Iveda wins 30-year contract with Taiwan’s energy giant Taiwan Power Company (TPC) and books new lucrative and stable revenue for smart city implementation for the next 3 decades. The project has been endorsed by its client partner Chunghwa Telecom, a telecom giant of Taiwan, and supported by Taiwan’s Industrial Technology Research Institute (ITRI), the Taiwan national organization that certifies governmental projects and facilities.
Iveda® (OTCMKTS:IVDA) is constantly on the move to reach more noticeable achievements in 2021 while rebooting its entry to the capital market. With its product lines approved by the U.S. Department of Homeland Security, Iveda has recently announced its glorious win with the energy giant Taiwan Power Company (TPC). It is for a 30-year green project through its relationship with Chunghwa Telecom, a telecom giant of Taiwan. Iveda has already yielded a sizable initial order with TPC for this huge project of Taiwan.
What does it mean for Iveda? It means a lucrative and steady revenue for the company in the next 30 years! Long term project like this will help Iveda realize more successes in Smart City implementation on a global scale.
According to GlobalData, Taiwan is expected to ramp up its solar deployment, which presents exponential revenue potential for Iveda. Mr. Chen Chung-hsien, director of the Electricity Division in Taiwan's Bureau of Energy, has stated that investments of NT$1 trillion (US$32.2 billion) and 20,000 new jobs are to be expected in the green economy.
Iveda is the worldwide provider of IvedaAI™ intelligent video search technology, Sentir® video surveillance products, IvedaPinpoint™ and IvedaHome™ IoT (Internet of Things) platforms with smart devices.
It is also noted that Iveda has recently gained big industry reputation on its road to continual successes due to the two very recent outstanding achievements that put the company on the global technological map encompassing the hottest technology sectors today including AI, security, and smart home/smart city.
These significant achievements could have a very huge impact on the future of the Company going forward:
1) Iveda has co-developed the AI solution with Claro Enterprise Solutions, leading to the 2021 Artificial Intelligence award-winning offering in Hospital Asset Management. Claro is a leading global technology services company. The award was given by the Business Intelligence Group's Artificial Intelligence Excellence Awards program. Easily deployed, the Iveda Pinpoint solution integrates seamlessly with existing video surveillance system and network infrastructure while independently operating outside hospital information systems. The joint solution addresses hospital asset management challenges that include shrinkage, low equipment utilization, and the countless hours currently wasted by hospital staff trying to locate misplaced equipment. As a result, quality of care, patient experience, operations and workflow are negatively impacted. Misplaced and stolen equipment is a critical issue that costs the healthcare industry millions of dollars each year.
2) The company has made it on the list of the top 25 industry players in the video surveillance and storage market based on 2021-2027 market analysis from A2Z Market Research. This top list includes Honeywell, Cisco Systems, Dell, HP, Western Digital and many other global technology power houses. MarketsandMarkets™ forecasts the global Video Surveillance Storage (VSS) market size to grow from USD 7.5 billion in 2020 to USD 10.2 billion by 2025, at a CAGR of 6.1% during 2020–2025. Major growth factors for the market include the adoption of IP cameras and demand for video surveillance and its storage to secure public places.
In celebrating the glory of winning a super project in the technologically-oriented country like Taiwan, the president of Iveda Taiwan I.H. Shiau commented “We are honored to be chosen as one of the six companies for this 30-year project, each with a unique qualified solution, thanks to Chunghwa Telecom, our long-time partner, who endorsed our equipment and installation services to TPC.”
This 30-year project with TPC allows Iveda to provide an integrated process variable 4G gateway, a Modbus device, and smart sensors that will collect and route grid data to TPC. This integrated solution has been approved and certified by Taiwan’s Industrial Technology Research Institute (ITRI) for government projects and facilities. Through these devices, TPC can remotely access inverters from any solar power plant to manage and control distribution of power.
“Long-term projects like this will help Iveda, not only in Taiwan but other parts of the world to realize its Smart City implementation successes,” said David Ly, CEO of Iveda. "Industrial IoT and smart power management are part of Iveda’s portfolio for Smart City solutions."
In the past few years, Taiwan has been undergoing transformation of its electric energy grid. Solar power plants and wind power plants are being built across the country to deal with power shortages caused by the closure of nuclear power plants. TPC will sign a contract that guarantees it will buy solar-generated power from every solar plant for the next 30 years.
Due to the vast number of power plants, TPC created the DREAMS (Distribution Renewable Energy Advanced Management System) platform to control and manage power generation in Taiwan. Chunghwa is the developer and administrator of DREAMS. The monitoring tool reads all data and accesses all inverters in every solar plant using a unique VPN with a special communication protocol DNP 3.0 over TCP/IP. With Iveda’s 4G equipment TPC can monitor the power generation and transmission of new and old power plants across Taiwan.
“For a city to be truly smart, secured connectivity for delivery of sensitive data is vital. We continue to innovate to respond to the ever-growing demand for smart city technologies,” added Ly.
The global solar energy market is projected to reach $223.3 billion by 2026, growing at a CAGR of 20.5% from 2019 to 2026. Solar power construction companies will be buying Iveda’s certified DREAMS gateways with the option of utilizing IvedaAI and IoT solutions for security and safety applications at the plants from the build stage through operation stages.
Iveda® (OTCMKTS:IVDA) specializes in IoT platforms that offer service providers a turn-key cloud video surveillance system, smart sensors and intelligent video search technology. Iveda utilizes proprietary command center, big data storage and deep-learning algorithms. Iveda has a SAFETY Act Certification from the U.S. Department of Homeland Security as a Qualified Anti-Terrorism Technology Provider. Headquartered in Mesa, Arizona, with a subsidiary in Taiwan, Iveda is publicly traded under the ticker symbol “IVDA.” For more information call (480) 307-8700 or visit www.iveda.com. To follow Iveda visit:
www.facebook.com/ivedasolutions,
