The $3m deal signed in Tasmania follows closely on the heels of a $9m deal struck in Queensland last week.
Provider of end-to-end traffic management, IoT and Smart City solutions, Traffic Technologies LTD (ASX:TTI), is expanding rapidly throughout Australia after winning a contract in Tasmania worth approximately $3m.
The forward orders were received from TasNetworks, a Tasmanian state-owned company responsible for electricity transmission and distribution, along with the operation of over 50,000 street lights throughout the state.
Under the deal, TTI will assist with the state’s street light replacement program, and facilitate the reduction of CO2 gas emissions by significantly reducing annual power and maintenance costs.
To date, the company has supplied over 26,000 Smart City LED street lights to TasNetworks.
Today’s deal is an extension of the supply agreement signed with TasNetworks in July, securing TTI with revenues from the Tasmanian street light market until 2023.
“These orders secure the company’s position in Tasmania,” said Traffic Technologies’ CEO, Con Liosatos.
“The state has become an important market for our products, and provides a significant opportunity for the roll-out of our Smart City Platform ‘TST’ into the state of Tasmania.”
TTI’s IoT and Smart City solutions
The products to be supplied by TTI under the latest contract are Smart City V-category LED street light fittings, using the latest LED technology.
This technology enables lights to operate with lower wattages, generating additional power savings.
In July this year, TTI became the first manufacturer to supply major category Smart City ready LED street lights to TasNetworks.
The company has since been working closely with TasNetworks’ engineers to design suitable light fixtures tailored to the Tasmanian environment.
The original contract was originally extended to October 2022, but today’s extension means that TTI will work with TasNetworks well into 2023.
The company has also recently received a long term contract of up to approximately $9m in Queensland where it signed a five year deal with the state government, with options to extend until as far out as 2032.
Traffic Technologies is Australia’s premier traffic control systems provider, supplying smart city-enabled IoT devices to help councils, road authorities and power companies better manage their assets.
The company is positioning itself in the rapidly expanding global IoT market, which is said to be worth US$1.7 trillion, and forecast to grow to US$12.6 trillion by 2030.
Its state-of-the-art lighting, signage and traffic management hardware have been approved for use by every Australian council, and already implemented in more than 31,000 intersections worldwide.
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This article was developed in collaboration with Traffic Technologies, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.