X2M Connect Limited announced another significant contract for Bucheon City in South Korea. This latest contract is for approximately AUD 1.6 million from the South Korean city of Bucheon to deliver water monitoring and control services to approximately 11,000 households. It demonstrates X2M's ability to build penetration into their existing customer base. Bucheon City, with an addressable market of approximately 120,000 households, initially
purchased remote monitoring and control for 3,300 households in December 2018. They purchased devices and services for an additional 23,000 households in April 2021, continuing with additional orders later in fiscal year 2022. Bucheon City has published that it intends to add remote water meter monitoring and control devices to all of its households over several years. This contract will bring the percentage of Bucheon City's addressable market connected to X2M's IoT platform from 29% to 38%.