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, kleasor@us.ibm.com.
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SOURCE IBM