GE’s Measurement and Control division announced a minority equity investment in Meridium.
The companies will enter into a joint development and distribution agreement that will integrate Meridium’s asset performance management (APM) software and GE’s Bently Nevada System 1™ Asset Condition Monitoring (ACM) technology.
GE’s System 1 ACM technology is part of the Bently Nevada product line that produces machine condition sensors, data acquisition hardware and software. Meridium’s APM aggregates data from System 1 and other plant maintenance systems to provide plant engineers with a dashboard of reliability metrics. This new Industrial Internet software offering will enable condition-based maintenance with pinpoint precision, in near real-time, resulting in an estimated 10-30% in maintenance cost reduction. This is a critical capability for customers in the oil and gas, power generation, and hydrocarbon processing industries.
Commenting on the partnership, Art Eunson, General Manager of GE’s Bently Nevada product line, said: “The way we do business is being dramatically altered in the era of the Industrial Internet. We are realising the increased productivity and efficiency gains from big data and analytics delivered in real-time.
“The partnership with Meridium will increase value for our customers, allowing them to quantify risk in a near real-time manner. We are unlocking the value of condition-based maintenance, which will lead to reduced maintenance costs, increased mechanical availability and less downtime for our customers.”
Meridium CEO, Bonz Hart, added: “Working with GE across mutual clients over many years taught us that together we could produce additional significant tangible value through collaboration and interfaces. As we looked at the strengths of each company and our rapidly expanding global markets, working closer together made sense for our clients and to better serve our markets. GE’s Bently Nevada operates in a multi-OEM and multi-system world, as does Meridium, so we’re also tightly aligned on strategy. GE’s minority investment allows Meridium to stay focused on innovation and support our global growth.”
Adapted from press release by Katie Woodward
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/24072014/ge-invests-in-meridium-1123/