ConFlow Power Sells USA Territory for $50,000,000
LONDON, Sept. 22, 2020 /PRNewswire/ -- ConFlow Power Group Limited sells the USA territorial license for its combined lighting and power-based technology for 50,000,000 USD under the ILOCX globalisation model.
ConFlow Power Group Limited is pleased to confirm the closing of USA license terms for all current and future technology to ConFlow USA Inc., opening the United States and the vast potential which comes with it has been a major focus for ConFlow Power Group for some time. The team at ConFlow USA bring enormous experience and substantial partners to the table in a transaction that will see an immediate pilot in California.
Christopher Bonvini, a main board director at ConFlow Power Group said, "We have been working on this transaction since before the Covid-19 pandemic and I am so pleased we have managed to pull off such a fundamental deal given the restrictions that we have all been subjected to."
ConFlow USA brings an immediate pilot for testing the integrated off-grid lighting system to be installed at the California State University Campus. This testing is prior to a mass role out by Southern California Edison.
There are around 26,000,000 streetlights in America and ConFlow Power Group maintains it has the most sophisticated and integrated on and off grid options on the market today. The ConFlow Lighting Technology houses a stack of multiple technologies, including 360-degree high resolution cameras, Battery/Ware management system, Power as a Service (PaaS) payment gateway chip, gunshot detection, weather sensors, high speed internet capability plus Drone Ready additions for drone parking, charging, data retrieval and diagnostics. The ConFlow Street Light is a truly smart, integrated component that also serves as a testing unit for ground-breaking battery technology, combining a solar offering within each pole. The ConFlow Lighting Technology stack redefines street lighting, security and management and turns a cost centre into a profit centre - with renewable energy as the focus, while using the grid as a backup where applicable.
This License agreement has been designed to fit within the ILOCX Global Licensing Model (GLM). This structure ensures a fair and equitable relationship between both licensee and licensor as well as all other licence holders within the family of licenses which ConFlow Power Group issues. All participants in the GLM benefit from new technology or advancements in manufacturing by sharing these initiatives across license holders globally. In addition, all ILO holders in ConFlow Power Group's main board listing on the ILOCX benefit from revenue generated by global license holders as a percentage of that revenue is paid to ConFlow Power Group in London.
Edward Fitzpatrick, main board director at ConFlow Power Group said, "We have license holders all the way through the eco system in ConFlow, helping promote the company on one level, directly helping to sell on another, all contributing to bring in more technology to a wider global market, this means faster distribution of this revolutionary technology. It's a great example of collaborative marketing and collaborative capital, I am so proud to be involved."
ConFlow USA intends to use the installation at CalState University Campus to embark on a mass roll out of the street lighting systems which run in-field diagnostics and data to improve battery technology and bring off-grid renewable energy systems into the mainstream as bankable products.
Harold Patterson for ConFlow USA said, "The market shift into smart street lighting is coming anyway, we have chosen the ConFlow Technology stack because of it's true innovation and the team's problem-solving ability to bring a product to market that has value in the field, while conducting invaluable testing and constant diagnostics, also in the field, creating a totally unique opportunity."
For more information on the ConFlow range of products visit www.ConFlowPower.com