X2M Connect Limited (AU:X2M) has released an update.
X2M Connect Limited has announced a $2 million entitlement offer to expand into new markets and focus on renewable energy initiatives. The funds will be used to develop the business in Australia, enter the Middle Eastern and Indian markets, and enhance their proprietary IoT platform for utilities. In the Middle East, they have partnered with Dicode Technologies LLC to provide ‘Metering as a Service’ in the UAE, expecting significant EBITDA returns from connected gas meters.
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