CCP Technologies (ASX: CT1) has enhanced its internet of things (IoT) monitoring technology to include extreme temperature monitoring for the global bio storage industry.
The company has completed trials at Monash University using its extreme temperature solution that can detect to negative 80° Celsius and lesser.
According to CCP, the solution protects biological assets and expands from its current refrigeration monitoring offering.
“This application represents a new use case for CCP that has far-reaching market opportunity,” the company stated.
“Seeing the potential value of stepping into a market void in which there is a compelling need and working closely with Monash University to address their requirements, CCP has overcome the technical challenges that extreme low temperature presents for reliable accurate monitoring to produce an effective technical solution that can be rolled out at scale.”
CCP believes its new technology is a “plug and play” monitoring solution that can continuously report on extreme low-level temperatures that are required for storing high-value biological materials.
The company pointed out that the biological materials can have a replacement value of tens of thousands of dollars through to more than $1 million each.
Medical and scientific facilities around the world are faced with insurance and disruption costs with the loss of biological assets due to temperature breaches and CCP hopes to alleviate these challenges with its technology.
As part of the monitoring solution, CCP’s IoT technology provides real-time monitoring and alerts, with the software dashboard also reporting on equipment life cycles and replacement requirements to minimise outages and unscheduled maintenance that could compromise the biological material.
CCP will roll-out the solution across Monash University with 120 monitoring points identified.
Largest US purchase order
Today’s news follows on from yesterday when CCP reported it had signed its largest purchase order in the US for its refrigeration monitoring technology.
The order was from a new Massachusetts casino with client details and pricing remaining confidential.
However, CCP disclosed the deal is expected to boost its current subscription revenues by 10% once the monitoring solution has been installed in July.
Shares in CCP rocketed more than 53% in early morning trade to reach $0.02.