X2M Lands A$0.8M Seoul Water Digitisation Contract Amid $240M Citywide Rollout

X2M Secures Strategic Water Digitisation Contract

Australian IoT specialist X2M Connect Limited (ASX, X2M) has won a contract worth approximately A$0.8 million to provide remote water meter monitoring services for 6,750 households in Seoul, South Korea’s largest city. The project is slated for completion by the end of November 2025 and represents a continuation of X2M’s growing presence in the smart city sector.

Seoul’s water digitisation initiative is a massive undertaking, with plans to convert all 2.27 million water meters across the city to smart meters by 2040. This ambitious program is estimated to require an investment of around A$240 million, positioning it as one of the largest smart utility rollouts in the Asia-Pacific region.

Building Momentum in Smart City Solutions

This latest contract follows a previous public safety contract awarded to X2M by the City of Seoul earlier in the year, underscoring the strong demand for the company’s IoT technology in urban infrastructure projects. X2M’s technology enables real-time data collection and remote control of utility meters, which supports Seoul’s ‘Water Leak Alert’ service designed to detect leaks early and reduce water wastage and unnecessary billing.

CEO Mohan Jesudason highlighted that the company’s revenue mandates for the current financial year have already surpassed last year’s full-year results, reflecting robust growth. He also pointed to the launch of X2M’s AI-driven platform, Hive.AI, which aims to enhance operational efficiency and energy yield for renewable energy clients, signaling the company’s broader ambitions beyond water metering.

Expanding Footprint Across Asia-Pacific and Beyond

X2M’s focus remains on the utility sector within the Asia-Pacific region, where it has established government and enterprise relationships. The company has also extended its reach into the Middle East through a licensing agreement with a Dubai-based firm. With over half a million devices connected to its IoT platform, X2M is well-positioned to capitalize on the growing demand for smart city infrastructure and renewable energy data solutions.

While the current contract is a relatively small portion of the total Seoul water digitisation market, it serves as a critical foothold for X2M in a highly competitive and potentially lucrative sector. The company’s ability to secure follow-on contracts as Seoul progresses with its rollout will be a key indicator of its long-term growth prospects.