Honeywell and Qualcomm Expand Partnership to Develop AI Solutions for Energy Sector

Honeywell and Qualcomm Expand Partnership to Develop AI Solutions for Energy Sector

By 2025, Honeywell will integrate computer vision capabilities into its Field PKS. Qualcomm Technologies and Honeywell have announced an expanded partnership to develop new AI-enabled solutions for the energy sector. The deal, aimed at commercialising products for the energy market, will see Honeywell integrate Qualcomm's AI and connectivity products into its existing AI applications, including its Field Process Knowledge System (PKS). The Field PKS will benefit from enhanced connectivity and coverage in hard-to-reach areas of plant and manufacturing facilities while leveraging Qualcomm's AI to collect more data and analytics from the network edge. Also Read: Honeywell Unveils AI Solutions to Enhance Efficiency in Energy Sector Reportedly, Qualcomm's portfolio of low-power AI-enabled processors with wireless connectivity, software, and computer vision, combined with Honeywell's sensing technologies, will enable the development of industrial sensors for monitoring process parameters, asset conditions, and environmental factors. "These new capabilities will help deliver more information to field and service technicians, enabling faster delivery of answers that can result in time savings, greater accuracy, and interactive results," the companies said in a joint statement. "We are committed to developing on-device generative AI solutions that will propel the expansion of the connected intelligent edge to help drive digital transformation," said Nakul Duggal, group general manager, automotive, industrial and embedded IoT, and cloud computing of Qualcomm Technologies. "This collaboration with Honeywell enhances how industries and businesses interact with their environments through intelligent and responsive technology. Our recent acquisition of Sequans' 4G IoT technology adds to Qualcomm Technologies' broad portfolio, further strengthening our technology offerings for Industrial IoT applications." "The combination of Qualcomm Technologies' industry-leading on-device AI processors with Honeywell's AI- enabled technology will enable field workers to work smarter, help make assets more efficient and improve the overall performance of the process industry," said Pramesh Maheshwari, President of Honeywell Process Solutions. "With the introduction of AI-enabled solutions such as Honeywell's Field PKS, Multi-Modal Intelligent Agent and sensor technologies, we are advancing what's possible for the process industry with mobile field technicians and autonomous operations." Also Read: Qualcomm Launches Wireless Networking Platform With Wi-Fi 7 and Edge AI In September 2024, Honeywell and Qualcomm Technologies began developing an AI-enabled Multi-Modal Intelligent Agent, allowing workers to interact with devices via voice, images, and video. Honeywell plans to add computer vision capabilities to the Multi-Modal Intelligent Agent in its Field PKS by 2025, the official release said.

Honeywell Expands Qualcomm Partnership: AI And Connectivity To Supercharge Energy Industry Operations - Honeywell Intl (NASDAQ:HON)

Partnership focuses on industrial sensors and AI-driven tools to boost efficiency, data capture, and field worker performance. Honeywell International Inc. HON shares are trading higher on Wednesday. The company expanded its collaboration with QUALCOMM Incorporated QCOM to create new AI-enabled solutions for the energy sector. This partnership aligns with Honeywell's focus on three key megatrends, including automation, as it enhances its portfolio to meet evolving industry demands. Through this partnership, Honeywell plans to integrate Qualcomm's connectivity and AI capabilities into its applications, including the Honeywell Field Process Knowledge System (PKS). Also Read: Honeywell Seeks To Simplify Structure, Boost Flexibility With $10B Spin-Off Of Advanced Materials Unit This will enhance connectivity in remote areas of manufacturing facilities, allowing for improved data capture and analytics. By combining Qualcomm's low-power AI processors with Honeywell's advanced sensing technologies, the companies will develop industrial sensors to monitor process, asset, and environmental parameters. Pramesh Maheshwari, President of Honeywell Process Solutions, said, "The combination of Qualcomm Technologies' industry-leading on-device AI processors with Honeywell's AI- enabled technology will enable field workers to work smarter, help make assets more efficient and improve the overall performance of the process industry." "With the introduction of AI-enabled solutions such as Honeywell's Field PKS, Multi-Modal Intelligent Agent and sensor technologies, we are advancing what's possible for the process industry with mobile field technicians and autonomous operations." Investors can gain exposure to HON via Gabelli Commercial Aerospace and Defense ETF GCAD and Invesco Aerospace & Defense ETF PPA. Price Action: HON shares are up 1.99% at $211.11 at the last check Wednesday. Photo via Shutterstock Read Next: Chevron, Honeywell Join Forces For AI Breakthrough: Details Market News and Data brought to you by Benzinga APIs

