Powerbridge Technologies Unveils HNT Router Miner for Decentralized Wireless Network Connectivity

Rhea-AI Summary

Powerbridge Technologies Co., Ltd. (Nasdaq: PBTS) announced the successful development of its HNT Router Miner prototype and software system based on the Helium network, aimed at enhancing IoT connectivity. The Helium Network offers scalability, cost efficiency, and improved security for IoT devices. The global IoT market, valued at $300 billion in 2021, is projected to reach $650 billion by 2026, growing at a CAGR of 16.7%. CEO Stewart Lor emphasized the significance of this development as a major step in blockchain technology, positioning the company to leverage the expanding IoT market for long-term shareholder value.

Positive

• Development of HNT Router Miner prototype enhances Powerbridge's technology portfolio.
• Strong growth forecast for the IoT market presents significant opportunity for Powerbridge.

Negative

• None.

ZHUHAI, China, March 14, 2023 /PRNewswire/ -- Powerbridge Technologies Co., Ltd. (Nasdaq: PBTS) ("Powerbridge" or the "Company"), a provider of multi-industry technology solutions, has announced that Powerbridge has successfully developed the prototype of HNT Router Miner and software system based on the Helium network. The Helium Network is a decentralized wireless network designed to provide efficient connectivity for IoT devices.

Compared to traditional wireless networks, the Helium Network allows for greater scalability, lower costs, and improved security. The Helium Router is a key component of this network, providing users with a simple and efficient way to connect their IoT devices. According to a report by Markets and Markets, the global IoT market size was valued at $300 billion in 2021 and is expected to reach $650 billion by 2026, growing at a compound annual growth rate (CAGR) of 16.7% during the forecast period. This growth is being driven by the increasing adoption of connected devices and the growing need for efficient and secure data communication and management.

Stewart Lor, CEO of Powerbridge Technologies, commented: "We are thrilled to unveil our HNT Router Miner prototype. This breakthrough solution is a significant step forward for us in the web3.0 and blockchain arena, and we believe that our new generation devices will provide efficient mining solutions for global users. With our focus on cutting-edge technology solutions, the Company is well positioned to capitalize on the growing IoT market and deliver long-term value to its shareholders."

About Powerbridge Technologies
Powerbridge Technologies Co., Ltd. (Nasdaq: PBTS) is a leading provider of multi-industry technology solutions. The Company offers software and platform applications, IoT platform services and intelligent devices, supply chain platforms and interactive media services, metaverse and digital services, and cryptomining platform services and cryptocurrency asset operations.

Safe Harbor Statement
This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as "may", "will", "intend," "should," "believe," "expect," "anticipate," "project," "estimate" or similar expressions that do not relate solely to historical matters, it is making forward-looking statements; specifically, the Company's statements regarding listing on the NASDAQ Capital Market and the IPO are forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company's expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company's goals and strategies; the Company's future business development; product and service demand and acceptance; changes in technology; economic conditions; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in China and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

For more information, please contact:
Corporate Investor Relations
Powerbridge Technologies Co., Ltd.
Email: ir@powerbridge.com
Website: www.powerbridge.com/ir/

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SOURCE Powerbridge Technologies Co., Ltd.

FAQ

What is the HNT Router Miner developed by Powerbridge Technologies?

The HNT Router Miner is a prototype designed to enhance connectivity for IoT devices on the Helium network.

How does the Helium Network benefit IoT connectivity?

It provides greater scalability, lower costs, and improved security compared to traditional wireless networks.

What are the growth projections for the IoT market?

The IoT market is projected to grow from $300 billion in 2021 to $650 billion by 2026.

What is the stock symbol for Powerbridge Technologies?

The stock symbol for Powerbridge Technologies is PBTS.

What does the CEO of Powerbridge say about the new HNT Router Miner?

CEO Stewart Lor stated that the HNT Router Miner represents a significant advancement for Powerbridge in the blockchain arena.