Bompengeselskap Nord AS (BPN), a Norwegian tolling operator, has awarded Q-Free the contract to design, deliver and service tolling roadside equipment for “Bypakke Tenk Tromsø” (ENG: policy package for the city of Tromsø).
The project will go live in 2022, but the contract is structured as a service delivery that will generate annual recurring revenues over an estimated period of 15 years. The recurring revenue element of the contract will exceed Q-Free’s ARR announcement threshold of 2.5 MNOK per year. In order to ensure that Q-Free can maintain its competitiveness on future call-offs the exact amount will not be disclosed yet.
-This represents the third call-off on the frame agreement we signed with Vegamot and BPN in October 2021 and another nice win for Q-Free. Moreover, the contract structure supports our efforts to shift our business model towards annual recurring revenues. We look forward to deploying our tolling system in Tromsø and help the region finance efficient and sustainable mobility solutions, says Håkon Volldal, Q-Free’s President & CEO
For further information, please contact:
Håkon Volldal, President & CEO, +47 977 19 973
Trond Christensen, CFO, +47 481 02 754
This information is considered to be inside information pursuant to the EU Market Abuse Regulation article 7 and is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. This stock exchange announcement was published by Rita Bøe Isaksen, Board Secretary in Q-Free ASA, on 8 February 2022 at 12:45 CET.
Q-Free ASA (OSE: QFR) is a global innovator in intelligent transportation systems that improve traffic flow, road safety, and air quality. With an open, collaborative approach to tolling, traffic and active transportation management, Q-Free works with customers and partners on every continent to digitize infrastructure and overcome modern mobility challenges for the greater good of society.
Headquartered in Trondheim, Norway, Q-Free has annual revenues of approximately 900 million NOK (100 MUSD) and employs approximately 350 transportation innovators, experts, and enthusiasts. To learn more about how Q-Free is “changing the movements of life”, visit www.q-free.com or Twitter:@Q-FreeASA