X2M secures water digitisation mandate from City of Seoul
| Stock | X2M Connect Ltd (X2M.ASX) |
|---|---|
| Release Time | 22 Sep 2025, 9:04 a.m. |
| Price Sensitive | Yes |
X2M secures water digitisation mandate from City of Seoul
- X2M secures a A$0.8 million contract for remote water meter monitoring for 6,750 households in Seoul
- The project is expected to be completed by end of November 2025
- Seoul has 2.27 million households with water meters and plans to digitise all by 2040, a A$240 million opportunity
X2M Connect Limited (ASX:X2M) has secured a repeat order for water digitisation from the City of Seoul. The new contract, worth approximately A$0.8 million, is for the delivery of remote water meter monitoring for 6,750 households with completion scheduled before the end of November 2025. This is the second contract X2M has received for remote water meter monitoring products in Seoul. Seoul City has approximately 2.27 million households with water meters and there remains great potential for additional contracts as the City continues with its water digitisation. The Seoul Metropolitan Government has announced the full roll out of its 'Water Leak Alert' service, a system using smart metering technology to detect leaks early and notify residents in real-time, reducing both unnecessary water bills and wastage. The City of Seoul plans to convert 86,100 households to smart metering by 2025, with plans to expand the service to 2.27 million households across Seoul by 2040. Based on today's values, a complete rollout of smart water meter monitoring to all households is expected to be in the vicinity of $A240 million which will be a contestable process.
X2M's revenue mandates to date have already exceeded last year's full year results. The company expects to continue building on this momentum, particularly with the launch of its AI-driven platform 'Hive.AI by X2M'.
X2M's goal is to expand its footprint into the smart city ecosystem where it has active mandates now across utilities, street lighting, renewable energy and public safety applications. The company looks forward to building on this momentum, particularly with the launch of 'Hive.AI by X2M', its AI-driven platform designed to improve operational efficiency and maximise energy yield for renewable companies.