MESA, Ariz., April 26, 2021 (GLOBE NEWSWIRE) -- Iveda® (OTCMKTS:IVDA), today announced its selection by the Taiwan Power Co. (TPC) for a renewable energy initiative. The 30-year project has already yielded an initial order, booking new revenue for Iveda. According to GlobalData, Taiwan is expected to ramp up its solar deployment, which presents exponential revenue potential for Iveda.
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.
“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,” said I.H. Shiau, president of Iveda Taiwan.
Iveda will 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,” said Ly.
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.
According to Chen Chung-hsien, director of the Electricity Division in Taiwan's Bureau of Energy, investments of NT$1 trillion (US$32.2 billion) and 20,000 new jobs are to be expected in the green economy.
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.
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Iveda and Sentir are registered trademarks of Iveda Solutions, Inc. IvedaAI, IvedaPinpoint and IvedaHome are trademarks of Iveda Solutions, Inc. All other trademarks are property of their respective owners
About Iveda
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, www.twitter.com/ivedasolutions or www.linkedin.com/company/iveda-solutions.
This release includes forward-looking statements. Actual results may vary materially from those expected. All forward-looking statements made herein are qualified by such risk factors, and readers are advised to consider such factors carefully. Iveda undertakes no obligation to revise these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Contact:
Iveda
Luz A. Berg
Chief Marketing Officer & GM
480 307-8700
lberg@iveda.com