X2M Connect (ASX: X2M) wins three contracts in South Korea – The Market Herald

• X2M Connect (X2M) wins three new contracts in South Korea for remote water monitoring and control
• The company won the sixth tender with K Water Resources to deploy monitoring solutions to 1987 households in South Korea
• The other two orders are for remote water monitoring for 8,400 households in areas where X2M devices are already deployed
• Overall, the total value of today’s contracts is $ 1.25 million, bringing the total value of the contract secured in South Korea in fiscal year 22 to more than $ 7.3 million
• Shares of the company end the day trading at a stable level of 10 cents

X2M Connect (X2M) has won three new contracts in South Korea for remote water monitoring and control.

X2M Connect is an Australian technology company that has developed and commercialized a patented solution for corporate and government customers 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, allowing you to share data and remotely control these devices.

X2M has signed a contract with K Water Resources (K Water) in Hunson, which is the main government agency for water management in South Korea. Under contract, X2M is deploying a 1987 household monitoring solution that will be completed within the next 180 days.

The company has won six tenders through K Water over the past seven months.

In addition, X2M has received two orders for remote water monitoring for 8,400 households for municipalities where X2M devices are already deployed. Like the K Water contract, the deployment of these additional devices will be completed within 180 days.

X2M now has contracts for about 30,000 households to be deployed in South Korea over the next seven months.

In total, the total value of today’s contracts is $ 1.25 million, bringing the total value of contracts secured in South Korea in fiscal year 22 to more than $ 7.3 million.

CEO Mohan Jesudasan said X2M “is fast becoming an Australian success story”.

“These contracts are further evidence that X2M will continue to provide new utility customers as well as increase penetration into existing customers while adding revenue directly and significantly increasing X2M’s overall target market,” Mr Jesudason said.

“With the growing number of municipalities providing repeat orders in this key Asian market, our confidence is growing that X2M can take advantage of the potential inherent in this growing address market by adding households to existing customers over the next two to three years.”

Shares of the company ended trading at a stable level of 10 cents.