Noveda Technologies, a New Jersey- based developer of web based energy monitoring devices, has signed a memorandum of understanding (MOU) with Wysine Technologies of Chennai, India to explore synergies in technology development and seek market expansion opportunities worldwide.
The MOU will enable the two companies to jointly evaluate opportunities to develop customized software and hardware requirements for real-time energy monitoring systems for the industrial, commercial and residential markets worldwide.
The partnership will integrate Noveda Technologies’ experience in data acquisition and analytics with Wysine’s knowledge in hardware systems development to deliver integrated and cost effective systems for energy, water and carbon management and smart-grid technologies.
Further, the collaboration will include the utilization of Wysine’s SmartEN platform to advance residential energy monitoring space in developed economies like the US and the launch of a global network operations center to provide 24/7 assistance to customers using specific real-time data.
Wysine Technologies director Visweswaran Balasubramanyan said that by combining the respective capabilities, the companies can deliver a holistic approach to monitoring, measuring and managing both conventional and renewable energy usage over the Internet.
“Noveda’s customizable platform is ideal for the commercial and industrial client base in emerging countries like India,” Balasubramanyan said.