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(Sharecast News) - Supercapacitors manufacturer CAP-XX said on Wednesday that it has signed a contract with a new customer in the South African smart meter sector following a successful design-in project.
CAP-XX said its unnamed customer will incorporate its supercapacitors in their smart meter products, which will then be distributed to the customer's end customers to measure gas and electricity usage.
The AIM-listed group stated the contract was for an initial 12-month period, with the majority of revenue from expected to be recognised in the year ending 30 June 2025.
CAP-XX also anticipates that the contract will lead to further orders from the customer over the coming years as additional smart meter products become required for general maintenance of the product and from an increase in the number of end-use customers.
Financial terms of the deal were not disclosed.
As of 0925 BST, CAP-XX shares were up 8.48% at 0.18p.
Reporting by Iain Gilbert at Sharecast.com
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