Veea will support DeepGreenX’s implementation of a global AI-driven virtual energy grid with US$140 billion lease financed infrastructure over the next 5 years

NEW YORK & PARIS--(BUSINESS WIRE)--Nov. 20, 2024-- DeepGreenX Group Inc. (“DeepGreenX” or “the Company”), an AI-enabled green energy and technology company, and Veea Inc. (NASDAQ: VEEA), a pioneer in edge computing and AI-driven solutions, announced a global partnership for a visionary initiative to roll-out a transformative platform for accelerating the transition to global green energy. The AI-driven operating system for energy markets is a Web 3.0 platform-as-a-service (PaaS) supported by Veea’s cybersecure edge computing platform providing for a Decentralized Physical Infrastructure Network (DePIN) with virtualized software development environment for developer communities to develop applications with blockchain and Contextual AI.

The farsighted platform to be deployed, with up to $2.8 billion of lease financing in 2025 for Veea Edge Platform™ as a part of a $10 billion investment in edge infrastructure, will transform sustainable energy sources, such as hydro, wind, geothermal, Small Modular Reactors (SMRs), alternative fuels (hydrogen, ammonia, menthol, LNG, etc.) with battery storage and a virtual grid to Real-World Assets (RWA) with actionable insights and liquid financial instruments that can be traded and monetized on DeepGreenX’s global ECEx exchange. Carbon credits originating from a) nature-based assets such as land, forests, and marine carbon capture, and b) commercial and industrial sources such as transportation, construction, supply chain sources, etc., established with digital Measurements, Reporting and Verification (“dMRV”) through Veea’s decentralized and distributed computing platform, offering highly flexible and cost effective IoT capabilities that are easily employed for a wide range of environments, will also be traded on ECEx.

“Real-time application of contextual AI with Veea’s groundbreaking platform to DeepGreenX’s virtual energy grid and other initiatives such as carbon credits promises to address some of the world’s most pressing energy challenges,” said Barclay Knapp, Chief Executive Officer of DeepGreenX. “With the significant lease financing in the range of billions of dollars committed by DeepGreenX to deploying this infrastructure with Veea, we are confident that we are going to be able to address the immediate needs of the energy industry across many regions.”

“We are thrilled in leading the implementation of an AI-driven hyperconverged platform globally for a leading-edge and highly innovative usage-based business model for datafication-to-monetization of energy-based RWA and big data that has been brought about by DeepGreenX,” stated Allen Salmasi, co-founder and CEO of Veea. “The notion of a global virtual energy grid managed through a terrestrial- and satellite-based network supported by an AI-driven platform is truly revolutionary as it ultimately can provide for a market-based production and distribution of energy with real-time matching of supply and demand in every corner of the world.”

Veea’s full-stack middleware offers a form of an operating system (OS) for a decentralized and distributed next-generation Web 3.0 platform supporting federated learning for inferencing and training of Contextual AI models at the edge. Veea Edge AI OS leverages cutting-edge technologies, network solutions and strategic partnerships with leading companies, including Sway.ai, Builder.ai, New Native, SUI Foundation, Nvidia, Qualcomm Inc., Honeywell Tridium, Viasat, Starlink, and a number of 5G network operators. The combined capabilities of blockchain, 5G Multiaccess Edge Computing (MEC), Edge AI OS, and Honeywell Tridium Niagara energy management framework, facilitated by a highly efficient cloud-managed GPU-as-a-Service over a decentralized infrastructure for AI-driven virtual grid management, redefines how businesses and governments address their most critical energy production and distribution challenges.

Veea’s Edge AI OS is architected to support a wide range of edge products by multiple equipment vendors, ensuring versatility and adaptability facilitating breakthrough AI-driven innovations for energy industry along with applications for a diverse set of industries with business use cases such as peer-to-peer energy trading in decentralized energy grids on the global ECEx exchange, enhancing inventory tracking, demand forecasting for supply chain management, utilizing sensory data for predictive maintenance, or time-of-day pricing for EV charging stations or appliance usage.

About DeepGreenX

Founded in 2020 and headquartered in Seoul, DeepGreenX Group Inc. is a digital transformation and green energy company providing AI and financialization solutions for sustainable initiatives and real-world assets. With operations in 20 cities across four continents, including Europe and Asia, DeepGreenX employs proprietary AI technology and a PaaS model to identify green energy assets and digitally convert those assets to allow businesses around the world to monetize them on global digital trading platforms. For more information on DeepGreenX, visit: www.DeepGreenX.com.

About Veea

Veea^® makes living and working at the edge simpler and more secure. Veea has unified multi-tenant computing, multiaccess multiprotocol communications, edge storage and cybersecurity solutions through fully integrated cloud- and edge-managed products. Veea’s pioneering Multiaccess Edge Computing (MEC) product developed from the ground up in a compact form factor brings together the functionality typically provided for through any combination of servers, Network Attached Storage (NAS) devices, routers, firewalls, Wi-Fi Access Points (APs), IoT gateways, 4G or 5G wireless access, and Cloud Computing (CC) by means of multiple hardware, software and systems integrated and maintained by IT/OT professionals. Compared to such solutions, Veea Edge Platform offers application responsiveness, bolsters cybersecurity, data privacy and context awareness, and lowers data transport costs as well as total cost of ownership, while providing for easy installation, operations, monitoring and maintenance of edge networks. At the heart of VeeaHub products resides a Linux server with a full-stack virtualized software environment for cloud-native applications that run in Secured Docker^TM containers, with a high degree of user data and application isolation, Software Defined Networking (SDN), Network Function Virtualization (NFV) and cybersecurity, delivering hyperconverged networking over a connectivity and computing mesh network. The fully integrated turnkey solution offers end-to-end cloud management of devices, applications and services with Zero Trust Network Access (ZTNA) and, optionally, a highly simplified plug and play 5G-based Secure Access Service Edge (SASE) offering. Veea Edge Platform enables direct connections from the wide area optical fiber, cellular and satellite networks to the local area networks created by a VeeaHub mesh cluster over cellular-like network-managed Wi-Fi and IoT devices - a unique patented capability called network slicing. Veea Developer Portal and development tools provide for rapid development of edge applications, optionally, with Edge AI. Veea has implemented a range of cost-effective solutions for B2B and B2B2C offerings through service providers, channel partners, system integrators, enterprise partners, and government agencies for smart retail, smart construction, smart logistics and warehouses, smart farms and greenhouses, smart buildings, smart schools, smart hospitals, smart museums to smart cities. Veea was formed in 2014 and is headquartered in New York City with a rich history of major innovations in the development of advanced networking, wireless and computing technologies, along with over 103 granted and 33 pending patents in key aspects of hyperconverged edge computing technologies. For more information, visit veea.com and follow us on X and LinkedIn.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of the federal securities laws. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions.

Examples of forward-looking statements in this press release include, but are not limited to, statements regarding the Company’s upcoming technology deployments, partnerships, and anticipated commencement dates. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Veea’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied upon by any investors as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. If any of these risks materialize or the parties’ assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release. There may be additional risks that Veea presently knows or currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Veea assumes no obligation to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

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Media Contact:
James Christopherson
Sterling Communications for Veea Inc.
veea@sterlingpr.com

Source: Veea Inc.