IQGeo wins contract with major US utility

The AIM-traded firm said the unnamed utility, which serves more than five million customers across eight states, had opted for its software to bolster the management of its electric grid and gas network.

It said the project’s total value stood at $3m, covering software licences, ongoing maintenance and support, and professional services spanning five years.

“This project win perfectly illustrates the flexibility of our software architecture and the potential of the utility industry for our business,” said chief executive officer Richard Petti.

“Electric grid and gas network field operations are complex and multi-disciplined, and our software is dramatically improving process efficiency across network construction and operations.”

Petti said the utility industry was starting a significant investment phase as it redesigns its networks to meet net zero carbon objectives.

“I expect this investment to parallel the growth cycle we saw in the telecom industry in previous years with a strong trajectory for the next decade, and IQGeo is well positioned to benefit from this large capex cycle.”

At 1445 GMT, shares in IQGeo were up 4.05% at 305.9p.

Reporting by Josh White for Sharecast.com.