Vector net profit dropped 38 per cent to $168.9m. Photo / File
Vector net profit dropped 38 per cent to $168.9m. Photo / File
Vector is starting a full roll-out of software that draws on artificial intelligence and machine-to-machine connectivity to manage its network with less intervention by people in what the power and telecommunications lines company says will cut costs and make for more secure infrastructure.
Auckland-based Vector has acquired exclusive Australasian rightsto use Israeli developer mPrest's software to integrate and develop new energy services and manage a number of technologies on its network, it said in a statement. The software integrates a customer's systems into one platform, where sensors talk to each other and the software collects, assesses and learns from that information independent of human input to manage the network.
"This greatly enhances the resilience, security and efficiency of customer solutions and our network," Vector chief executive Simon Mackenzie said. "It is the most comprehensive monitoring, analytical and control system available anywhere in the world."
Vector's foray into the internet-of-energy technology continues the electricity, gas and telecommunications lines company's expansion into a broader suite of services, which most recently included the acquisition of E-Co Products Group, better known as home ventilation firm HRV, and solar power firm PowerSmart.
Mackenzie said the company had trialled the software before today's plan for a full implementation, and will also help develop the system to be used beyond its own customers.
The Israeli company was set up in 2003 by tech experts from the Middle Eastern nation's defence industry and develops monitoring and control services for the defence, security, utilities and industrial internet-of-things sectors.
Vector shares increased 0.3 per cent to $3.28, having gained 0.9 per cent so far this year.
