Technology

Global Times: From ‘sweet potato economy’ theory to private sector promotion law – understanding the growth path of China’s economy

Published

1 year ago

May 20, 2025

BEIJING, May 20, 2025 /PRNewswire/ — As China’s first fundamental law specifically focusing on promoting the private economy, the Private Sector Promotion Law took effect on Tuesday, marking a milestone in the history of the development of the private economy in the country.

The rule of law plays a crucial role in laying solid foundations, ensuring stable expectations, and delivering long-term benefits. The Private Sector Promotion Law serves not only as the foundational law governing the private economy, but also a law to promote the development of and ensure fairness for the private economy.

Providing a solid legal foundation for the sustained, healthy, and high-quality development of the private economy is a vivid reflection of law-based governance, the basic way for the Communist Party of China (CPC) to lead the people in governing the country.

China’s private economy has flourished alongside the great course of reform and opening-up and under the guidance of the Party and the state’s principles and policies.

More than 20 years ago, as the Party secretary of East China’s Zhejiang Province, Xi Jinping scientifically explained the theory of “sweet potato economy,” symbolizing Zhejiang’s growth strategy, with local investments spreading globally like sweet potato vines, enhancing international engagement and strengthening the local economy.

This innovative theory has not only guided Zhejiang in continuously making breakthroughs and achieving greater development, but also elevates to an important part of the new development philosophy in the new era, leading China to address the issue of internal and external coordination in development through opening-up, while forging new advantage of a higher-level open economy.

In March, the first volume of selected works of Xi, now general secretary of the CPC Central Committee, on economy was published. This important work scientifically summarizes the valuable experiences of economic development in the new era, and systematically expounds the rich connotations, scientific systems and original contributions of Xi Jinping Thought on Economy.

From Xi Jinping Thought on Economy to Xi Jinping Thought on the Rule of Law, grasping the origin, essence, and core principles of the CPC’s innovative theories, and understanding the CPC’s leadership, thinking, and work methods in advancing economic governance, ensure accurate understanding of the times and trends, dangers and opportunities, scientifically resolve various contradictions and problems in economic and social development, and firmly seize the initiative and fight proactively.

Over the past 40-plus years of reform and opening-up, China’s private economy has expanded and strengthened to become an indispensable force in the country’s development and a new force in promoting Chinese modernization. By the end of March, the number of registered private enterprises surpassed 57 million, accounting for 92.3 percent of all businesses nationwide, and the number of registered individual businesses had reached 125 million nationwide.

Why are the CPC’s innovative theories able to guide China’s development journey through trials and triumphs in the new era? From the “sweet potato economy” theory to the Private Sector Promotion Law, the answer lies in the practice of private economy development.

From practice to theory
The CPC’s innovative theories originate from practice and also provide strong guidance for future practice. Under the guidance of the “sweet potato economy” theory, many private enterprises in Zhejiang have achieved greater development in a broader space.

For example, CHINT Group’s subsidiary CHINT New Energy Technology Co announced recently that it will build a new factory in Turkey, achieving full localization of battery cell and component production. Starting from a factory producing switches in 1984 in Zhejiang, the firm has expanded from the province to the global market, with business operations in more than 140 countries and regions.

To date, there are over 6 million Zhejiang entrepreneurs across the country and over 2 million Zhejiang entrepreneurs across the world. On the list of top 500 Chinese private enterprises, the number of Zhejiang firms has ranked first for 26 consecutive years. The private economy has become the most distinctive feature, the most important resource, and the greatest advantage of Zhejiang’s economy.

The “sweet potato economy” theory demonstrates powerful intellectual force because it adheres to a problem-oriented approach, focusing on new issues encountered in practice and proposing new concepts, ideas, and methods to genuinely address these problems. From adhering to a problem-oriented approach, to embracing a systematic perspective, to maintaining a global vision, the “sweet potato economy” theory vividly reflects the stance, viewpoints, and methods of the Party’s innovative theories, becoming a vital source of inspiration for the new development philosophy.

Today, the tide of an open economy is surging forward in China. By promoting high-quality development through high-level opening-up, the private sector, while remains rooted in the domestic market, is expanding globally, efficiently utilizing both domestic and international markets and resources. Through open collaboration as well as global competition, they continuously foster new competitive advantages.

Addressing and guiding the resolution of problems is the fundamental task of theory.

