Vegamot AS, a Norwegian tolling operator, has awarded Q-Free the contract to design, deliver and service tolling roadside equipment for “Bypakke Ålesund” (ENG: policy package for the city of Ålesund).
Project deliveries will be completed in 2022, but the contract is mainly structured as a service contract that will generate annual recurring revenues over a period of 15 years. The recurring revenue element of the contract will exceed Q-Free’s 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 first call-off on the frame agreement we signed with Vegamot in October and a nice win for Q-Free. The contract structure supports our efforts to shift our business model towards annual recurring revenues. We look forward to deploying our single gantry system in Ålesund 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 25 November 2021 at 08:15 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