NewX Energy, PTBPP Group Partners For Technology Infrastructure Projects Worth $2.6 Billion

NewX Pte. Ltd and Bintan Power Plant Group(PTBPP) have signed a joint venture agreement whereby NewX will fully provide technology infrastructure and related services for projects worth US$2.6 billion.

NewX will deploy Internet-of-Things(IoT) systems embedding smart software and sensors across PTBPP's grid and power assets, assessing and analyzing energy production and distribution data to drive significant operational savings for consumers.

Through an online platform developed by NewX, customers can connect directly with power producers and purchase electricity at highly competitive rates.

This joint venture is in line with PTBPP Group's strategy to leverage technological innovation to broaden affordable energy access to consumers, helping drive economic progress.

"In developing Asia alone, 350 million people lack access to electricity. In the first phase of this project, NewX and PTBPP aim to connect 120 million people across Asia to affordable electricity," said Christien New, chairman of PTBPP Group. "NewX's groundbreaking technology will enable us to maximize operational efficiency and seize new business opportunities, helping accelerate the growth of PTBPP."

The joint venture will initially involve the distribution of up to 1,320MW of electricity in projects worth a total of US$2.6 billion. PTBPP expects a 40% or more increase in net profit as a result of operational efficiency savings and new business opportunities derived from the joint venture.

Pursuant to terms of the agreement, NewX will deploy its technology within the future portfolio of PTBPP's power business, including international business ventures.

NewX and PTBPP have identified global opportunities for the joint venture, and are in talks with private utility operators in Europe, China, Brazil, and the Middle East planning to deploy NewX's technological solutions.