Honeywell and Qualcomm enhance AI solutions for energy By Investing.com

HOUSTON - Honeywell (NASDAQ:HON) and Qualcomm (NASDAQ:QCOM) Technologies, Inc. have announced a collaboration to advance artificial intelligence (AI) solutions in the energy sector. The partnership aims to boost Honeywell's automation offerings by integrating Qualcomm's AI and connectivity technologies into Honeywell's applications, like the Field Process Knowledge System (PKS). The collaboration will leverage Qualcomm's low power AI processors and Honeywell's sensing technologies to develop industrial sensors for monitoring various parameters. These sensors are expected to provide field and service technicians with more data, enabling quicker and more accurate decision-making. Nakul Duggal, Qualcomm's group general manager, emphasized the commitment to on-device generative AI solutions that drive digital transformation and the connected intelligent edge. The recent acquisition of Sequans' 4G IoT technology by Qualcomm is positioned to enhance its Industrial IoT applications. Pramesh Maheshwari, President of Honeywell Process Solutions, highlighted the potential for this partnership to empower field workers with smarter tools and improve process industry performance. Honeywell's Field PKS and sensor technologies are set to benefit from the integration of Qualcomm's AI capabilities. Earlier in 2024, Honeywell and Qualcomm started developing the AI-enabled Multi-Modal Intelligent Agent for distribution center workers and retail industries, allowing natural interaction with handheld devices. By 2025, Honeywell plans to incorporate computer vision into the Field PKS. This initiative is part of Honeywell's strategic alignment with megatrends such as automation, aviation's future, and energy transition, supported by the Honeywell Accelerator operating system and Honeywell Forge IoT platform. The information for this article is based on a press release statement. In other recent news, Sequans Communications has finalized the sale of its 4G IoT technology assets to Qualcomm Technologies, a subsidiary of Qualcomm Incorporated. The $200 million transaction enables Sequans to focus on the Massive IoT market with its 4G products and future 5G developments. Sequans received $182 million in cash from the deal, with an additional $10 million to follow after a one-year warranty period. The company also retains a perpetual license to use, commercialize, and enhance its 4G IoT technology. The financial status of Sequans has significantly improved, transitioning from a net debt of $80 million to holding net cash of the same amount. The company reported Q1 2024 revenues of $6.0 million and reduced its operating loss to $8.5 million from the previous quarter's $12.8 million. Analyst firm Roth/MKM maintained its Buy rating for Sequans, endorsing the company's technology portfolio. Sequans has also secured standstill agreements with Lynrock Lake, Nokomis, and Renesas, and announced a $15 million licensing agreement for the Monarch2 LTE platform with an undisclosed technology company. However, the company has suspended the development of its 5G Taurus product to focus on low-power 5G for massive IoT applications. These are among the recent developments that reflect Sequans' strategic growth and financial stability. As Honeywell (NASDAQ:HON) embarks on this innovative collaboration with Qualcomm, investors might be curious about the financial health and market performance of Sequans Communications (NYSE:SQNS), the company whose 4G IoT technology was recently acquired by Qualcomm to enhance its Industrial IoT applications. According to InvestingPro data, Sequans has a market capitalization of $160.1 million, reflecting its position in the IoT technology space. The company's revenue for the last twelve months as of Q2 2023 stood at $28.26 million, with a notable gross profit margin of 68.1%. This high margin suggests that Sequans' technology offerings, now part of Qualcomm's portfolio, have strong value in the market. However, it's important to note that Sequans faces some challenges. An InvestingPro Tip indicates that the company is not profitable over the last twelve months, with an operating income margin of -115.71%. This aligns with another tip suggesting that analysts do not anticipate the company will be profitable this year. Despite these financial hurdles, Sequans' stock has shown strong recent performance. InvestingPro data reveals a remarkable 89.69% price total return over the last three months, indicating investor optimism about the company's prospects or potential value in light of the Qualcomm acquisition. For investors interested in a deeper analysis, InvestingPro offers 11 additional tips for Sequans Communications, providing a more comprehensive view of the company's financial situation and market position.