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Telkonet Awarded International Development Grant From Milwaukee 7
Grant Funds to Be Used for Expanding Telkonet’s EcoSmart Platform Internationally
MILWAUKEE, WI / ACCESSWIRE / February 10, 2016 / Telkonet, Inc. (TKOI), creator of the EcoSmart platform of intelligent room automation solutions supporting the emerging Internet of Things (IoT) has been awarded funds for international business development under Milwaukee 7’s Export Development Grant Program presented by JP Morgan Chase. These funds match additional investments provided by Telkonet to drive its International growth strategy, which is one of the three key initiatives for 2016. While fueling a small part of Telkonet’s overall international activities, this grant demonstrates the dedication of Milwaukee, and Wisconsin, towards growing the state’s revenue through all available channels, and has opened the door to numerous additional state funding opportunities.
Telkonet has experienced dramatic growth domestically with its EcoSmart Internet-of-Things (IoT) platform driving more than a 40% increase in EcoSmart sales through the third quarter of 2015. Telkonet has identified significant growth opportunities internationally and intends to devote significant resources to develop channel partners and build out its EcoSmart sales by expanding internationally with customers in specific global markets. IDC estimates the IoT market will grow from $655.8 billion in 2014 to $1.7 trillion in 2020. Telkonet’s strategic plan calls for international market development to capitalize on this forecast and strengthen its position at the forefront of this explosive industry. This investment qualified Telkonet for the Milwaukee 7 grant program in addition to several others offered in the state through resources such as the Wisconsin Economic Development Corporation.
The goal of the Export Development Grant Program is to assist Wisconsin companies achieve their full exporting potential and enter into new markets. Milwaukee 7 partnered with JPMorgan Chase and the Brookings Institute on the program through their Global Cities Initiative project. This project selects best practices from other Global Cities to create the most efficient and helpful program possible to Milwaukee’s exporters.
“Increasing the number of companies in the region that export is a huge opportunity for southeast Wisconsin,” said Gale Klappa, chairman, president and chief executive officer of WEC Energy Group and a Milwaukee 7 co-chair. “We know that the majority of economic growth comes from campaigns already located in the region and through exporting, businesses can grow faster and sustain that growth.”
Telkonet is a leading provider of intelligent automation solutions throughout commercial markets worldwide. The Internet of Things (IoT), offer considerable energy cost reductions, staff productivity enhancements and carbon footprint reductions through intelligent networked communications, improved asset utilization and data analytics. IoT platforms like Telkonet’s EcoSmart enable users to achieve savings, value and service through networked connectivity providing monitoring, control, analytics, convenience and the ability to participate with the emerging Smart Grid through automated demand response initiatives. Telkonet serves vertical markets that have established the company as a leading networking, efficiency and energy management technology provider. Those markets consist of Hospitality, Education, Military, Government, Healthcare and Public Housing. Telkonet’s business divisions include EcoSmart, a networked automation platform featuring Recovery time technology offering cost savings, energy reductions, optimized asset utilization and improved comfort, and EthoStream®, one of the largest hospitality High- Speed Internet Access networks in the world providing public Internet access to more than 8 million monthly users.
Statements included in this release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve a number of risks and uncertainties such as competitive factors, technological development, market demand and the Company’s ability to obtain new contracts and accurately estimate net revenue due to variability in size, scope and duration of projects, and internal issues in the sponsoring client. Further information on potential factors that could affect the Company’s financial results, can be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 and in its Reports on Forms 8-K filed with the Securities and Exchange Commission (SEC).