sector.
Its Internet-of-Things (IoT) technology connects devices such as water, gas and electricity meters and other utility sensors to the internet which allows for data exchange and the remote control of these devices.
X2M signed a contract with the Hongseong branch of K Water Resources (K Water) who is the principal government agency for water management in South Korea. The contract will see X2M deploy the 1987-household monitoring solution which will be finished within the next 180 days.
The company has now won six tenders through K Water over the past seven months.
In addition, X2M received two orders for remote water monitoring for 8400 households for municipalities that already have X2M devices deployed. Like the K Water contract, the deployment of these additional devices will be finished within 180 days.
X2M now has contracts for roughly 30,000 households to be deployed in South Korea over the next seven months.
All up, today’s contracts have a combined value of $1.25 million, taking the total contract value secured in South Korea in FY22 to over $7.3 million.
CEO Mohan Jesudason said X2M is “quickly becoming an Australian success story.”
“These contracts provide further evidence that X2M will continue to secure new utility customers as well as increase the penetration in existing customers both adding revenue directly and significantly increasing X2M’s overall addressable market,” Mr Jesudason said.
“With an increasing number of municipalities providing repeat orders in this key Asian market, our confidence grows that X2M can reap the potential inherent in this growing addressable market through adding households in existing customers over the next two to three years.”
Company shares ended the day trading steady at 10 cents.