When problems arise from government-business relations being either too “close” or too “distant,” the Party emphasized cultivating a cordial and clean relationship between government and business, leading a change to development ecosystem. When erroneous assertions such as “private enterprises exiting the stage” and “new public-private partnership theory” cause disruptions, it is stressed that “our country’s private sector should only grow stronger instead of being weakened and march toward a broader stage,” and all private companies and private entrepreneurs should feel totally reassured and devote themselves to seeking development.

“I have always supported private enterprises,” said Xi, who has worked for more than 20 years in the provinces of Fujian and Zhejiang, both known for the vibrant private sector. He has always attached great importance to the private economy and private enterprises, and has creatively put forward a series of new concepts, new ideas and new strategies to guide the private economy to continue to grow and develop while solving development problems.

From policy guidance to legal protection
Implementing policy promotion and legislative promotion is not only a requirement for developing a socialist market economy, but also a requirement for realizing the modernization of the national governance system and governance capabilities.

On April 16, a new version of the country’s market access negative list was released, the fourth revision since the launch of the first such list in 2018, cutting the number of items on the list from 151 to 106. The shorter list means that market access restrictions for many industries have been eased, which reflects the intensity of China’s market reform, and carries profound significance for businesses, especially private enterprises.

The Hangzhou-Taizhou High Speed Railway in Zhejiang is the country’s first privately-controlled high-speed railway. It was funded by a public-private partnership, with the private sector having a holding status with 51 percent stake. This means that the voice of private enterprises has increased, further boosting the advantages and vitality of private capital.

From the introduction of the market access negative list – which allows market entry for all sectors not explicitly restricted – to the rollout of a guideline for building a unified national market and the cancellation of over 4,200 policy measures that hinder the development of a unified national market and fair competition, China is dismantling hidden barriers and breaking down obstacles that hinder private sector growth. All of these reflect the strength and precision of policy efforts, underscoring the modernization of governance capability.

“The comprehensive advancement of law-based governance has been a profound revolution in China’s governance,” the report to the 20th National Congress of the CPC stated, noting that “we must give better play to the role of the rule of law in consolidating foundations, ensuring stable expectations, and delivering long-term benefits, and we must strive to build a modern socialist country in all respects under the rule of law.”

Closely aligned with demands of the era, the Private Sector Promotion Law actively responds to the concerns of private enterprise by making targeted policies in areas such as fair market competition, equal access to production elements and equal legal protection. Some private entrepreneurs said that the law enhances their confidence in the rule of law and sense of security, as it helps create a stable, fair, transparent, and predictable development environment for private businesses.

From management to service
At the 2024 Central Economic Work Conference, Xi summarized the conclusion of “five coordinations.” Among them, the first is coordinating the relationship between an efficient market and an effective government to form an economic order that is both dynamic and well-regulated.

In Hangzhou, private enterprises like DeepSeek and Unitree Robotics have made remarkable breakthroughs, driving the rapid growth of new quality productive forces through technological innovation. Why a wave of cutting-edge companies known as “Six Little Dragons” emerge in Hangzhou?

“Responsive when needed, undisturbed when not.” The local government has established a full-life cycle government service system that integrates “one-window acceptance of demand”, “one-stop service delivery” and “end-to-end support.” In addition, the local government actively conducts policy outreach and provide tailored guidance for businesses.

A service-oriented government is inherently a law-based one. The greater the legitimacy and standardization of government actions, the lower the governance costs and the higher the market efficiency will be.

In July 2023, the CPC Central Committee and the State Council jointly issued a guideline on boosting the growth of the private economy and made a series of arrangements aimed at improving the business environment.

Further transforming government functions, improving service quality and standards, and advancing the synergy between an efficient market and a proactive government serve as the overarching theme of this effort. The establishment of a private economy development bureau under the National Development and Reform Commission is aimed at strengthening the coordination of private sector development work so as to provide a better environment for their development.

“The private sector enjoys broad prospects and great potential on the new journey in the new era. It is the prime time for private enterprises and entrepreneurs to give full play to their capabilities,” Xi said in February.

From practice to theory, from policy guidance to legal protection, and from a management-oriented government to a service-oriented one, Xi Jinping Thought on Economy has guided China’s private economy to achieve legendary development and present a grand scene of vibrant competition, vividly showcasing the surging momentum of the Chinese economic juggernaut and profoundly highlighting the powerful guiding force of the CPC’s innovative theories.

