Tuya Smart (NYSE: TUYA, HKEX: 2391), a leading global cloud platform service provider, is thrilled to announce that its innovative Home Energy Management System (HEMS) received the award for Best Case in Localized Development at the First Sino-European Corporate ESG Best Practice Conference in Frankfurt 2024. This accolade underscores Tuya's unwavering commitment to sustainable energy solutions and its proactive approach to localization in the European market.
Organized by Chinese Consulate General in Frankfurt with the collaboration of various industry leaders, authorities and institutions, the First Sino-European Corporate ESG Best Practice Conference in Frankfurt 2024 aims to highlight exemplary corporate practices that align with Environmental, Social and Governance (ESG) principles. The conference targets not only Chinese enterprises expanding into Europe, but also companies from Germany and other European countries engaged in trade with China. The conference honors best industrial practices in environmental protection, social responsibility, corporate governance, technological innovation, education and training, supply chain management, digital transformation, localized development, and cross-sector collaboration.
This year, the conference brought together a consortium of Chinese and European enterprises to foster consensus, uniting their strengths to continuously promote economic and trade exchanges and cooperation between China and the world, while collaboratively shaping a sustainable and green future.
For enterprises operating in foreign markets, localization has always been a primary challenge and opportunity. When localization efforts are successful, companies can leverage their existing technologies, expertise, and local resources and partnerships to maximize development efficiency, ultimately achieving sustainable growth. The Best Case in Localized Development honors enterprises or organizations that have achieved significant results in integrating domestic and foreign business resources through ESG principles to jointly pursue sustainable development.
Tuya’s HEMS stands out as a transformative solution that significantly enhances energy efficiency in households across Europe. The system has been designed to meet the unique requirements of consumers in various global markets while promoting energy conservation and sustainability. By collaborating with local partners, notably Xanlite, a renowned French smart home brand, Tuya has effectively tailored its energy management solutions to resonate with the needs and preferences of the European market.
Tuya’s HEMS provides real-time insights into energy consumption and management at home. The system allows users to monitor usage patterns and make informed decisions that lead to reduced consumption and cost savings. In light of the growing trend of dynamic electricity pricing across various European nations, Tuya has incorporated this essential feature into HEMS. By allowing users to monitor real-time electricity prices with just a few taps, the system optimizes energy consumption, enabling households to swiftly adopt the dynamic pricing and take advantage of lower rates and reduce their overall energy costs. This integration also supports energy providers in analyzing consumer patterns, bettering managing supply and demand and advocate the new pricy mechanism.
The collaborative initiative formed jointly by Tuya and Xanlite, the "Smart Home Energy Management Solutions Project for the French Market", upon successful implementation, is expected to deliver significant energy-saving benefits to millions of French households, achieving an estimated energy-saving efficiency of up to 30%. The significant impact contributes to a broader goal of achieving carbon neutrality and sustainable development across Europe and beyond.
Tuya’s business strategy emphasizes collaboration with local enterprises, enhancing its ability to deliver customized solutions across diverse markets and advance technological breakthroughs in the most efficient matter.
Leveraging its partnership with Xanlite, Tuya’s HEMS achieved a number of significant technological breakthroughs. In terms of hardware, Tuya enables Xanlite to craft an energy-saving kit that includes a range of smart devices such as gateways and thermostats, expanding Xanlite’s product portfolio and serving diverse energy saving needs of individual households. On the software front, Xanlite leverages Tuya’s developer platform to offer a comprehensive smart home system tailored for French homeowners. Furthermore, the smart home system seamlessly integrates signals from Ecowatt and Ecogas to delivery electricity and gas consumption data and critical warning information.
In addition to its partnerships in France, Tuya has engaged with various enterprises across Europe and beyond, including NIRCEE and Hexing. These collaborations aim to empower customers to expand into international markets such as North America, further solidifying Tuya's position as a leader in smart home energy management.
Another primary example is Tuya’s successful deployment of HEMS in Singapore, where its tailored energy-saving kit has led to an average monthly reduction of 25% in energy consumption, and up to 54% monthly reduction in some households.
The successful deployment and development of Tuya in Europe, North America, and Singapore is inextricable from Tuya’s localization capabilities. In its promotion and implementation of HEMS solutions, Tuya maintains an open and neutral mindset and leverages the mature ecological networks and leadership positions of partnered enterprises in various industries to rapidly bring energy solutions to households.
The recognition of Tuya's HEMS as a Best Case in Localized Development is a testament to its dedication to promoting sustainable energy practices on a global scale. As Tuya continues to expand its footprint in the energy landscape, the company is committed to developing smart energy solutions that foster a green and low-carbon lifestyle.
“We’re honored to receive this prestigious recognition at the Sino-European Corporate ESG Best Practice Conference,” said Eva Na, Vice President of Marketing and Strategic Cooperation and CMO of Tuya. “The Best Case recognition underscores our commitment to sustainable development in the European and global markets. We believe that by working closely with global partners, Tuya can create innovative solutions that meet the surging needs of consumers in energy conservation and significantly contribute to the global battle against climate change.”
The ongoing development and implementation of Tuya’s energy solutions reflect the company’s continuous proactive approach to addressing the urgent global energy issue. Looking ahead, the company remains committed to collaborating with global industry leaders to promote the adoption of smart energy solutions in various scenarios worldwide.
