US conglomerate General Electric (GE) and Japanese contractor Toyo Engineering have signed a Memorandum of Understanding (MoU) for a joint project to explore digital solutions for the fertilizer and petrochemical industries.

Under the MoU, GE and Toyo will collaborate to evaluate, define and confirm the technical and economic feasibility of deploying GE Predix, a cloud-based industrial-scale platform, and asset performance management software to implement solutions for pre-front end engineering design (FEED), FEED, engineering, procurement and construction (EPC), commissioning, operation and maintenance phases of projects at fertilizer and petrochemical facilities.

GE said the industrial internet is generating data twice as quickly as any other sector. With investment in infrastructure expected to top $60 trillion over the next 15 years, the number of devices connected to the internet will continue to swell and generate an unprecedented volume of data and analytics. The Connecticut-headquartered group launched Predix Cloud in 2015 in order to provide a highly secure infrastructure for this next phase of growth, enabling operators to use data faster and more efficiently and saving billions of dollars annually.

Toyo said GE has a strong track record in providing asset reliability solutions in the oil and gas segments through advanced sensors, analytics and troubleshooting expertise, while the Tokyo-based firm adds complementary skills in processes and plant operations as an EPC contractor and licensor of urea synthesis and granulation technologies.