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Torino Power Solutions and French Industrial Group SICAME Enter MOU
Monday, July 30, 2018Company Profile | Follow Company
Burnaby, BC, July 30, 2018--(T-Net)--Torino Power Solutions Inc. (CSE: TPS) announceD this week that it has entered into a Memorandum of Understanding ("MOU") with SICAME, a French-based world leader in the manufacturing of components, equipment and services for transmission and distribution electrical networks.
Highlights:
Rav Mlait, CEO of Torino, stated: "This emerging relationship with SICAME is an important and major step in the development and growth of our business. It has been a core belief of Torino that sensors are at the heart of IOT strategies. SICAME is developing an impressive IOT technology platform for utilities and smart grid adoption across Europe and elsewhere. We are very pleased to work with SICAME on several fronts to eventually capture business opportunities globally."
The MOU establishes objectives of both parties to a) Determine robustness of the PLM and begin to discuss how such technology could be introduced to SICAME's clientele network and be built into SICAME's innovative pipeline of new products; b) Review existing IOT capabilities and examine future requirements for the potential integration of the PLM into SICAME's IOT platform including database and communications management; and c) Explore marketing and distribution channels.
Since early 2017, Torino and SICAME have been developing their relationship primarily with the technical evaluation and testing of Torino's PLM, Internet of Things ("IOT") sensors for overhead powerlines. Torino has been testing its PLM at SICAME's Dervaux laboratory since the fall of 2017.
Torino CEO Mlait added, "The utility industry is undergoing a major transformation as utilities seek to improve power quality and reliability, reduce downtime, energy waste, and minimize customer costs. Torino is delivering a unique solution to the utility sector that is cost effective and can provide significant return on investment."