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- Pointerra’s (3DP) US business wins three new contracts by new and existing US energy utility customers
- The new contracts are with Entergy Corporation, PG&E Corporation and Gulf Power and together total up to US$4.75 million (A$6.6 million)
- Pointerra has continued to add new customers and also generate growth in spend by existing customers
- The company is expecting to update its annual contract value by the end of January
- On the market this morning, Pointerra is up 21.7 per cent and trading at 42 cents per share
Pointerra’s (3DP) US business has won three new contracts by new and existing US energy utility customers.
The new contracts are with Entergy Corporation, PG&E Corporation and Gulf Power.
Entergy Corporation
Entergy is an integrated energy company involved in electric power production and retail distribution operations. It owns and operates power plants with around 30,000 megawatts of electric generating capacity.
Earlier this year, Entergy’s service area was severely impacted by Hurricane Ida, a deadly and destructive Category 4 Atlantic hurricane.
To receive a better understanding of the impact of the storm event on its electricity network, Entergy put out a call to help with an upcoming program which Pointerra responded to.
This program was the analysis of LiDAR (light detection and ranging) data over selected Entergy service areas.
Pointerra has been awarded this project with a contract sum of between US$2.37 million and US$4 million (A$3.29 – A$5.56 million).
Under the contract, Pointerra will process and analyse LiDAR data from the project in its digital twin platform for an initial 12 months.
The project is expected to be completed by the second quarter of calendar 2022.
Pacific Gas & Electric (PGE)
Following the award of a contract in September to further develop PGE’s vegetation management, Pointerra has been awarded an additional US$700,000 (A$970,000).
Pointerra will deploy its utility suite across selected PGE business units to commence building a digital twin for PGE in the Pointerra3D platform using data previously acquired across specific service areas.
The contract is for an initial period of 14 months, starting in the new year.
Gulf Power
Following a previous contract by existing customer NextEra Energy, Gulf Power (another operating division of NextEra Energy) has awarded Pointerra with a US$50,000 (A$70,000) contract.
The contract is to process LiDAR data using Pointerra3D Core and Analytics.
The project is expected to take six weeks to complete.
Outlook
Since the company last reported an annual contract value (ACV) run rate of US$11.7 million (A$16.41 million), Pointerra has continued to add new customers and also generate growth in spend by existing customers.
Based on this growth and new contracts, there’s an expected uplift in the company’s US$ ACV run rate. A new update on ACV is expected to be released by the end of January.
“The company is confident that growth in new customer acquisition and spend by existing customers in these emerging sectors can begin to match the ACV trajectory generated by the energy utility sector, following the significant investments made by Pointerra in bespoke product development to solve entrenched energy utility sector-specific challenges during calendar 2019, 2020 and 2021,” the company said.
On the market this morning, Pointerra was up 21.7 per cent and is trading at 42 cents per share at 11:43 am AEDT.
