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"("Kontrol" or "Company") is pleased to announce that it has entered into a Memorandum of Understanding (MOU) with a European Original Equipment Manufacturer (OEM).
On May 19th, 2020, following the announcement on May 13th, 2020 for the launch of 2 SmartSite® pilots with the OEM, Kontrol and the OEM (collectively, "the parties") have entered into an MOU. The purpose of the MOU is to provide the parties with an agreement on intellectual property rights, software development and equipment data ownership.
Under the terms of the MOU, the OEM is responsible for selecting pilot sites and providing access to local site equipment and applicable data. The OEM has the option to select 2 additional pilot sites to bring the total number of pilot sites to 4. Kontrol will provide its software and data analytics and control platform for 90 days and also allow for data access for up to one year. Kontrol will retain the rights to its intellectual property and software development. The OEM will retain the rights to any equipment data and equipment analytics supplied by Kontrol.
The parties agree that the initial pilots will form the basis on an ongoing discussion around building a larger platform to be deployed by the OEM as a white label solution operating across the OEM's portfolio. Currently the OEM has its equipment installed in approximately 20,000 building locations. Subject to ongoing discussion and potential future agreements the parties will consider exclusivity for the OEM across the heating, cooling, and ventilation (HVAC) sector.
Under the terms of the MOU the OEM and pilot sites will remain confidential until the pilots are complete.
About SmartSite® enterprise solution
Through the use of Kontrol's patented technology the SmartSite® enterprise solution is enabled through the Cloud and provides real-time data, analytics, alerts as well as smart-learning and predictive maintenance. SmartSite® has been designed to manage, monitor, and control HVAC equipment and related building sites in real-time across tens of thousands of locations.
About Kontrol Energy
Kontrol Energy Corp. (CSE: KNR) (OTCQB: KNRLF) (FSE: 1K8) is a leader in the energy efficiency sector through IoT, Cloud and SaaS technology. With a disciplined mergers and acquisition strategy, combined with organic growth, Kontrol Energy Corp. provides market-based energy solutions to our customers designed to reduce their overall cost of energy while providing a corresponding reduction in greenhouse gas (GHG) emissions."