This is why “we always grow in the wind and rain, and we get stronger through hard times.”

https://www.globaltimes.cn/page/202505/1334521.shtml

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SOURCE Global Times

Technology

Autonomous Defense Technologies Set to Ignite a Nearly $200 Billion Global Market

Published

48 minutes ago

July 23, 2026

AI-Powered Military Drones, Autonomous Platforms, and Next-Generation Defense Systems Are Fueling One of the Fastest-Growing Opportunities in Aerospace and Defense

NEW YORK, July 23, 2026 /PRNewswire/ — Market News Updates News Commentary – Around the globe, the defense industry is quickly adopting autonomous technologies, with governments investing significantly in artificial intelligence, unmanned systems, advanced sensors, and self-directed decision-making capabilities. Military forces are on the lookout for technologies that can swiftly gather intelligence, function in dangerous settings without risking personnel, and respond promptly to threats. Unmanned aerial vehicles (UAVs) utilizing autonomous AI are increasingly crucial in modern military operations, proficient in various tasks such as reconnaissance, surveillance, target identification, electronic warfare, logistics support, and precision strike missions with minimal human intervention. As artificial intelligence advances, these sophisticated systems are expected to improve their efficiency in managing drone swarms, sharing battlefield information, and swiftly adjusting to changing combat situations. Companies leading the Autonomous and AI technology Defense Operations boom include: VisionWave Holdings Inc. (NASDAQ: VWAV), Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS), AeroVironment, Inc. (NASDAQ: AVAV), AEVEX Corp. (NYSE: AVEX), Sidus Space, Inc. (NASDAQ: SIDU).

There is also a rapid expansion in financial opportunities. Fortune Business Insights forecasts substantial growth in the global Autonomous Defense Platforms Market, with a projected increase from approximately US$69.77 billion in 2026 to US$198.87 billion by 2034, indicating a robust compound annual growth rate of 14.0%. Additionally, the firm anticipates a surge in the global Military Drone Market from US$22.49 billion in 2026 to US$52.31 billion by 2034, showing an 11.1% compound annual growth rate. With rising defense budgets and a focus on AI-enhanced military capabilities, companies specializing in autonomous aircraft, AI software, advanced sensors, cybersecurity platforms, navigation systems, and cutting-edge battlefield technologies are well positioned to capitalize on these expanding markets.

The widespread integration of autonomous AI UAVs is revolutionizing military strategies and operations. Instead of relying on individual aircraft, armed forces are increasingly deploying coordinated fleets of intelligent drones capable of monitoring vast areas, identifying targets, transmitting secure communications, and offering real-time situational awareness to ground troops. Advancements in machine learning, computer vision, edge computing, and secure battlefield networking are empowering these systems to autonomously process large amounts of data, thereby reducing the workload on operators and increasing mission success. As global tensions rise and defense modernization remains a top priority worldwide, autonomous defense technologies are expected to be one of the fastest-growing sectors in the military industry in the coming decade.

VisionWave (NASDAQ: VWAV) and Meteor Aerospace Leadership Advance Integration Planning for AI-Enabled Multi-Domain Defense Technologies Following Previously Announced Acquisition Agreement — VisionWave Holdings Inc. (“VisionWave” or the “Company”) a defense technology company developing advanced artificial intelligence, autonomous systems and next-generation security technologies, today announced that its executive leadership team has completed a strategic technology and integration working session with the leadership of Meteor Aerospace Ltd. in Israel following the Company’s previously announced acquisition agreement to acquire a controlling interest in Meteor Aerospace. Completion of the transaction remains subject to the closing conditions described below.

The executive meetings represent an important milestone in the transaction process as both companies continue advancing technical, operational and commercial integration planning while progressing toward satisfaction of the closing conditions described below.

During the visit, VisionWave executives conducted comprehensive reviews of Meteor Aerospace’s expanding portfolio of advanced defense technologies, including tactical and strategic unmanned aerial vehicles (UAVs), unmanned ground vehicles (UGVs), unmanned surface vessels (USVs), electronic warfare (EW) and SIGINT technologies, precision strike systems, C4ISR platforms and integrated sovereign defense architectures.

The working sessions included executive strategy meetings, engineering reviews, technology demonstrations, manufacturing assessments and product roadmap discussions focused on identifying opportunities to accelerate innovation, expand international commercialization and strengthen VisionWave’s multi-domain defense technology platform.

Meteor Aerospace presented video documentation of field tests and demonstrations of its products, including flights of the Impact-700 UAV at the Bar Yehuda airfield near the Dead Sea in Israel, that were done with the regulatory monitoring and approval of the Israeli Aviation Authority.

For operational security reasons, the meetings were conducted at a confidential location, and additional details regarding attendees and facilities are not being disclosed.

