“Electrica informs investors that it signed today, May 16, 2024, in the presence of the prime minister of Romania, a Memorandum of Understanding with Esyasoft Holding Ltd., regarding the collaboration for the provision of the implementation scheme and financing/investments for the modernisation and automation of the network infrastructure, through Smartgrid technologies, advanced metering infrastructure (AMI), electric vehicle charging infrastructure, energy storage and consumer engagement,” the report states.
The memorandum is valid for a period of one year, with the possibility of extension. The main purpose of this Memorandum of Understanding includes, but is not limited to: collaboration on the scheme of implementation and financing of the modernisation and automation of the network, AMI and other related technologies; The formation of a JV/SPV (Joint Venture/Special Purpose Vehicle) or the use of any other collaboration framework allowed by Romanian and EU legislation and regulations, as the case may be; the transfer of knowledge regarding the development of the network modernization and automation infrastructure.
Esyasoft Holding Ltd. is a wholly owned subsidiary of International Holding Company (IHC), Abu Dhabi, specialised in providing end to end Network Grid Modernization and Automation, through Smart-grid Technologies, Advanced Metering Infrastructure (AMI), EV Charging Infrastructure, Energy Storage and Consumer Engagement, communication network, IT, IoT, and advanced analytics and AI solutions for power, gas, and water utilities. Esyasoft has been providing critical Network Grid Modernization and Automation Solutions Globally, having offices in over 10 countries, including UAE, India, Azerbaijan, Netherlands, United Kingdom, and Americas, serving over 35+ global utility companies.
Electrica Group is a key player in the electricity supply, distribution and production market in Romania, as well as one of the most important players in the energy services sector. Electrica Group provides services to about 3.9 million users and has national coverage – with a coverage of 18 counties from three geographical areas for the distribution of electricity: Northern Transylvania, Southern Transylvania, Northern Muntenia, and across the country for the supply of electricity and for energy maintenance and services. As of July 2014, Electrica has become a company with private majority capital, listed on the Bucharest and London Stock Exchanges.
Electrica has a market capitalization of RON4.8 billion and is 48.8%-owned by the Romanian State, through the energy ministry. EL shares have gained 19.9% so far in 2024, amid deals worth RON271 million, as per stock market data.