RFID solutions developer Savi Technology and ocean port developer and operator Hutchison Port Holdings (HPH) have agreed to form a new company that will create and manage an enormous RFID-enabled network designed to track ocean-going container cargo.
The new company, which will be called Savi Networks, will begin by installing RFID systems in ports around the world that will recognize shipments as they come through their ports. The service and technology will be available to related companies, such as shippers, transport companies and others to expand the network and allow those companies to use the networked tracking system as well.
The company will be funded with a capital investment of $50 million from the partners, and Savi Technology will hold a slight majority interest (51 percent) of the new company.
"Global concerns about supply chain efficiency, effectiveness and security continue to grow, and must be addressed with new and better ways to manage cargo," said John Meredith, HPH group managing director.