Riyadh and Rome June 3rd, 2013 In Riyadh, Saudi Arabia, AEC, ICT Europe and Enel signed a Memorandum of Understanding (MoU) aimed at smart grid area implementation within the Saudi Arabia Kingdom and the Gulf Cooperation Countries (GCC), namely Saudi Arabia, Kuwait, the United Arab Emirates, Qatar, Bahrain, and Oman.
With decades of experience in Advanced Meter Infrastructures (AMI) and great working relationships with regional electricity utility companies, Advanced Electronics Company (AEC) has joined forces with ICT Europe and Enel (having a field-proven technology and international expertise on Smart Metering and Smart Grids) to provide local capabilities in this evolving technology. An MoU has been signed with a prime focus on delivering world class performance in smart grids and power distribution capabilities.
This collaboration is a response to the Saudi Arabia Kingdoms plan to embrace the smart grid technology. The energy trend today is moving rapidly towards integrated networks, which requires better management of assets, peak demand and better response to faults. In addition to efficiency and reliability gains, smart grid technologies can attain easier integration of renewable energy sources, such as solar energy. The potential efficiency gains and power distribution alternatives can also further strengthen the regions energy security as all GCC currently depend mostly on fossil fuels for their energy needs.
This MoU will support AEC to increase its technical footprint in the regional power distribution companies whilst enabling them to benefit from Enels proven industrial expertise in the energy sector. This collaboration brings together local and international technologies in areas of Smart Grids, Advanced Metering Infrastructure, Network Automation, Distribution Management Systems and Smart Cities. Thus providing high value added operational services to help end customers and significantly improve operation efficiency.
It is an important step in the context of expanding our value chain across the region. By joining forces with ICT Europe and Enel we will significantly advance our smart grid solutions. This MoU shall enable fast-track technology transfer of smart grid technology, thus creating job opportunities for national talents, whilst in the meantime integrating national requirements regional electricity utility companies, regional renewable energy initiatives as that headed by King Abdullah City for Atomic and Renewable Energy (K.A.CARE) and the national Electricity Cogeneration Regulatory Authorities such as (ECRA). said Dr. Ghassan Al-Shibl, President and CEO of AEC.
We are a leading global player of smart grids solutions and this cooperation represents an additional milestone in affirming our leading position. With a proven track record of 38 Million meters in Italy provided with our technology,13 million new generation meters currently being installed in Spain more than 24,000 MW of Distributed Generators connected to our distribution grid and a top-level quality of service improved by more than 60% since 2001, we are pleased to join forces to widespread smart grid technologies in Saudi Arabia Kingdom and all Gulf Cooperation Countries. commented Mr. Livio Gallo, Director of Infrastructure and Networks at the Enel Group.
ICT Europe CEO, Mr. Francesco Costanzo said that As a boutique investment bank and co-developer of business, it is our vision to bridge the technology gaps that exist in the Saudi market, by bringing leading international technology companies, such as Enel Distribution, that are willing to transfer technology and invest in the Kingdom of Saudi Arabia through strong and credible local partners, such as AEC. We dont only nurture and manage the relationship between the partners, but also invest in promising opportunities such as the Smart Grid which for us is a prime example of our business model.
About Advanced Electronics Company (AEC)
Established in 1988 under the directives of the Government of Saudi Arabia, the Advanced Electronics Company is an offset program company and now a recognized leader in the field of modern electronics manufacturing, system integration and repair and maintenance services. The company also provides the benefit of easy and rapid access to other regional markets, customers and distribution networks. AEC has demonstrated excellence and shown leadership in the Military, Telecom & Industrial business sectors in which it successfully operates.
The Enel Group is Enel is a multinational group based in Italy, a leading integrated player in the power and gas markets of Europe and Latin America, operating in 40 countries across 4 continents overseeing power generation from 98 GW of net installed capacity and distributing electricity and gas through a network spanning around 1.9 million km to serve 61 million customers. Enel Distribuzione is a company of the Enel Group and operates 85% of the Italian electricity distribution network and is at the forefront in the development and roll-out of Smart Grids technologies, starting with Smart Meters and AMI (Automated Metering Infrastructure) deployed back in 2001. Enel Distribuzione SpA's "Telegestore", with 38 million of meters in Italy and 13 million in Spain being implemented is the unique Smart Meter deployment worldwide of such a size. Enel Distribuzione SpA is also providing technology to other Enel Affiliates and is expanding in the global business of Smart Grids internationally.
About ICT Europe
ICT Europe is a boutique investment bank and co-developer of business, based in London, that specialized in Technology Transfer through investing as a principal in Joint Ventures and profitable partnerships. ICT Europe also offers international advisory services to OEMs willing to invest in the Middle East.