GenusPlus (ASX:GNP) secures HyperOne contract worth A$1.5B

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GenusPlus (ASX:GNP) secures HyperOne contract worth A$1.5B

 GenusPlus (ASX:GNP) secures HyperOne contract worth A$1.5B
Image source: © Jamesteohart | Megapixl.com

Highlights

  • GenusPlus secures a new Framework Agreement as a preferred supplier for the HyperOne Hyperscale Backbone project worth AU$1.5 billion.
  • The earlier stage of the HyperOne project between Sydney and Melbourne (through Canberra) is anticipated to generate circa AU$50 million revenue over the initial 12 months.
  • Backed by this announcement, the stock GNP was spotted trading over 8% higher on ASX today.

 ASX-listed Company which provides power and telecommunication solutions GenusPlus Group Ltd (ASX:GNP) announced on 17 January 2022 that it has won a new Framework Agreement as a preferred supplier for the HyperOne Hyperscale Backbone project. 

The Company revealed that the Framework Agreement with HyperOne Pty Ltd selected GenusPlus as a preferred supplier to support the design, construction, installation, procurement, and network infrastructure testing for five years initially, with further scope for extensions.

Construction of the HyperOne Network will be tendered in separate stages, with the earlier stage of the HyperOne Network between Sydney and Melbourne (through Canberra) is anticipated to generate circa AU$50 million revenue over the initial 12 months. HyperOne said that it is constructing the country’s first Hyperscale Backbone. Work on the Sydney to Melbourne (via Canberra) route is expected to start in early 2022.

The HyperOne Network, which is believed to be the largest private independent digital infrastructure project in Australian history, will have the below listed features: 

  • HyperOne will have the capacity to carry more than 10,000 terabits per second – more traffic compared to other national backbones constructed in Australian history combined.
  • The project will open up the north of Australia and offer useful on-and-off-ramps to underserved areas across Australia.
  • The project will create a significant number of jobs and that too at a time when the situation is critical in Australia – by coming into partnership with local industry in every state of Australia.

Today, GNP closed 8.064% higher at AU$1.340 per share on ASX.

Bottom Line:  

The Company has termed the agreement an outstanding opportunity for GenusPlus as well as HyperOne to work on the path-breaking national infrastructure project jointly. The framework agreement establishes GenusPlus’ position as a leading communications partner within the industry.

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