Smart grid technology developer Intermoco (ASX:INT) has signed a $2.5 million deal to provide embedded network installations for a Melbourne property developer.
The five-year deal is to provide electricity, telephone and internet infrastructure and services for R Corporation's 211 unit development in South Yarra.
The contract has an option to extend the agreement for a further five years.
Intermoco has also revealed that four of its existing Embedded Network projects will start to generate revenue within the next quarter, including a $200,000 deal with Ravida.
A $2.7 million deal for the Bell Street Preston development and a $1.2 million contract with Lynch Street Apartments will start paying off before the end of February.
Intermoco chairman Andrew Plympton said the company is also in “advanced negotiations” with more property development companies for embedded network contracts.
“Demand for the service remains extremely buoyant, and we expect our pipeline of opportunities to continue growing in 2011,” he said.
Intermoco has developed an internet-enabled energy metering and resource management solution. Its embedded network contracts include the provision of electricity, water, voice and data services.
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