VANCOUVER, British Columbia, Feb. 02, 2018 (GLOBE NEWSWIRE) -- Torino Power Solutions Inc. (CSE:TPS) (Frankfurt:A143TE) (the “Company” or “Torino”), is pleased to provide an update on several initiates. In relation to the its ongoing continuous technology improvement efforts, the Company reports that it plans to release an updated version of its distribution temperature sensor that includes several improvements in design and performance with a lower cost radome, improved clamp design and more efficient sensor components. This new version of the sensor is expected to be available by the end of February.
The Company has been actively introducing it Power Line Monitoring system (“PLM”) to various utilities, and is continuing discussions with an eastern, midwestern and western U.S. based utilities for potential installations. More recently, the Company has initiated discussions with a California based utility for a potential evaluation installation. The Company also reports that product development discussions with two North American transit commissions to assess opportunities for an underground temperature sensor are still active.
A new market report from Persistence Market Research provides some positive insights on the potential growth of the global smart grid sensors market.
The following is an excerpt from Sensor Magazine: “The global smart grid sensors market will witness a CAGR growth of 30.3% over a forecast period from 2017 to 2025. Growing adoption of smart grid technology and smart grid sensors are likely to contribute towards growth of the global smart grid sensors market significantly. Increasing need for monitoring and detection operations are likely to rev up demand for the smart grid sensors globally during the predicted period. Moreover, the energy sector is witnessing a rapid transformation attributed to smart grids, efficient, and intelligent network of power supply globally. Such factors are likely to impact growth of the global smart grid sensors market through 2025.
However, harsh climate conditions, and environment will disrupt the operational efficiency of the smart grids. This has led to deployment of thermal sensors, which can adapt to various weather changes, and further detect temperature differences, particularly in the U.S. Moreover, growing incidence of thefts related to electricity in various underdeveloped, and developing regions is likely to rev up adoption of smart grids globally. Furthermore, adoption of Internet of Things will further impact growth of the global smart grid sensors market significantly.
Currently, various utilities companies in Europe are increasingly looking for opportunities to enhance the operation of smart grids, and development through connection of the unique devices. Such factors will result in creating a self-sufficient, and intelligent energy ecosystem. Furthermore, growing demand for energy, implementing smart systems for meter calculations, and incompetence of old power grids will further contribute towards growth of the global smart grid sensors market through 2025.
The U.S. is likely to offer significant opportunities to the smart grid sensors market through 2025. Government in the U.S. is mainly focusing on updating the existing conventional grids, which are not effective. Such factors will contribute towards growth of the smart grid sensors in the U.S. market. Moreover, department of energy in the U.S. has announced an investment of US$ 220 Mn to fund projects from a host of national laboratories to help upgrade the country’s power grid during next three years. Such factors will further impact growth of the smart grid sensors market positively.”
Torino Power Solutions is mentioned in the Persistence Market Research report.
About TPS
Torino’s real-time Power Line Monitoring system for electrical power transmission and distribution (T&D) grids is seen as a critical component for the digital transformation of the electrician grid. T&D infrastructure is in urgent need of expansion and upgrading due to increasing population, growing loads (due to renewable energy sources like wind and solar) and aging equipment. Utilities globally are investing in new technology to improve grid performance and reduce cost for their customers. Torino’s patented microwave cavity sensor technology delivers real time measurements that allow for closed loop Dynamic Line Rating leading to increased transmission capacity, improved grid resiliency, lower energy costs and bottleneck elimination. Torino PLM creates real-time situational awareness that will help prolong the life of powerline assets and help with the management of future distribution networks that are expected to host high concentrations of distributed energy resources which include distributed generation, renewable energy sources, local storage systems and flexible loads.
Please visit www.torinopower.com for more information.
We seek Safe Harbor.
On behalf of the Board of Directors
“Rav Mlait”
CEO and Director
Torino Power Solutions Inc.
For further information, contact at info@torinopower.com
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking information that involves various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company, such as final development of a commercial product(s), successful trial or pilot of company technologies, no assurance that commercial sales of any kind actually materialize; no assurance the Company will have sufficient funds to complete product development. There are numerous risks and uncertainties that could cause actual results and the Company’s plans and objectives to differ materially from those expressed in the forward-looking information, including: (1) adverse market conditions; (2) risks regarding protection of proprietary technology; (3) the ability of the Company to complete financings; (4) the ability of the Company to develop and market its future product; and (5) risks regarding government regulation, managing and maintaining growth, the effect of adverse publicity, litigation, competition and other factors which may be identified from time to time in the Company's public announcements and filings. There is no assurance that the DTCR business will provide any benefit to the Company, and no assurance that any proposed new products will be built or proceed. There is no assurance that existing “patent pending” technologies licensed by the Company will receive patent status by regulatory authorities. The Company is not currently selling commercial DTCR systems. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, the Company does not intend to update these forward-looking statements.
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