EnerTech of Kuwait Investment Authority Selects Cloud-based Analytics Service from IBM and Waterfund for Insights Into Water Costs
Waterfund Insight Service to help Kuwait make data-driven decisions for better water management
Together, IBM and Waterfund are developing cloud-based solutions to analyze the full cost of supplying freshwater around the world
ARMONK, N.Y., May 26, 2016 /PRNewswire/ -- IBM (NYSE: IBM) and Waterfund LLC announced today that EnerTech, a wholly-owned subsidiary of the National Technology Enterprises Company -- itself a subsidiary of Kuwait Investment Authority -- selected the Waterfund Insight Service to model and prioritize its strategic water technology investments.
IBM developed the Waterfund Insights Service, a Cloud Business Solution, to provide national and local governments the ability to better understand and forecast the actual costs of water under different hydrological and financial scenarios, creating the financial transparency required to stimulate capital investment in fresh water.
Waterfund Insight Service provides data visualization decision support service delivered on IBM Cloud, enabling water utility managers, corporate water managers and government agencies around the world to make informed, data-driven decisions for effective water management. The cloud-based service provides a better understanding of the impact on local water costs from changing climate conditions, capital spending and business factors with "what-if" scenario analysis and data visualization.
"Kuwait is more than ninety percent dependent on desalination to meet the needs of its growing population. Managing our water resources is a critical consideration and it's important to have an understanding of the true cost of water production and to evaluate the efficacy of new water efficient technologies. Together IBM, Waterfund, and Kuwait will develop a customized index to quantify the true cost of water production, transportation and distribution and assess the cost reduction potential of emerging water efficient technologies," said Abdullah Al Mutairi, CEO of EnerTech Holding Company.
IBM and Waterfund's Insights Service is based on the Water Cost Index (WCI), an innovative financial benchmark developed by Waterfund. It partnered with IBM Research to calculate the true cost of water production in cities that represent over one-quarter of global GDP. As part of the agreement, Kuwait will be added to the Global Water Cost Index, using the big data platform developed by Waterfund and research scientists from IBM. EnerTech will use the Waterfund Insight Service to analyze, forecast and measure the financial performance of competing new technologies that can benefit Kuwait and the broader Middle East.
"Our mission is to provide a world-class data and investment platform that helps Kuwait secure its water future with best-in-class technology solutions from around the world," said Scott Rickards, CEO of Waterfund. "The service will eventually be deployed throughout Kuwait so that local water managers will be able to derive realistic cost estimates as they adjust for depreciation, capital expenses, subsidies, operating and non-operating revenue, and total water produced."
"The market has demonstrated an undeniable need for the insights on water investment and production that are derived through IBM's work with Waterfund," said Jason Kelley, vice president, Solutions and Design, IBM Global Business Services. "There is no limit to the value in strategic insights amassed from virtually endless data, derived quickly and rendered simply. This new partnership opens up the potential for new innovation based on weather data and cognitive computing capabilities, enabling Kuwait to become a hub for water innovation in the region."
For more information on IBM Cloud Business Solutions, visit https://www.ibm.com/cloud-computing/solutions/cloud-business-solutions
ABOUT WATERFUND LLC
Waterfund LLC was founded in 2012 by Scott Rickards with the goal of building the first flexible financial products tailored for the water industry and to increase water infrastructure investment. A range of data products and index-linked solutions are now available. Waterfund LLC uses publicly available data to measure the full cost of water on a recovery basis. For more information about Waterfund LLC, visit: www.worldswaterfund.com
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CONTACT: Katie Leasor, 212-671-9356, [email protected].
SOURCE IBM
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