Full-service smart city technology company Traffic Technologies has inked a $1.3 million deal to supply energy-saving street lights in NSW, with almost 100,000 in need of upgrade. 

The lights will be deployed as part of Australia’s “largest, most advanced” upgrade program, according to delivery partner AusGrid.

Over the next three years, AusGrid and its partners – including Southern Sydney Regional Organisation of Councils and 33 local councils – will undertake the upgrading of the approximately 92,000 street lights.

The deal follows a similar agreement struck by Traffic Technologies (ASX: TTI) in August 2020, which saw the company receive orders for more than 32,000 street lights.

This latest deal, Traffic Technologies said, represents “a significant expansion” in the number of street lights to be upgraded.

A spokesperson for AusGrid said the partnership will yield “major energy savings” for the councils involved and assist in fault detection and usage optimisation.

“This project will contribute significantly towards Australia’s net zero target,” the spokesperson said.

“At AusGrid, we’re on a mission to reduce our environmental footprint. We’ve already upgraded 130,000 residential street lights to LEDs and we expect to complete a further 20,000 in the next few months.

“Councils can expect savings of 56% annually, with total reductions in greenhouse gas emissions of more than 34,000 [tonnes of CO2 equivalent] per year from this project.” Traffic Technologies CEO Con Liosatos said that in addition to the cost and emissions savings these devices will provide to councils, the roll-out of the lights will also accommodate future Smart City enabled sensors.

Join Traffic Technologies for a live investor briefing at 12pm (AEST) on Tuesday, 5th April. Click here to book in.

Reach Corporate have been engaged by TTI to assist with their investor communications.

Sources

• TTI ASX Announcement, Major order of $1.3m Smart City street lighting upgrade for Sydney