Hungarian-developed system revolutionises parking

Parking will be soon a lot easier with the help of the new Hungarian-developed system. It can not only track the parking fee and the number of cars in the parking lot but it also allows you to pay on its platform. The Hungarian company has already entered China earlier, and now, it breaks into the Portuguese market after taking part in the Portugal Smart Cities Summit in the autumn of 2022. 

Company EPS-Global Ltd. made an agreement with Urban Motion, a Portuguese company focusing on smart cities. According to Index.hu, the Hungarian company took part in the Portugal Smart Cities Summit which was held in October 2022, in Lisbon.

“Negotiations with a Portuguese municipal company have already begun,”

Zoltán Gyarmati, a member of the board of EPS-Global Zrt. told MTI.

Hungarian-developed system broke into the Chinese market

EPS Global was formed in 2012 as a joint venture between Hungarian and German private investors with the aim of applying world-class technology to the development of parking management systems, writes their site.

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In 2016, the People’s Republic of China awarded the first Chinese PPP parking project in Yangzhong, including the construction and operation of 10,000 parking spaces for 20 years. In the same year, Hungary’s largest ITS company, i-Cell, acquired a majority stake in EPS Global, then, the Hungarian state-owned EXIM Bank invested EUR 3.3 million and acquired a majority stake in EPS Global. Later on, the bank invested an additional EUR 1.65 million in the company.

In 2018, the company has completed the construction and testing phase of the project after Yangzhong city’s smart parking project passed the municipal inspection and approval process, technically obtaining all municipal permits.

After a successful one-month trial run in 2019, the new parking operations in Yangzhong city started in early January 2020. Their local Chinese team ran the parking system efficiently with software support provided by the Hungarian team. Since July 2020, EPS has been the majority owner of the Chifeng parking project company and ZTE ITS is the minority owner. The company made a concession contract for the right to operate the system for 25 years for 20,000 parking spaces.

The company published its video on YouTube, introducing the Hungarian-developed software.

According to publicly available company data, EPS-Global Ltd.’s revenue in 2021 was HUF 213.3 million (EUR 535,185), up from HUF 3.341 million (EUR 8,383) in 2020. The company closed 2021 with a loss of HUF 553.861 million (EUR 1,389,812), compared with a profit of more than HUF 3 million (EUR 7,527) a year earlier, MTI reported.

The system knows everything about parking lots

With the complete parking management software of EPS Global Zrt., customers (including municipalities and companies) can monitor the parking occupancy and pay the parking fee. Customers can track the duration of the time people used the parking lot and how much income it generated. These are significant factors for assessing people’s demand and increasing the number of parking lots if needed.

According to the company’s site, just a couple of weeks right after its launch in Yangzhong, they had more than 10,000 local users downloading their parking app and their system managed more than 25,000 parking. The software significantly improved the parking situation in Yangzhong city centre.

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Source: index.hu