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

HAIFA, Israel, Nov. 12, 2024 /PRNewswire/ -- Sol Chip Ltd., an Israeli 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.

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.

Teddy Golan, Sol Chip CEO remarked, "The sale to our European partners is an important first step towards a long-term collaboration between the two companies.  The SolRad system reduces energy consumption by 35% and, as a result, will dramatically reduce the carbon footprint of commercial real estate properties.  We are honored that they have selected Sol Chip as their partner of choice to assist them in streamlining energy consumption and digitally manage urban climate environment." 

About Sol Chip

Sol Chip develops sustainable energy solutions across industries that make IoT simple, ecological and affordable.

Contact:

Teddy Golan, CEO Sol Chip
[email protected]

SOURCE Sol Chip