Feilo Acoustics the lighting arm of INESA announced it will be scaling up investments in smart lighting by forming a joint venture with two other Chinese companies, including a state-owned investment company.
The Shanghai-based lighting company’s wholly-owned investment subsidiary Beijing Shen’an Group will be forming a joint venture with Zhuzhou State-owned Assets Investment Holdings Group, and INESA Intelligent Tech.
The joint venture temporarily named Zhuzhou INESA Smart City will have a registered capital of RMB 150 million (US $22.48 million), of which Shen’an Group will be investing RMB 60 million and acquire a 40% stake in the new company.
INESA Intelligent Tech is a listed company founded in 1993, and a subsidiary of Felio Acoustic’s largest shareholder INESA group.
Main businesses of INESA Intelligent Tech cover IoT R&D, cloud computing, and other R&D technology. It also includes Big Data and other R&D systems, computer communication networks, equipment, software, and other computer messaging systems. Computer networks and other services that provide the infrastructure for smart products and construction process, and intelligent traffic and other projects and services.
Additionally, the Zhuzhou State-owned Assets Investment Holdings Group has been approved by the Zhuzhou government in Hunan Province to form large investment enterprises, operations, and city infrastructures, while investing in basic infrastructures in rural areas. The company management also provides consulting services.
The Zhuzhou city authorities will provide INESA smart city solutions through the new joint venture, which will benefit traditional manufacturers, provide comprehensive state-of-the-art smart lighting solutions to help manufacturers transform from traditional lighting to smart lighting, stated Feilo Acoustics.
All these will help the company form a smart city service platform, and assist it in using smart streetlight services to boost and expand its service range, distribution channels, and improve the company’s market influence. The lighting company aims to use the joint venture to advance its smart lighting applications, accelerate developments in the smart lighting sector.