Smart Cities Technology License Agreement Signing Ceremony
SINGAPORE, October 26, 2018 (Newswire.com) - Singapore SME, Photizo Global Pte Ltd, signs its first i-CoreTM Licensing Agreement with Al Sharif Networks and Distribution Limited Co (ASGX), a subsidiary of Al Sharif Group Holdings (ASG), and Taqnia Energy from Saudi Arabia, in a global deal which is potentially worth more than USD500 million, at the Signing Ceremony held on 25 October 2018 at Marina Bay Sands Convention Centre, Hall 4812/4811.
There is a global push towards creating smarter cities and smarter buildings. According to a report by Zion Market Research, Smart Cities accounted for USD 955.3 billion in 2017 and is expected to reach USD 2,700.1 billion globally by 2024, growing at a CAGR of around 16% between 2018 and 2024.
One of the key challenges has always been the infrastructure required to support the addition of these smart devices. The results have been far from ideal, as many cities have to put up with unsightly wiring running along their street lamp poles, having devices and boxes strapped outside of these poles, and having no way of securing these new additions.
The new integrated smart IoT pole technology licensed to ASGX and Taqnia Energy will allow them to build the latest pole which can accommodate multiple devices internally, providing both power and data connectivity seamlessly. More importantly, this can be achieved without destroying the pristine urban landscape. Hiding these devices has another advantage – security. Sight unseen, this prevents careless vandalism, removes obvious targets, and ensures that passer-by will not be accidentally endangered by obtrusive electrical and electronic equipment.
This license agreement takes effect immediately and allows ASGX and Taqnia Energy to manufacture in Saudi Arabia and to sell their products globally. With the Middle East spearheading many new and exciting infrastructure projects, especially in Smart Cities development, this new technology will put ASGX and Taqnia Energy at the forefront of this development hotbed.
“We are pleased to be at the leading edge of smart cities development using such a new innovation in pole design. With this new product, ASGX and Taqnia Energy will capture a significant share of the new infrastructure growth that is happening in the GCC,” said Mr Al Sharif Nawaf Faiez, CEO of ASGX at the Signing Ceremony.
“Taqnia is excited to be a part of this new technology which will change the landscape for Smart Cities, starting with Saudi Arabia. We are really excited and committed to invest our resources and make this a success,” said Mr Bamhair Wail Khalid, CEO of Taqnia Energy at the Signing Ceremony.
“With ASGX and Taqnia Energy so keen to embrace the visions of Photizo’s new technology, we have created a fantastic platform to lead and drive the next generation of intelligent infrastructure. I am proud to have played a part in bringing together these visionary companies, and I am looking forward to bringing our offering to the global market,” said Mr Gorm Teichert, Head of Global Licensing from Photizo Global’s Copenhagen office.
“We are impressed by the foresight and the daring vision of our licensees ASGX and Taqnia Energy, who took firm and immediate actions to anchor their claim in the Smart Cities market. This license opens a whole new avenue of value creation for both companies,” said Mr Michael Chia, Founder & CEO of Photizo Global Pte Ltd.
Taqnia Energy is a subsidiary of the Saudi Technology Development and Investment Company (Taqnia), and was established at the end of 2014, with headquarters in Riyadh. In order to contribute in technology localization and job creation, Taqnia Energy was founded with a clear mandate of developing and investing in bankable technology-focused energy business opportunities.
Al Sharif Group Holdings (ASG) is a Saudi company established in 1980. Grounded in meticulous planning, prudent management and group effort, ASG has become a leader in providing energy through distribution and transmission. They are expanding into many new areas and have robustly grown in parallel with Saudi Arabia’s infrastructural development. Al Sharif Networks & Distribution Limited Co (ASGX) is a subsidiary of ASG, with focus on energy distribution stations from 500 to 1,600 KVA and distribution network requirements.
Photizo Global Pte Ltd is a Singapore based SME which has full rights to its patent pending i-Core™ technology, targeted at smart cities and their infrastructure development. The focus of Photizo’s business model is on licensing its Intellectual Property rights globally, therefore making its business strategy scalable and products deployable at a more rapid pace.
Contact: Calvin Goh, VP, Business Development
65-90288268
Photos & Video available on request
Source: Photizo Global Pte Ltd
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