Traffic Technologies (ASX: TTI), an Australian manufacturer of traffic related products and services, has locked in a five-year contract with the City of Sydney Council for the provision of its innovative ‘Smart City IoT’ ready LED streetlights.
The deal could be worth up to $3 million over the initial five-year period and stretch to as much as $5 million across nine years if an option to extend the contract is exercised.
Prestigious Australian council
As part of the agreement, Traffic Technologies will supply its LED streetlights in the public domain of City of Sydney’s local government area, including roads, parks, plazas, laneways, and footways.
This location covers the Sydney central business district and surrounding inner suburbs of the greater metropolitan area of the city. Notably, it hosts more than 16,000 streetlights.
The LED streetlights provided by Traffic Technologies will enable the bulk replacement of existing streetlights in the City of Sydney, in conjunction with network growth, renewals, and maintenance.
The City of Sydney is the oldest local government authority in New South Wales and the second oldest in Australia with its roots stretching back to 1842.
Traffic Technologies managing director, Con Liosatos, commented:
“The award of this contract to one of the most prestigious local government areas in Australia is a fantastic vote of confidence in the Company’s state of the art LED streetlights. The length of the contract provides an opportunity for the Company to supply a range of additional products throughout the Sydney area.”
Operating divisions
Founded in 2004, Traffic Technologies manufactures a host of innovative and cost saving solutions for councils and urban service providers across its two business divisions.
The group’s ‘Technical Products Division’ operates through the Aldridge Traffic Systems subsidiary company, which specialises in the design, manufacture and installation of traffic signals, traffic controllers, portable roadside technology, variable message signs, emergency telephones, and road lighting.
Its ‘Signage Division’ operates through the De Neefe brand which manufactures and supplies a range of directional and regulatory traffic signs and traffic control products for road traffic authorities, municipal councils, and the construction industry.
Traffic Technologies has offices scattered across most major Australian cities and in the UK, coupled with a distribution network stretching to Ireland, Denmark, Spain and France, as well as North America, South America, the UAE, New Zealand, and multiple Asian countries.
Large market opportunity
In Australia, the company is targeting our nation’s transformation to intelligent transport systems designed to improve efficiency, safety, and sustainability in transportation. Management estimates this market opportunity to be valued at more than $1.13 billion.
Its clients in Australia already included a series of leading government bodies such as Transport for NSW, the Department of Planning, Transport and Infrastructure in South Australia, and the Department of Transport and Main Roads in Queensland.