Smart Parking signs five-year deal with London’s Gatwick Airport

Smart Parking ASX SPZ London Gatwick Airport
Smart Parking expects to generate $2.4 million over the next five years from its contract with Gatwick Airport.

UK’s second-largest airport, Gatwick, has appointed Smart Parking (ASX: SPZ) to provide parking technology solutions including detection sensors, directional lights and ongoing maintenance.

This will add to Smart Parking’s existing operations in Australia, New Zealand and the UK.

In a statement published this morning, Smart Parking announced a five-year contract with Gatwick after a comprehensive tender process that resulted in Smart Parking being selected over several other competitors to its intelligent parking sensors and integrated smart parking services at the major airport.

According to Smart Parking, the deal represents a “significant project win” which is expected to generate revenues of around $2.4 million over the course of the agreed five-year term.

Under the deal, Smart Parking will be tasked with installing 4,188 vehicle detection sensors across five multi-deck car parks, allocated for short-term parking.

The company will also provide 33 directional LED signs throughout the car park facility at the airport as well as being responsible for all required system maintenance.

In addition to vehicle detection sensors and LED signs, Smart Parking will also provide its “SmartSpot gateways” that can relay live parking events to SmartCloud, the company’s online smart city management platform.

“We are delighted to start 2020 with such a significant project win,” Smart Parking chief executive officer Paul Gillespie said.

“After spending the end of 2019 working through a comprehensive tender process with London Gatwick Airport, Smart Parking are looking forward to installing our cutting-edge parking technology solution in one of the world’s major international airports,” Mr Gillespie added.

Smart Parking solutions

Currently, Smart Parking installs thousands of sensors in various environments including shopping centres, supermarkets, airports, commercial parking sites, universities and large-scale municipal street environments.

Its real-time vehicle parking sensor solution, SmartPark, is being marketed as a real-time, global scale, intelligent IoT services platform while its latest SmartCloud innovation was created after partnering with Google during their deployment of the Google Cloud IoT Core platform.

Smart Parking claims its SmartCloud solution to be an “overarching service platform” that gathers data from thousands of installed sensors and devices, and, in turn, processes this information into valuable, real-time reporting and events.

The system is programmed to process millions of interactions with vast networks of sensors and information equipment, but can also be linked up to other systems to create elaborate service networks offering far greater usability compared to disconnected analogue methods.

Another feature Smart Parking offers is its Automatic Number Plate Recognition/Licence Plate Recognition (ANPR/LPR) technology.

The feature can be used as a single solution, or be combined with Pay & Display and integrated with other sensing technology in order to generate a full spectrum view of thousands of parking spaces in one swoop.

In early morning trade, Smart Parking’s share price was up 6.67% to $0.24.