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.