Tuya Smart's HEMS Recognized in UNGC "20 CASES FOR 20 YEARS" of Private Sector Sustainable Development in China

Rhea-AI Summary

Tuya Smart (NYSE: TUYA, HKEX: 2391) has been recognized in UNGC's '20 CASES FOR 20 YEARS' initiative for its innovative Home Energy Management System (HEMS). The system has shown significant results in Singapore, helping 1.8 million households achieve average energy savings of 25%, with some households reporting up to 54% reduction in monthly electricity costs. The company's HEMS provides detailed energy consumption analysis and real-time management options for smart energy use, considering that household electricity accounts for 30% of global power consumption. Tuya has partnered with various entities including Xanlite, Haier Group, and ESR to expand HEMS adoption globally.

Positive

• HEMS implementation in Singapore projected to help 1.8M households achieve 25% energy savings
• Some households reported 54% reduction in monthly electricity costs
• Strategic partnerships with major companies like Haier Group and ESR for global expansion
• Recognition in UNGC's prestigious '20 CASES FOR 20 YEARS' alongside major companies like Tencent and Ant Group

Negative

• None.

Insights

Market Research Analyst

The recognition of Tuya's HEMS in UNGC's "20 CASES FOR 20 YEARS" initiative, while prestigious, primarily represents a marketing achievement rather than a material business development. The key business implications lie in the operational data mentioned: projected 25% energy savings for 1.8 million Singaporean households, with some achieving up to 54% reduction in electricity costs.

The expansion into Singapore's market and partnerships with major players like Haier Group and ESR demonstrate growing market penetration in the APAC region. However, the article lacks specific revenue figures or contract values from these implementations. The HEMS technology's proven effectiveness in reducing energy costs positions Tuya well in the growing smart energy management market, particularly as global energy efficiency regulations tighten.

NEW YORK, Nov. 29, 2024 /PRNewswire/ -- Tuya Smart (NYSE: TUYA, HKEX: 2391), a global cloud platform service provider, was recognized at the "20 CASES FOR 20 YEARS" of Private Sector Sustainable Development in China organized by UNGC, for its innovative Home Energy Management System (HEMS). This recognition highlights Tuya's deep commitment to ESG principles and its comprehensive dedication to sustainable development.

This year marks the 20th anniversary of the introduction of the ESG concept. To commemorate this milestone, UNGC launched the "20 CASES for 20 YEARS" initiative, inviting submissions from businesses operating in China. Following a rigorous evaluation process conducted by a case selection committee comprising senior representatives from the United Nations system and academic specialists, 20 exemplary sustainable development cases were selected. These cases, including those from Tuya, Tencent, Ant Group, Trip.com, and CATL, were chosen for their economic efficiency, practicality, scalability, innovation, and inclusivity. Moving forward, these flagship cases will be promoted globally through multilingual channels within the UN system, showcasing their impact and fostering broader adoption.

Eva Na, Vice President of Marketing and Strategic Cooperation and CMO of Tuya Smart stated: "We are honored that our HEMS has been included in the UNGC's case collection. This recognition reflects Tuya's unwavering commitment to balancing social responsibility, environmental protection, and economic growth. Tuya has consistently integrated smart technology into every link of the energy chain. Through our HEMS, we have not only promoted smart energy management but also inspired households to participate in energy saving and carbon reduction, truly achieving participation from everyone. In the future, we sincerely hope the HEMS can provide experience and reference for more enterprises and contribute collectively to promoting sustainable development."

Tuya Promotes Smart Energy Management with Innovative Solutions

Tuya has always adhered to empowering various industries to achieve smart energy management through AI and other cutting-edge technologies. Considering household electricity accounts for as much as 30% of power consumption in most countries globally, Tuya has strategically developed the HEMS with foresight, providing detailed energy consumption analysis reports and real-time operational management options to help households advance towards smart energy use.

In Singapore, where energy demand is high, Tuya's HEMS has been widely adopted, with projections indicating that it will help 1.8 million households achieve an average energy savings of 25%. Some households have even reported a remarkable 54% reduction in monthly electricity costs. Furthermore, Tuya has partnered with local air conditioning manufacturers to enable energy-efficient control through infrared sensors integrated into the air conditioners. This initiative not only brings tangible energy savings to Singaporean households but also significantly contributes to the realization of Singapore's "Smart Nation" vision.

Tuya Collaborates with Partners to Boost Global Sustainable Development

Adhering to the concept of win-win cooperation, Tuya closely collaborates with numerous customers, developers, and governments, actively practicing ESG principles and providing a series of necessary tools and support to help them create personalized smart solutions to face various energy management challenges.

In Europe, Tuya's collaboration with Xanlite led to innovative smart home energy-saving solutions, promoting green living in households across the region. Additionally, Tuya formed partnerships with global entities such as Nahui New Energy Technology by Haier Group and ESR，APAC's leading real asset management group working to expand the adoption of smart home energy management solutions globally.

It is also worth mentioning that Tuya recently participated in the 29th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29). During the event, Tuya's HEMS and its application cases were prominently featured, offering international attendees innovative and efficient solutions for energy transition. This highlighted the immense potential of smart energy management solutions in driving global carbon reduction efforts and underscored Tuya's commitment to advancing sustainability on a global scale.

By collaborating with global developers, businesses, and governments, Tuya is accelerating the creation of a robust smart ecosystem. This ecosystem has significantly enhanced Tuya's capabilities in key ESG areas such as operational compliance, ecological protection, workplace safety, and public welfare. Looking ahead, Tuya will continue to deepen its exploration and practice in the field of sustainable development, leading society toward a smarter and greener future.

View original content:https://www.prnewswire.com/news-releases/tuya-smarts-hems-recognized-in-ungc-20-cases-for-20-years-of-private-sector-sustainable-development-in-china-302318691.html

SOURCE Tuya Smart

FAQ

What results has Tuya Smart's (TUYA) HEMS achieved in Singapore?

Tuya Smart's HEMS in Singapore is projected to help 1.8 million households achieve average energy savings of 25%, with some households reporting up to 54% reduction in monthly electricity costs.

Which major recognition did Tuya Smart (TUYA) receive in 2024?

Tuya Smart was recognized in UNGC's '20 CASES FOR 20 YEARS' of Private Sector Sustainable Development in China for its Home Energy Management System (HEMS).

Who are Tuya Smart's (TUYA) key partners for HEMS implementation?

Tuya Smart has partnered with Xanlite in Europe, Nahui New Energy Technology by Haier Group, and ESR (APAC's leading real asset management group) for HEMS implementation.