Octopus Digital, a subsidiary of Avanceon Limited, has signed a Memorandum of Understanding with Hub Power Services Limited (HPSL), a wholly-owned subsidiary of The Hub Power Company (HUBCO), the largest independent company Power Generator (IPP) in Pakistan to implement Industry 4.0 and digital transformation solutions.
According to MoU, Octopus Digital will build HUBCO KPI digital dashboards, cloud reporting and data-driven asset maintenance services for power plants. The two companies will also develop a joint business plan for joint marketing and sales through dashboards for other industries in Pakistan and abroad.
The MOU will speed up the industrial ecosystem to drive Industry 4.0 and open up new business opportunities for both organizations.
Octopus Digital hosted the occasion to sign the memorandum of understanding between the two companies on May 3, 2021 at Avanceon Limited’s regional headquarters in Lahore.
Asmar Atif, Chief Intrapreneur of Octopus Digital and Kaleem Khan, Plant Manager (Head of Development and Technology Department) of HUBCO signed a Memorandum of Understanding with Tanveer Karamat (President-Avanceon Limited) and Bakhtiar H. Wayne (CEO and founder of Avanceon Limited) and Tahir Javid (CEO of HPSL) joining the ceremony online.
Octopus Digital is the pioneer of Industry 4.0 in Pakistan and the Middle East, providing leading multinational digital dashboards, machine learning predictions and cloud computing without capital investment. With a unique monthly subscription model, essential industrial process monitoring, measurement and performance reporting needs are met through the cloud hosted on Topware ™.
As the largest IPP in Pakistan, HUBCO has a combined installed power generation capacity of around 3,000 MW from existing power plants and joint ventures. In addition, HUBCO is building 2 more power plants with a total capacity of 660 MW. HUBCO is the only energy producer in Pakistan to have invested nearly $ 4 billion in 4 CPEC-listed projects. HPSL oversees the operation and maintenance (O&M) of HUBCO’s existing energy assets and is exploring other onshore and offshore O&M business opportunities.
Both organizations share a vision of increasing productivity and tracking with ethical AI and a unified version of reality for all, and with the signing of Industry 4.0 and the Digital Transformation Memorandum, they have laid a solid foundation for a partnership.
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