Sparq Systems Inc., headquartered in Kingston, Ontario, Canada, is excited to announce the execution of a manufacturing and supply agreement with Jio Things Limited, a prominent technology entity in India and a subsidiary of Jio Platforms Limited (JPL), India’s premier digital services provider, as of February 7, 2024. This collaboration, outlined in the Agreement, entails joint efforts in the development, production, and global distribution of microinverters in India, integrating Sparq’s advanced microinverter technology into Jio Things’ solutions worldwide.
Dr. Praveen Jain, CEO of Sparq, expresses enthusiasm about the partnership, stating, “Partnering with Jio Things presents a significant opportunity for Sparq. Leveraging Jio’s expertise in communications, cloud computing, and IoT platforms will facilitate the creation of innovative energy solutions. With Jio’s extensive reach and technological prowess combined with Sparq’s software-centric design, we anticipate efficient large-scale production of microinverters at competitive costs, ultimately offering high-performance solutions at accessible prices.”
Chairman of Sparq, Ravi Sood, echoes this sentiment, describing the agreement as transformative for Sparq. He emphasizes, “Being chosen as a technology partner by one of the world’s largest and most innovative companies is a resounding endorsement of our unique technology. We are eager to contribute to Jio’s mission of delivering groundbreaking products and solutions that are poised to reshape industry dynamics, both in terms of pricing and volume.”
The Agreement establishes a collaborative framework for innovation and product development between Sparq and Jio, with Sparq engaging third-party contract manufacturers in India for microinverter production.
Furthermore, the Agreement outlines a long-term partnership aimed at leveraging the strengths of both parties to positively influence the industry. It includes initial volume commitments for the first few years until production capacity stabilizes, as well as predetermined product margins for Sparq.
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