Bel and Ambient have design engineers dedicated to identifying, developing, and ultimately manufacturing optimized solutions for Ambient's utility clients. An aggressive development program enabling rapid and timely delivery of volume orders has been established to support next-generation communications node development and delivery. Together, the two companies are well positioned to successfully launch present and future products of the Ambient Smart Grid(TM) product line.
Daniel Bernstein, President and CEO of Bel Fuse Inc., stated, "We are pleased to form this alliance which represents an expansion of our expertise with powerline products. It's a natural progression to smart grid technology and we're excited to be partnering with Ambient to bring new solutions to this market."
The Customer and Bel entered into a Mutual Confidentiality and Non-Disclosure Agreement dated as of May 7, 2008 (the “ NDA ”).
Bel and the Customer desire to enter into a master supply and alliance relationship to support the Customer’s 2009 business initiatives for its Smart Grid deployments, with Bel willing to partially fund the 2009 initiative through payments from the Customer on [**] day payment terms.
Bel is to initially act as a contract manufacturer for the Customer’s products, including its X3000 node. Bel and the Customer intend to expand their relationship with the express purpose of reducing the manufacturing cost of the Customer’s products.