Fotech says the acquisition will enable it to deploy its technologies at scale in sectors including energy and into smart city. Launchpad, the business development unit of BP, has bought a technology company that focuses on developing and deploying fiber optic sensing. Fotech’s technology combines photonics, advanced artificial intelligence and edge computing to deliver advanced digital monitoring and asset management solutions, targeting the smart city, transportation, energy and security sectors. Fotech says the acquisition will enable it to deploy its technologies at scale into high-growth sectors and accelerate investment in its research and development.
Steve Cook, BP’s Chief Commercial Officer of Technology said: “Fotech’s technology has great potential in the security and smart cities sectors and will make a significant contribution in our efforts to advance the energy transition.”
BP’s business-builder unit buys fiber optics developer
Energy Live News February 12, 2020