X2M Connect Limited announced further significant contracts in South Korea. X2M has secured five new customers in the South Korean water monitoring market with the combined value of the contracts totaling almost AUD 2 million. This brings the number of Enterprise and Government customers across the X2M group to 50 and the number of Sout Korean municipalities utilising the X2M IoT platform to 26.

The largest contract is for water monitoring and control for the county of Jangsu. This contract valued at approximately AUD 1.25 million is for the complete county addressable market of 9,754 households. This is the second municipality in South Korea to contract with X2M for its entire addressable market.

Four other municipalities have contracted to install the X2M IoT platform for water monitoring and control for a total of 3,252 households and valued at approximately AUD 0.7 million. These four municipalities, Paju and Seosan cities and Wanju and Sunchang counties, have a combined addressable market of approximately 113,000 households. These municipalities provide the potential for approximately AUD 13 million of revenue in the future if X2M was successful in securing contracts for all these households.