Douglas Davis, Executive Chairman and Chief Executive Officer of VisionWave Holdings, stated: “Visiting Meteor Aerospace and working directly alongside its leadership and engineering teams reinforced what we recognized when we entered into the acquisition agreement. Meteor has developed a highly differentiated portfolio of autonomous systems, electronic warfare technologies, and integrated battlefield capabilities supported by a team with decades of aerospace engineering experience. Seeing these technologies firsthand further strengthened our confidence in the strategic opportunity this transaction represents.”

Mr. Davis continued: “Our integration planning, in preparation for a potential closing, is well underway. By bringing together VisionWave’s expertise in artificial intelligence, advanced sensing and computational technologies with Meteor’s capabilities across autonomous platforms, C4ISR, precision defense technologies and sovereign defense architectures, we believe we are building a next-generation defense technology platform positioned to address rapidly growing global demand for integrated battlefield solutions, autonomous systems and national security modernization.”

Throughout the visit, executives from both organizations evaluated opportunities to align technology development, manufacturing capabilities, international business development initiatives and long-term product strategies as part of VisionWave’s integration planning process.

The meetings also provided both leadership teams with the opportunity to establish integration priorities across engineering, operations, commercialization and future product development while preparing for the successful completion of the proposed transaction.

As previously announced, completion of the acquisition remains subject to a number of conditions for VisionWave’s satisfactory completion of legal, financial, operational, technical, aerospace, cybersecurity, export control, intellectual property and commercial due diligence, receipt of any applicable regulatory approvals and satisfaction of other customary closing conditions. There can be no assurance that the closing conditions will be satisfied, or that the transaction will be completed on the anticipated timeline or at all. Continued… Read this full release and additional news for VWAV by visiting: https://www.vwav.inc/newsroom/

Why Investors Are Watching the UAV / Autonomous / AI Military Operations Industries:

Autonomous AI-powered UAVs becoming standard assets for ISR and combat support missionsRising global defense spending focused on artificial intelligence and autonomous warfareGrowing adoption of autonomous drone swarms and collaborative mission capabilitiesIncreased demand for real-time intelligence, surveillance, and reconnaissance (ISR)Continued advances in machine learning, computer vision, edge computing, and autonomous navigationExpansion of electronic warfare, cybersecurity, and secure battlefield communicationsDefense modernization programs accelerating across North America, Europe, and the Indo-PacificGrowing opportunities for companies developing next-generation autonomous defense platforms

Other recent developments in the autonomous, defense/military/UAV/drone industries of note include:

Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS), a technology company in the defense, national security and global markets, recently announced it has been awarded a sole-source, single award Indefinite Delivery/Indefinite Quantity (IDIQ) contract for approximately $156 million, by the U.S. Department of Energy’s National Nuclear Security Administration (NNSA) Office of Secure Transportation (OST), in support of Project Solar Shield.

Under this new contract award, Kratos will provide mobile Counter-Unmanned Aircraft System (C-UAS) platforms designed to support OST’s critical National Security mission. The Office of Secure Transportation is responsible for the safe and secure ground and air transportation of nuclear weapons, weapon components, and special nuclear materials, as well as other missions supporting U.S. national security.

AeroVironment, Inc. (“AV”) (NASDAQ: AVAV), a global leader in intelligent, multi-domain autonomous systems, recently announced it has been awarded a $117.3 million contract by the U.S. Army for its P550™ electric vertical take-off and landing (eVTOL) unmanned aerial system in support of the Army’s Long Range Reconnaissance program, advancing the Army’s push to field scalable, adaptable capabilities for modern warfare.

The award was issued under a Basic Ordering Agreement (BOA) through a competitive Call for Solutions (C4S) under the U.S. Army’s Unmanned Aircraft Systems (UAS) Marketplace initiative, a centralized digital platform designed to accelerate the procurement of vetted drone technologies.

AEVEX Corp. (NYSE: AVEX) recently announced it has been awarded a $17.5 million follow-on contract under its Global Solutions portfolio to continue delivering critical services in support of U.S. national security objectives.

The contract reinforces the company’s role in providing mission focused, data-driven services and solutions that help decision makers act with speed and confidence. AEVEX’s Global Solutions capabilities integrate technology and multi-domain expertise to transform complex data into actionable insight for time sensitive missions.

“Our teams are trusted to support some of the nation’s most important missions,” said Roger Wells, Chief Executive Officer at AEVEX. “This award reflects continued confidence in AEVEX to deliver the specialized expertise required to advance essential national security interests.”

