• Launch of 'Hive.AI by X2M', an AI-enabled renewable energy platform
• Platform combines X2M's IoT and AI/ML technology to improve operational efficiencies and energy revenue
• Targets the APAC renewable energy market valued at US$491 billion (2022)

X2M Connect Limited (ASX:X2M) will launch a new 'best-in-class' product suite called 'Hive.AI by X2M' for renewable energy optimization and management. The new product suite combines X2M's proprietary IoT platform and AI/ML technology to significantly improve operational efficiencies and energy revenue for renewable energy companies. X2M has established a strategic partnership with Sirius Digitech Limited to collaborate on taking the combined AI offering to the renewable energy sector, initially in the APAC region. 'Hive.AI by X2M' offers an end-to-end solution, encompassing features from data aggregation to advanced AI-driven insights, designed to maximize efficiency and streamline operations. Data collected through X2M's IoT platform will feed AI/ML applications that will provide tailored solutions for target customers. The platform is built to scale across geographies, making it an ideal partner for multinational energy giants. X2M will leverage its established market presence in the APAC region to roll out the product suite, with partners rolling it out in their markets to increase X2M's market presence. The product is expected to significantly increase X2M's recurring and SaaS revenues by adding application-based revenue to its existing device-based revenues. X2M CEO Mohan Jesudason stated that the product suite will help companies accurately predict energy demand and provide asset management and optimization to improve the operation of renewable equipment, leading to reduced costs and better revenue.

The new 'Hive.AI by X2M' product suite is expected to significantly increase X2M's recurring and SaaS revenues as its revenue stream adds application-based revenue to X2M's existing device-based revenues.

X2M is well placed to take advantage of the rapidly growing APAC renewable energy market, currently valued at US$491 billion, with its established presence and access to utility companies and engagement with solar energy operators and providers. As companies move to meet government targets and maximize profits, X2M believes its platform will be one of the winners in providing data to AI application providers.