Odin hopes for bright future with ‘smart street lights’ after 18 months in suspension
It’s been 18 months but Odin Energy has taken to the market this week to reassure shareholders its shares will trade again — eventually.
The energy shell (ASX:ODN) has been negotiating a reverse take-over with a Singaporean street light company gridComm, first announced in November 2015.
On Thursday, Odin told shareholders it was working to shore up future contracts, citing orders to come from Jakarta.
gridComm had recently launched a “Smart Light Controller” deigned for use in Smart City rollouts.
“Smart city” is a buzz-phrase that refers to the concept of a city that deeply integrates computer networking to connect devices and improve the lives of citizens.
There is a trend towards cities around the world adopting “smart city” policies. The Australian federal government launched a “Smart Cities Plan” in April 2016.
gridComm hopes to tap this market by supplying technology to make ordinary street lights “smart” – enabling remote switching, on/off and dimming control from a central command centre.
The sensors monitor power consumption, current and voltage to increase productivity and minimise the need for manual checking of the lights.
Odin says the lights have be trialled in Taiwan and won a smart city innovation challenge in Vietnam last year, prompting uptake in three Vietnamese provinces.
“The SLC – 500-HN is first of its kind specially designed to solve street lighting IoT senor network connectivity issues enabling scalability in volume. This make installation of smart street lighting really easy, since engineers are not required to be on-site to perform configurations and tuning”, said founder Nge Tuck Long.
The deal comes after the company terminated another deal with WA’s The Hemp Corporation citing failed due diligence.