01 Apr, 2019
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
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Bruce S. Lee
I-ON Communications Corp.
SOURCE I-ON Communications Corp.