01 Apr, 2019
[Press Release] I-ON Communications Formalizes Long-term VPP Research Collaboration with Busan City Gas, Shinhwa SNC and Malaysia-based Tenaga Nasional Berhad
SEOUL, South Korea, April 1, 2019 /PRNewswire/ -- I-ON Communications Corp. ("I-ON" or the "Company") (OTCQB: IONI), www.i-on.net, a Seoul, South Korea-based global enterprise software company focused on delivering leading CMS, unstructured data management and digital marketing products and solutions to mid- and large-scale private and public sector enterprises, is pleased to announce that the Company was recently selected to be a key participant in a consortium with South Korea-based utility Busan City Gas and Shinhwa SNC, a domestic smart energy IoT solutions provider, to address the long-term energy needs of both utilities and businesses across Malaysia. In conjunction with Tenaga Nasional Berhad ("TNB"), Malaysia's largest publicly traded power company, the 30-month Research Collaboration Agreement will attempt to integrate I-ON's standard and next generation ESS (energy storage system) along with solar technology, to advance next generation VPP (Virtual Power Plant) pilot projects at five sites across Malaysia. The project is valued at approximately $7 million and will be financed through entities directly affiliated with both the Malaysian and South Korean governments, including involvement from the Korea Institute of Energy Technology Evaluation and Planning (www.ketep.re.kr). Total revenue contribution to I-ON is estimated to be at least $2 million by October 2020.
"This research collaboration with both our Malaysian and South Korean partners comes on the heels of I-ON's previously announced next generation VPP alliance with Japan-based TIS INTEC Group, in which we are offering and employing key components of I-ON's energy management platform to address the demand response needs of Japan's power grid companies. Similarly, our Malaysia-focused initiative, together with TNB, will also maintain an eye towards integrating a proprietary next generation VPP that operates within its own cloud-based service environment, while utilizing components of I-ON's next generation energy management platform- Micro-Grid, Prosumer, V2G- all of which are being introduced and brought to market as part of this collaboration", stated Mr. James Oh, Chairman of I-ON.
About I-ON Communications Corp.
I-ON Communications Corp.(www.i-on.net/eng) is a Seoul, South Korea-based software and solutions developer as well as provider founded in 1999.After being awarded its first of six key patents by 2003, I-ON has sold to over 1,600 clients across numerous verticals in both the private and public sectors, primarily throughout South Korea, Japan and Southeast Asia. The Company's core offerings include DXP (Digital Experience Platform) and revolve around unstructured data management, sports software and energy ICT solutions specifically related to demand response for home and power companies, energy trading system, micro-grid management system and VPP.
Tenaga Nasional Berhad is the only electric power company in Peninsular Malaysia that generates, transmits and distributes electricity to over 8.4 million customers. It operates in Malaysia and across Southeast Asia as the biggest public power company in the region. TNB services also include repairing, testing and maintaining power plants, providing engineering, procurement and construction services for power plants related products, assembling and manufacturing high voltage switchgears, coal mining and trading.
Forward Looking Statements
Statements in this document contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on many assumptions and estimates and are not guarantees of future performance. These statements may involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Our actual results may differ materially from the results anticipated in these forward-looking statements due to a variety of factors, including, without limitation those set forth as "Risk Factors" in our filings with the Securities and Exchange Commission ("SEC"). There may be other factors not mentioned above or included in the Company's SEC filings that may cause actual results to differ materially from those projected in any forward-looking statements. The Company assumes no obligation to update any forward-looking statements as a result of new information, future events or developments, except as required by securities laws.
Bruce S. Lee
I-ON Communications Corp.
SOURCE I-ON Communications Corp.