The listing will enable it to accelerate its plans to build street light control solutions for smart cities
gridComm, a Singapore-based startup that leverages on IoT technology to make power grids “smart”, has announced that it has gone public on the Australian Stock Exchange (ASX) through a reverse takeover by Australia-based oil & gas company Odin Energy.
Through the acquisition, gridComm will net up to US$7.5 million in shares, enabling it to accelerate its smart power grid solutions.
Its end-to-end solutions include the supply of the PowerLine Communication (PLC) modules and components which makes the power grids smart, as well as the necessary software needed to facilitate communications between inside the smart power grid systems. These systems would include components such as smart meters, smart grid monitors and street lighting.
For homeowners, they can use gridComm’s chips help to transform homes into energy-efficient “smart homes”.
In an official press release, gridComm says its main priority now is to “expand and further deploy its street light management systems via its robust power grid networking and software solutions.”
These smart street light systems are currently present in Jakarta and several Chinese cities including Nanning and Tianjing.
gridComm is presently undergoing trials in Singapore, Spain, Russia and 3 other cities in Indonesia. It is also in talks with various Australian authorities and distributors.
It claims that its smart power grid system, combined with LED lighting solutions, can help cities reduce electricity consumption by up to half. It will also lower maintenance costs.
Today, gridComm also announced that it was selected as one of the top three finalists at the IBM Global Entrepreneur SmartCamp.
This programme provides mentoring and networking opportunities, as well as pitching competitions for early stage entrepreneurs globally.
“IBM’s SmartCamp has helped ramp up commercialisation plans for gridComm’s smart grid products. We’re utilising IBM for data analytics to automatically determine street light dimming levels and enable predictive maintenance,” said Mike Holt, gridComm’s CEO and co-founder.
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