Sidus Space, Inc. (NASDAQ: SIDU) (“Sidus” or the “Company”), an innovative space and defense technology company, recently announced that its next LizzieSat® has successfully completed vibration testing, a key environmental qualification milestone for SpaceX’s Transporter-18 rideshare mission from Vandenberg Space Force Base in California, currently scheduled for launch no earlier than October 2026.

Vibration testing simulates the intense mechanical loads a spacecraft experiences during launch and ascent. The testing was conducted at Element U.S. Space & Defense’s facility in Orlando, Florida, an accredited independent provider of product qualification and environmental testing services. Completing this testing is designed to confirm that the satellite’s structure, components, and integrated payloads can withstand the stresses of liftoff and remain fully operational on orbit, a critical step in clearing the spacecraft for final integration and shipment to the launch site.

DISCLAIMER: MarketNewsUpdates.com (MNU) is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. MNU is NOT affiliated in any manner with any company mentioned herein. MNU and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. MNU’S market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities. The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material. All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks. All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release. MNU is not liable for any investment decisions by its readers or subscribers. Investors are cautioned that they may lose all or a portion of their investment when investing in stocks. This press release was distributed on behalf of VisionWave Holdings, Inc. For current services performed MNU was compensated forty nine hundred dollars for news coverage of the current press releases issued by VisionWave Holdings, Inc. by the Company. MNU HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and MNU undertakes no obligation to update such statements.

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Technology

atQor Earns Microsoft Frontier Partner Status for AI Delivery

Published

48 minutes ago

July 23, 2026

The recognition validates atQor’s ability to unite Cloud & AI Platforms, AI Business Solutions and Security for customers in financial services, manufacturing, retail, healthcare and public sector.

AHMEDABAD, India, MISSISSAUGA, ON and SANTA FE SPRINGS, Calif., July 23, 2026 /PRNewswire/ — atQor, a Microsoft-focused AI and data platform company, today announced it has achieved Microsoft Frontier Partner status, with its nomination led by Microsoft India and recognition extending across Canada, the United States and India.

atQor holds all six Microsoft Solutions Partner designations, the Support Services designation, Azure Expert MSP status, Microsoft Fabric Featured Partner recognition and ten Advanced Specializations.

“Our engineers do not wait for a mandate to use AI, they build with it every day, and that is what Microsoft recognized,” said Pushkaraj Kale, CEO of atQor India. “Earlier this year, our teams built and deployed more than two hundred production AI agents in a single seventy-two-hour engineering event, and twenty-five of those are now live on Microsoft Marketplace. This nomination was led by Microsoft India, and it reflects the discipline our customers see across every industry we serve.”

“The Frontier Partner designation recognizes organizations that are helping customers move beyond AI experimentation and into business transformation. atQor has consistently invested across Microsoft’s AI, data, cloud, and security stack while building the Go-To-Market and delivery capabilities required to create measurable customer outcomes. We are pleased to see atQor join this distinguished group of partners and look forward to their continued contribution to AI adoption across industries,” said Om Batra, Channel Partner Sales Leader, India and South Asia, Microsoft.

“The most successful AI partners are those that can bridge innovation with operational excellence. atQor has built competencies spanning Microsoft Fabric, Azure AI, Security, and Copilot while maintaining a strong focus on delivery quality and governance. Their Frontier Partner recognition reflects the technical maturity and execution capability needed to help customers scale AI with confidence,” said Sanjeev Sharma, Director Tech Sales and Partner CTO, India and South Asia, Microsoft.

For customers, the recognition means fewer handoffs: one firm carrying the work from the first Microsoft Fabric workshop through the AI agent in production, instead of a customer coordinating several vendors to get there. atQor applies this across financial services, manufacturing, retail, healthcare and public sector organizations in Canada, the United States and India, continuing the relationship through managed Azure operations once systems are live.

Pushkaraj and the India team led this global recognition, according to Kartik Shah, Founder of atQor, who said Canada and U.S. teams, led by Co-Founder and Global COO Greg Kachhadiya, already hold themselves to that same standard.

About atQor: atQor is a Microsoft-focused AI and data platform company that helps enterprises move AI from pilot to production. Founded in 2002, the company operates across Canada, the United States and India, and holds CSP Direct authorization including Azure Gov Cloud in US. atQor maintains ISO 9001, ISO 20000, ISO 27001 and ISO 22301 certifications. Learn more at atQor.com.

Media Contact: Ramanuj Zawar, 419311@email4pr.com. United States: +1-844-294-5383. Canada: +1-289-290-4490. India: +91-706-904-3269.

