X2M Connect Limited secures significant project with GreenRock Energy

Australian Internet of Things (loT) technology company X2M Connect Limited (ASX: $X2M) has secured a project with GreenRock Energy Co., Ltd in Taiwan. The NTD50m (approximately AUD2.3m) project involves the provision of X2M's 'energy management solution' for a 94MW Battery Energy Storage System in southern Taiwan, with 80% of revenue expected to be recognized in FY25 and the balance as 3-year service revenue.

Executive Commentary on X2M's Partnership with GreenRock Energy

X2M CEO Mohan Jesudason stated, 'X2M's focus is on the utility sector across water, gas and electricity. In the electricity sector, we have a particular interest in renewable energy and the associated ecosystem. The renewable energy markets in Taiwan and Australia, like the rest of the world, are expected to grow strongly over the next few years. X2M is well positioned to capture a significant share of these markets and in time expand this capability to other geographies.'

Summary of X2M's Project with GreenRock Energy

X2M Connect Limited (ASX: $X2M) has secured a significant NTD50m project with GreenRock Energy Co., Ltd in Taiwan for the provision of its 'energy management solution' for a 94MW Battery Energy Storage System. The project is expected to contribute to 80% of revenue in FY25, with the balance as 3-year service revenue. The partnership with GreenRock further strengthens X2M's position in the renewable energy sector, and the company aims to expand its capabilities to other geographies in the future.