Traffic Technologies Limited (ASX: TTI) has been awarded over $8 million worth of contracts by Downer to supply and install more than 8,000 LED Road Lights and a Central Management System for VicRoads.
The LED road lights, which use the latest energy-saving technology, will be deployed by VicRoads in Melbourne and the surrounding area. The company was the first in Victoria to secure approval for its state-of-the-art LED road light that generates substantial savings in power and maintenance costs.
The state-of the-art Central Management System is for the remote monitoring and controlling of road lights, including energy metering. The associated energy and maintenance savings from the control system, when combined with LED road lights, are expected to be approximately 40-50% per annum.
The LED road lights and control system will be supplied and installed over the FY18 year. The contracts are worth over $8m and will primarily benefit the financial year ending 30 June 2018.
The award of these contracts follows the recent success by the company in securing lucrative supply contracts in New South Wales, Victoria and South Australia and for the supply of LED road lights to freeways in the Melbourne Metropolitan area and the Darlington Upgrade in South Australia, as well as power and road authorities in New South Wales, Queensland and South Australia.
Managing Director, Con Liosatos said the award of these contracts confirms the company as a leading supplier of LED road lights and a state-of the-art lighting control system to the Australian market.
“It demonstrates the potential of the changeover to LED road lights in Australia to significantly reduce power and maintenance costs. There are approximately 2.28 million road lights in Australia. Only 10-15% have so far been converted to LED technology and this therefore represents a significant opportunity for the Company in the years ahead.”