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Technology

Carrier Accelerates Intelligent Building Strategy with Acquisition of 75F

Published

48 minutes ago

July 23, 2026

Cloud-native building automation strengthens Carrier’s digital ecosystem to enable increasingly intelligent and autonomous buildings

PALM BEACH GARDENS, Fla., July 23, 2026 /PRNewswire/ — Carrier Global Corporation (NYSE: CARR), global leader in intelligent climate and energy solutions, today announced it has acquired 75F, a leading innovator in cloud-native, wireless, AI-enabled building automation systems. The acquisition strengthens Carrier’s intelligent building capabilities across applications — from complex applied systems and high-growth data centers to light commercial and retrofits.

“Buildings are becoming intelligent and autonomous systems that continuously learn, adapt and optimize performance,” said David Gitlin, Chairman & CEO, Carrier. “Through Carrier ClimaVision™, we have already seen firsthand the power of 75F’s cloud-native, AI-enabled platform. This acquisition accelerates our strategy to create increasingly autonomous and self-optimizing buildings by bringing together connected equipment, intelligent controls and digital solutions in a unified platform that simplifies deployment, connects building data and enables agentic AI.”

The combination of Carrier’s WebCTRL® building controls install base, Abound™ predictive analytics capability and the Nlyte® operational intelligence platform with 75F’s unified data layer and AI capabilities will create a differentiated end-to-end offering spanning equipment, controls, analytics and outcomes for buildings globally. Together, these integrated capabilities enable building operators to transition from traditional building management to fully autonomous operations that proactively identify maintenance opportunities, optimize energy consumption, intelligently manage assets and improve occupant comfort.

“75F was founded to fundamentally rethink building automation using cloud-native software, AI and wireless technologies,” said Deepinder Singh, founder and CEO, 75F. “Joining Carrier enables us to accelerate that vision on a global scale. Together, we can help make intelligent buildings simpler to deploy, easier to operate and more accessible to customers everywhere.”

75F’s platform combines wireless sensors, intuitive controls, cloud software and AI-enabled automation designed to reduce installation time and simplify commissioning while optimizing energy efficiency and indoor air quality. Carrier plans to integrate 75F’s generative and agentic AI as well as auto-commissioning capabilities into its large commercial platforms, including its Carrier QuantumLeap™ thermal management suite, improving deployment and real-time thermal performance for the rapidly growing data center market.

Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as external legal counsel to Carrier in connection with the transaction. Avisen Legal, PA acted as external legal counsel to 75F in connection with the transaction.

About Carrier
Carrier Global Corporation, global leader in intelligent climate and energy solutions, is committed to creating innovations that bring comfort, safety and sustainability to life. Through cutting-edge advancements in climate solutions such as temperature control, air quality and transportation, we improve lives, empower critical industries and ensure the safe transport of food, life-saving medicines and more. Since inventing modern air conditioning in 1902, we lead with purpose: enhancing the lives we live and the world we share. We continue to lead because of our world-class, inclusive workforce that puts the customer at the center of everything we do. For more information, visit carrier.com or follow Carrier on social media at @Carrier.

Carrier. For the World We Share.

Cautionary Statement
This communication contains statements which, to the extent they are not statements of historical or present fact, constitute “forward-looking statements” under the securities laws. These forward-looking statements are intended to provide management’s current expectations or plans for Carrier’s future operating and financial performance, based on assumptions currently believed to be valid. Forward-looking statements can be identified by the use of words such as “believe,” “expect,” “expectations,” “plans,” “strategy,” “prospects,” “estimate,” “project,” “target,” “anticipate,” “will,” “should,” “see,” “guidance,” “outlook,” “confident,” “scenario” and other words of similar meaning in connection with a discussion of future operating or financial performance. Forward-looking statements may include, among other things, statements relating to the acquisition of the 75F business, the integration of such business into Carrier’s existing operations, strategies or transactions of Carrier, Carrier’s plans with respect to its indebtedness and other statements that are not historical facts. All forward-looking statements involve risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. For additional information on identifying factors that may cause actual results to vary materially from those stated in forward-looking statements, see Carrier’s reports on Forms 10-K, 10-Q and 8-K filed with or furnished to the U.S. Securities and Exchange Commission from time to time. Any forward-looking statement speaks only as of the date on which it is made, and Carrier assumes no obligation to update or revise such statement, whether as a result of new information, future events or otherwise, except as required by applicable law.

CARR-IR

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