Sol Chip Receives Order for 20,000 SolRad Energy-saving Units from European Real Estate Giant

Portfolio company Sol Chip Ltd., a company that develops sustainable energy solutions for the Internet of Things (“IoT“) markets, announced today that it has received a first order for 20,000 units of its SolRad device from a prominent European real estate company and one of the largest publicly traded real estate companies in Europe, whose focus is on income-generating quality properties in central locations in top tier western European cities.

Commercial real estate companies rely on optimization of management and operational costs to drive and maximize returns. Controlling and monitoring radiators and water heating systems is a source of enormous untapped efficiency potential for real estate management companies. Digitalization of heating systems is an essential technology for decarbonizing the thermal energy system and for saving significant energy costs.

Sol Chip has developed the SolRad device, a heating control system for continuous real-time remote control and monitoring of radiators. The SolRad is a “zero energy” IoT device that runs on autonomous, patented light harvesting power with no need for external energy. The SolRad energy management device is a low-cost, easy-to-install device that can be retrofitted to any existing radiator in minutes and has been proven to reduce energy consumption by 35%.  In addition to controlling the energy consumption of individual radiators, the device also provides invaluable continuous data to building managers, transforming the entire radiator system into a digitalized, managed network.

This news was published on PRNewswire

Sol Chip and their European partner are also in discussions for a framework agreement for the sale of additional SolRad units following the successful installation of the first 20,000 units.