Business
Joint Technology Development Agreement
Joint Technology Development Agreement.
About this update from Water Intelligence Plc
[{"type":"text","content":"\n \nRNS Number : 5286S Water Intelligence PLC 26 June 2018 \n\n \n \nJoint Technology Development Agreement and Expansion of Municipal Services\nWater Intelligence plc (\"Water Intelligence\" or the \"Group\") (AIM: WATR.L), a leading multinational provider of precision, minimally-invasive leak detection and remediation solutions for both potable and non-potable water is pleased to announce an exclusive joint development agreement with Reece Innovation Centre Limited (\"RIC\"). RIC is a manufacturing and innovation company headquartered in the UK. The Group and RIC plan to develop a range of proprietary, leading edge technology products under the Water Intelligence brand for the municipal services market. RIC also will provide Water Intelligence with preferred manufacturing capabilities that the Group needs in order to grow its solutions offerings worldwide. Such new technology product capabilities reinforce the strong growth trajectory of the Group's municipal services business - Water Intelligence International (\"WII\") - to be detailed in the Group's 1H market update.\nThe first product being launched under the Joint Development Agreement is a ruggedized and water proof acoustic device that rapidly assesses the condition of sewer pipes and identifies the location of blockages with greater precision than available in the market. The product is currently being tested at a major water utility in the UK. Water Intelligence plans to combine the product's acoustic capabilities with video technology and artificial intelligence provided by its Tagasauris partnership, announced earlier this year, to provide technology leadership to the municipal market.\nThe Joint Development Agreement is the next step in the Group's strategy to expand its municipal services business under the WII brand, first across the Group's current sales footprint in the US, UK, Australia and Canada and then into new geographies as the problem of crumbling water infrastructure, especially in urban areas, is a world-wide problem. \nThe Group's plan is to leverage the substantial market presence of its American Leak Detection (\"ALD\") residential and commercial subsidiary across the US and Australia to sell additional municipal services from WII in those serviced localities. Earlier this year,...