Allterco JSCo: Start of development of customized shelly chips in partnership with semiconductor manufacturer Espressif Systems

Sofia / Munich, 23 March 2023 – Allterco JSCo (Ticker A4L / ISIN: BG1100003166) ("Allterco"), a provider of IoT and smart home products based in Sofia, Bulgaria, reaches the next milestone in the Company's development by starting the development of its first customized Shelly chip. For the development, Allterco has partnered with Espressif Systems (Shanghai) Co., Ltd. ("Espressif"), a leading provider of energy-efficient Wi-Fi and Bluetooth solutions. Espressif will design and manufacture a microcontroller for use in Shelly-branded IoT devices. The customized Shelly chip will feature a larger memory allowing for future enhancements and extensions of functionalities, including network protocols and standards that enable interconnectivity between a wide range of smart home products within an ecosystem.

The Shelly brand is known for its innovative and feature-rich IoT devices. Shelly devices are among the most advanced on the market, with features such as HTTP servers, Wi-Fi range extender, and encrypted communication via SSL/TLC, as well as support for JavaScript and open application programming interfaces (APIs) for development and connectivity. Unlike many other brands, Shelly is compatible with all electrical installations and does not require a hub – a local Internet connection is sufficient. In addition, Shelly devices have a built-in server and can operate as a stand-alone device on the local network or in the cloud. At the same time, Shelly devices offer an unrivaled price-performance ratio.

Espressif Systems is renowed as a leading provider of Wi-Fi and Bluetooth SoCs and is recognized for its ESP32 and ESP8266 series of SoCs, which are widely used in AIoT products.

Teo Swee Ann, the Founder and CEO of Espressif Systems, says about the prospective collaboration of the two companies: "We are thrilled to be partnering with Shelly, which has provided much technical and marketing insights to Espressif, to drive innovation in the smart home industry. By combining our strengths and resources, we believe that we can make a significant contribution to the development of IoT technology, and bring about a more connected world.”

Wolfgang Kirsch, Co-CEO of Allterco JSCo, on the development of the first customized chip: "Shelly, Allterco's award-winning home automation product line, is one of the fastest growing IoT brands in the world with devices, even the fastest on certain leading online marketplaces. With the development of our first customized chip, we are shifting up another gear in our approach to provide ever more advanced and powerful IoT devices with even more functionality and performance. We are committed to staying one step ahead of the competition."

Dimitar Dimitrov, Co-CEO of Allterco JSCo, continues: "With its expertise in the design and production of microcontrollers, Espressif is the ideal partner for us to jointly develop a Shelly chip that not only offers the flexible solution our customers are accustomed to for modular and step-by-step automation, according to individual preferences but also opens up completely new possibilities for developers and users."

About Espressif

Espressif Systems (688018.SH) is a public multinational, fabless semiconductor company established in 2008, with offices in China, the Czech Republic, India, Singapore and Brazil. Espressif has a passionate team of engineers and scientists from all over the world, focused on developing cutting-edge wireless communication, low-power, AIoT solutions. Espressif has created the popular ESP8266, ESP32, ESP32-S, ESP32-C and ESP32-H series of chips, modules and development boards. By leveraging wireless computing, Espressif provides green, versatile and cost-effective chipsets. Espressif has been offering solutions that are secure, robust and power-efficient. By open-sourcing technology and solutions, Espressif enables developers to use AIoT solutions globally and build their own smart-connected devices.

About Allterco

Allterco JSCo is a technology holding company that stands for innovation through the development, manufacture, and distribution of high-quality IoT products. End users and their needs are always at the heart of development. Allterco was founded in Bulgaria and works with a team of young, talented developers who are dedicated to producing competitive and user-friendly products. The Group consists of 6 subsidiary companies and has offices in Bulgaria, Slovenia, China, USA and Germany. Allterco's products have already conquered over 100 markets. Allterco JSCo has been listed on the Bulgarian Stock Exchange since December 2016 and on the Frankfurt Stock Exchange as of November 2021 where its shares are traded under GSIN A2DGX9, ISIN BG1100003166, ticker A4L.

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