Honeywell Makes Significant Investment in Trinity Mobility, with Path to Full Ownership, Accelerating Smart Cities Leadership
Honeywell (NYSE: HON) announced a strategic investment in Trinity Mobility Private Limited, an Indian IoT software company. This investment enhances Honeywell's smart city capabilities through Trinity's innovative platform, aiding cities in integrating systems for better management and sustainability. The investment paves the way for potential full ownership of Trinity, strengthening global smart city deployments. Honeywell's technology connects over 100,000 IoT sensors, impacting more than 100 million people. This strategic move aligns with urbanization trends, expected to see 68% of the global population in urban areas by 2050.
- Strategic investment in Trinity Mobility enhances Honeywell's smart city capabilities.
- Path to full ownership of Trinity could strengthen long-term growth.
- Access to innovative solutions for urban management and sustainability.
- None.
ATLANTA, Nov. 16, 2020 /PRNewswire/ -- Honeywell (NYSE: HON), a global leader in connected buildings, announced today a strategic investment in Trinity Mobility Private Limited, an India-based software company and provider of the leading internet of things (IoT) Smart Cities platform and software applications. This strategic investment will allow Honeywell to expand its smart cities capabilities by providing access to Trinity's Smart City solutions, which integrate information from various systems across a city in a common interface and allow operators to better assess, operate and manage the city's connected infrastructure. Together, Honeywell's and Trinity's smart cities solutions help make cities safer and more livable for citizens while helping customers manage and reduce their emissions.
This strategic investment, which is structured to provide Honeywell with a path to full ownership of Trinity, will allow Honeywell to more fully partner with cities that are expanding their smart city deployments or integrating new systems. Trinity's capabilities complement Honeywell's technologies for smart cities and global expertise in delivering integrated solutions for mission critical systems.
The Smart Cities IoT solution, called the Honeywell City Suite, can seamlessly aggregate information from traffic, environment, parking, emergency services, safety and security, and utilities – among other areas – in a single, unified view. In addition to enhancing the efficiency of cities, these solutions can also be applied to retirement communities, large planned residential communities, university campuses and large industrial communities that want to provide a more connected living experience.
"Many of the world's cities are facing significant operational and sustainability challenges stemming from urbanization, including unexpected crises, infrastructure issues, environmental and safety concerns, and the expanding needs of citizens," said Vimal Kapur, president and chief executive officer, Honeywell Building Technologies. "The combined capabilities of Honeywell and Trinity can allow cities of all sizes to improve services and provide a better experience for their citizens. In addition, the data generated from these technologies can help improve cities' ability to plan, helping create a more hospitable and livable environment for its citizens."
Founded and based in Bengaluru, India, Trinity creates software solutions that help manage large, complex installations like those needed for smart cities. Honeywell and Trinity have worked together for more than five years to deploy multiple smart city projects, including the New Administrative Capital of Egypt and Faridabad in India. Honeywell's strategic investment will allow it to expand the reach of its smart cities capabilities to additional international markets.
"We look forward to expanding our relationship with Honeywell to offer customers a complete technology solution for the complex integrations that are needed to create a truly smart city," said M Ashok Kumar (Mak), founder and chief executive officer, Trinity. "Our combined expertise and Smart Cities IoT platform provide tremendous connected opportunities for smart city solutions globally for both existing and emerging cities to meet their sustainability and productivity goals as well as create a more engaging citizen experience."
According to the UN Department of Economic and Social Affairs, 68 percent of the world's population will live in urban areas by 2050, compared to 55 percent today. Overcrowding, traffic congestion, security concerns, as well as rising water and demand for utilities, are driving the market for intelligent solutions and investment in smart city technologies. A big focus of these investments is in sensors, IoT, security and cloud-based platforms that can capture and analyze and provide real-time information and insights that can boost safety, security and energy efficiency.
Honeywell's smart city systems connect more than 100,000 IoT sensors and touch the lives of more than 100 million people. The company's solutions help create actionable insights that city authorities and municipalities can use to improve their situational awareness, economic development and quality of life for residents.
Terms of the investment were not disclosed. The investment is pending customary deal closing conditions.
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About Trinity Mobility Private Limited
Trinity Mobility Private Limited (Trinity), is in the business of building digital platforms and applications that leverages IoT & AI technologies in an integrated manner to drive digital transformation of cities. Trinity has a talent pool of 230 employees working across various technology domains to build smart city solutions through an IP led focus.
Trinity Single suite software for smart cities cover - IoT & AI based smart city digital platform, smart city applications for city operations and various departments, citizen engagement system to deliver civic services, workforce app for city workforce and open data portal to foster innovation. Within a short span, the company has achieved leadership position with more than 50 deployments globally and in India. For more information on Trinity, please visit www.trinitymobility.com.
About Honeywell Building Technologies
Honeywell Building Technologies (HBT) is a global business with more than 20,000 employees. HBT creates products, software and technologies found in more than 10 million buildings worldwide. Commercial building owners and occupants use our technologies to ensure their facilities are safe, energy efficient, sustainable and productive. For more news and information on Honeywell Building Technologies, visit http://www.honeywell.com/newsroom.
Honeywell (www.honeywell.com) is a Fortune 100 technology company that delivers industry specific solutions that include aerospace products and services; control technologies for buildings and industry; and performance materials globally. Our technologies help aircraft, buildings, manufacturing plants, supply chains, and workers become more connected to make our world smarter, safer, and more sustainable. For more news and information on Honeywell, please visit www.honeywell.com/newsroom.
This release contains certain statements that may be deemed "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, that address activities, events or developments that we or our management intends, expects, projects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements are based upon certain assumptions and assessments made by our management in light of their experience and their perception of historical trends, current economic and industry conditions, expected future developments and other factors they believe to be appropriate. The forward-looking statements included in this release are also subject to a number of material risks and uncertainties, including but not limited to economic, competitive, governmental, and technological factors affecting our operations, markets, products, services and prices. Such forward-looking statements are not guarantees of future performance, and actual results, developments and business decisions may differ from those envisaged by such forward-looking statements. We identify the principal risks and uncertainties that affect our performance in our Form 10-K and other filings with the Securities and Exchange Commission.
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