Chiyoda and Novity Partner to Deploy Integrated AI Predictive Maintenance and plantOS® Solution in Japan, Middle East, and North America

Chiyoda Corporation (Headquarters: Yokohama, Kanagawa, President and CEO: Koji Ota, hereinafter 'the Company') has concluded a strategic partnership agreement (hereinafter 'the Partnership') with Novity, Inc. (Headquarters: California, USA, CEO: Markus Larsson, hereinafter 'Novity'), a US-based AI predictive diagnostic technology company, regarding the market deployment of a solution that integrates Novity's AI predictive diagnostic platform 'TruPrognostics™ AI' with the Company's comprehensive O&M (Operations & Maintenance) solution platform 'plantOS® (*1)'.

Through this Partnership, the two companies will jointly promote the provision of integrated solutions that achieve data-driven maintenance optimization, operational stabilization, and equipment reliability enhancement, targeting Japan, the Middle East, and North America.

Under our purpose of 'Engineering a more sustainable tomorrow,' the Company will promote collaboration with Novity as part of co-creation, enhancing customers' Business Safety (*2) through the provision of plantOS®, and contributing to the realization of a sustainable business and society.

(*1) 'plantOS®' is a registered trademark of Chiyoda Corporation. It is a service that supports maintenance and operations by hybridizing the site-centric physical support in the maintenance field for industrial facilities/plants that our group has provided so far, with the latest digital technologies such as advanced analysis, diagnostic services, IoT, Cloud, and AI cultivated over many years.

[Reference] Our press release dated September 4, 2023: https://www.chiyodacorp.com/media/230904.pdf

(*2) 'Business Safety' is a concept advocated by the Chiyoda Corporation Group, meaning 'safe and secure corporate activities capable of adapting to environmental and social changes to maintain and continue business.'

■ Background and Purpose of the Partnership

In recent years, the industrial equipment sector has faced increasingly serious challenges such as a shortage of labor and the difficulty of passing down skilled techniques, while the need for advanced equipment management is rapidly growing. To address these challenges, by combining Novity's 'TruPrognostics™ AI,' which highly accurately predicts equipment behavior, with our 'plantOS®,' we will provide an unprecedented comprehensive O&M solution, including the prediction of Remaining Useful Life (RUL), precise equipment diagnostics, and actionable recommendations for maintenance and operations.

The main objectives of this Partnership are as follows:

- Creation of an integrated solution for predictive forecasting, diagnostics, anomaly detection, O&M recommendations, and operational optimization
- Joint Go-to-Market (GTM) promotion tailored to the market needs of Japan, the Middle East, and North America
- Enhancement of safety and reliability in AI and data utilization (strengthening data governance)
- Contribution to improving customers' equipment availability, reducing downtime, optimizing maintenance costs, and enhancing safety

■ Jointly Provided Solutions

This alliance will provide the following values:

- Reduction of unplanned downtime through accurate equipment failure diagnostics and RUL prediction
- High-efficiency operation and load adjustment support based on equipment conditions
- Digitalization of skilled techniques and support for skill transfer
- Strengthening governance through a secure data integration platform

Furthermore, the two companies will jointly prepare a comprehensive roadmap from PoC (Proof of Concept) to commercial deployment, focusing on LNG facilities, refineries, chemical plants, power plants, and infrastructure facilities.

■ Features of TruPrognostics™ AI

While traditional predictive maintenance tools issue warnings to operators regarding anomalies, they could not answer 'when a failure will occur.' The integrated solution of plantOS® and TruPrognostics™ AI solves this issue.

- Hybrid model fusing physical models and AI — High-precision prediction without requiring massive historical data
Unlike conventional data-driven tools that require enormous amounts of training data leading up to a failure, TruPrognostics™ AI achieves a high prediction accuracy of over 90% even in environments with limited historical data by combining physics-based models and machine learning.

- Integration of a series of O&M tasks via plantOS®
By embedding TruPrognostics™ AI into plantOS®, RUL prediction is seamlessly linked with maintenance planning and operational tasks, provided as a single integrated workflow.

■ Comment from Markus Larsson, Co-Founder and CEO of Novity, Inc.

TruPrognostics™ AI is expected to be utilized in industrial infrastructure, including upstream and midstream sectors in the oil and gas industry.