The Hungarian party received majority in the Chinese project company that is constructing 10,000 smart parking lots in the city of Yangzhong. They achieved this through GB & Partners, according to Forbes.hu.
Ágoston Gubicza and Mihály Boris are the one who named the company, who manage the investments of Eximbank through two investment funds. One of them is a capital base for encouraging export, which invested in EPS Global Inc. earlier.
Gábor Emőri has also become one of the owners of the company: his i-Cell Mobilsoft company developed the electronic system designed for road toll (HU-GO).
Motorization and industrial urbanization bring new challenges in transport in China. The operation of vehicle parks and solving parking problems is becoming a vital issue in the crowded country. EPS Global Inc. and its Chinese partner, ZTE founded an enterprise for transport technology, named ZTE EPS Smart Parking Company. They have begun to construct and operate a total of 10,000 smart parking lots in Jiangsu province, in the city of Yangzhong.
GB & Partners provided 4,8 million euros from EXIM’s export encouraging capital funds.
This sum was sufficient to purchase a 75% ownership of the company with the help of Gábor Emőri.
The first phase of the project made it through execution and integration. Now the test run of the system is in progress, which will be concluded soon, and the first PPP smart parking project in China will be launched.
ZTE EPS built a new infrastructure on the whole territory of the city. It applies a special software and a server park, as well as a sensor and signal system, and a modern control room.
Chief manager of ZTE ITS Mr. Deng Hua signed an agreement with GB & Partners about constructing 90,000 additional parking lots.
The consortium is negotiating with four Chinese municipals, so new agreements are expected. The parties agreed to invest additional 20 million euros into the projects.
The essence of the new technology is the usage of sensors that detect Earth’s magnetic fields, so the system can signal whether a parking lot is occupied or not. ZTE EPS’s mobile application leads car drivers to free parking lots using a map interface and intelligent LED road signs.
EPS’s software system is being integrated into the two most popular mobile applications in China: WebChat — which has 650 million users — and Alipay.
ZTE EPS’s system in Yangzhong covers 25 important parking complexes (hospitals, department stores, municipal institutions), so drivers can easily access all the data and manage their transactions related to parking.