SPARQ Systems Inc., a Canada based solar microinverter company, has announced the signing of a microinverter manufacturing and supply agreement with JioThings Ltd, a smart IoT platform of Reliance Industries Ltd’s digital services arm Jio Platforms Ltd.
Under the agreement, the two parties will collaborate to develop, manufacture and distribute microinverters in India, and incorporate Sparq’s microinverters into JioThings’ solutions globally.
The partnership will leverage the two parties’ respective strengths to enable large-scale manufacturing of microinverters at a competitive cost.
“Jio’s existing strengths in communications, cloud computing, and IoT platforms, will enable a more comprehensive and scalable approach in developing new products for energy solutions. We expect that the combination of Jio’s scale and technology-leadership and Sparq’s software-centric design to enable large-scale manufacturing of microinverters at a competitive cost. In this way, the collaboration will allow us to offer a high-performance solution at a low cost,” said Praveen Jain, CEO of Sparq.
Sparq designs and manufactures single-phase microinverters for residential and commercial solar applications. Its microinverter solutions are based upon a high-frequency switching architecture. Sparq has developed a PV solution called the Quad. The Quad inverter optimizes four PV modules with a single microinverter, simplifying design and installation, and lowering cost for solar power installations when compared to existing market offerings.
“It is a tremendous endorsement of our unique technology to have been selected as technology partner to one of the world’s largest and most innovative companies. We look forward to contributing to Jio’s efforts to deliver innovative products and solutions to the market at prices and volumes that we expect will fundamentally alter industry dynamics,” said Ravi Sood, chairman of Sparq.
The Agreement sets out a framework under which Sparq and Jio will collaborate to innovate and develop new products. Sparq will engage a third-party contract manufacturing base in India to manufacture its microinverters.
The Agreement provides for a long-term partnership leveraging each other’s strengths, as well as certain volume commitments for the initial few years until the capacity volume is stabilized. It also provides Sparq with certain agreed product margins.
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