MoU will accelerate the Industrial Ecosystem to realize Industry 4.0 and unlock new business opportunities for both organizations
LAHORE: Octopus Digital, a wholly owned subsidiary of Avanceon Limited, signed an Industry 4.0 and Digital Transformation Partnership Memorandum of Understanding (MoU) with Hub Power Services Limited (HPSL), a wholly owned subsidiary of The Hub Power Company (HUBCO), the largest Independent Power Producer (IPP) in Pakistan, a notice at PSX website said here on Thursday.
As per the MoU, Octopus Digital will enable Digital KPI Dashboards, Cloud based Reporting and Data Driven Asset Maintenance Services for HUBCO’s Power Plants. Both companies will also work out a joint business plan for co-marketing and co selling dashboarding services to other industries within Pakistan and abroad.
Octopus Digital hosted the Executive Leadership from HUBCO to sign the MoU between the two companies on May 03, 2021, at Avanceon Limited’s Regional Headquarters in Lahore.
Asmar Atif, Chief Intrapreneur Octopus Digital and Kaleem Khan, Plant Manager (Head of Engineering & Tech) HUBCO signed the MoU with Tanveer Karamat (President Avanceon Limited) while Bakhtiar H. Wain (CEO & Founder Avanceon Limited) and Tahir Javaid (CEO HPSL) joined the ceremony virtually.
Octopus Digital has the distinction of being an Industry 4.0 pioneer in Pakistan and the Middle East by providing major multinationals Digital Dashboards, Prediction via Machine Learning and Cloud Computing without any Capex Investment. Through its unique monthly subscription model, the fundamental needs of the industrial process monitoring, measurement, and performance reporting are met via cloud hosted Topware™.
As the largest IPP in Pakistan, HUBCO has a combined installed power generation capacity of nearly 3,000MW, through its existing power plants and Joint Ventures. Additionally, HUBCO is constructing 2 more power plants with a total power generation capacity of 660MW. HUBCO is the only power producer in Pakistan with investments in 4 projects listed under CPEC, valued at approximately $4billion. HPSL
Both organizations have a combined vision of increasing productivity and monitoring through ethical AI and single version of the truth for all and have laid a solid foundation of channel partnership by signing the Industry 4.0 and Digital Transformation MoU.
Tahir Javaid, CEO HPSL, expressed his views at the ceremony by stating, ‘Given the state-of-the-art infrastructure i.e., power plants we are continuously working to promote sustainable development and uplift the quality of services aligned with global standards. Following this vision, we are honored to have the expertise of Octopus Digital on board and sign this MoU. I hope we will successfully continue collaborating with Octopus Digital to make necessary digital transformation to capture more markets while providing high-end services.
Bakhtiar H. Wain, Founder & CEO Avanceon Limited, also expressed his views by stating, ‘This new partnership is very dear to us as we at Octopus Digital are excited and thrilled to work with Pakistan’s largest IPP Hub Power. This MoU will allow us to invest our expertise into the digital transformation of the energy sector of Pakistan.’
As per the terms of the MoU, both companies will work on existing and explore new markets while helping HPSL upgrade its services through cloud based real time monitoring. Furthermore, training of the existing staff and onboarding of the team with the required expertise is also planned to be included in the initial phase of the deal. HPSL will provide relevant inputs and expertise to Octopus Digital to enhance its Topware™ Digitalisation Portfolio and Services Suite.