Australian Internet of Things technology company X2M Connect has announced that its partner GreenRock Energy, a Taiwanese company, is taking over its batteries to power two new smart communities in Australia.
The communities will be composed of a large number of smart homes and shared spaces committed to reducing energy costs.
The ownership of the batteries includes installing eight batteries in Echuca and Yarrawonga, twin towns nestled on the Murray River in Victoria, with at least 15 years of maintenance and support.
Each battery will have an expected power capacity of 200 kW/250 kWh.
The system will also come with 24-hour cloud monitoring and simultaneously carry out prevention warnings and optimise energy usage.
GreenRock Energy said that net-zero carbon emissions by 2050 have become a global consensus.
It will cooperate with X2M Connect to launch an energy management system to accurately analyse energy demand and receive real-time notification of defective status through artificial intelligence efficiency analysis.
The commitment follows X2M Connect’s signing of agreements with GreenRock Energy announced last January.
The two companies also agreed to collaborate on the development of renewable energy generation and virtual power plant operations in Taiwan, Australia, South Korea, and Japan, where X2M Connect has established operations and distribution footprint.
In addition, the companies agreed that GreenRock Energy will own about 11 percent of ordinary shares of X2M Connect through a $0.0403 per share investment for a total of $1.3 million.
X2M Connect also agreed to acquire $0.52 million of GreenRock Energy shares at NTD100 (A$4.80) apiece, representing less than 1 percent of the latter’s issued capital.
“This agreement with GreenRock is an important one for X2M as it forms the basis for a strategic alliance to drive delivery of energy management system solutions in the large and growing energy storage space in Taiwan, Australia, and Japan,” X2M Connect CEO Mohan Jesudason said.
Last week, X2M Connect said that it secured a $1.01 million contract from China-based Yuanda Intelligence for water quality sensor hardware, with an expectation to deliver the hardware this financial year.
“It is good to further broaden our customer base in this market and this contract continues the momentum following the recent announcements regarding renewable energy management with GreenRock Energy in Taiwan,” Mr. Jesudason said.
X2M Connect earlier reported that its annual net loss widened to $3.3 million while revenue fell 16.6 percent to $7.5 million in 2023, reflecting a record first-half performance in the previous year and the move away from low-margin hardware sales.
