Help for clean energy start-ups to set up shop

PHOTO: Help for clean energy start-ups to set up shop

SINGAPORE - Singapore wants to attract more foreign companies with sustainable clean energy technologies to develop a presence here through its first Cleantech incubator.

Through the incubator cum accelerator, the Sustainable Energy Association of Singapore (SEAS) in partnership with five research institutes will provide clean energy start-ups with finance, R&D, enterprise and management support, and partnership opportunities with local firms to build green technology solutions. The incubator is located at JTC's Cleantech One at Cleantech Park.

The partners include the Institute of Engineers Singapore, which will mentor start-ups and advise international companies trying to break into the region, and Red Dot Ventures, which will advise on financial matters and invest in the start-ups. Other partners include the Energy Research Institute at NTU and the Nanyang Environment and Water Research Institute and the Solar Energy Research of Singapore, which will all contribute R&D expertise.

"Singapore is set to be a hub for sustainable energy (which defines both renewable energy and energy efficiency) in the region: we have technical, financial and knowledge capabilities to transfer to and provide support for the region's needs. At the same time, many companies with sustainable Cleantech innovations and technologies want to bring their know-how into our region," Edwin Khew, SEAS chairman, said at the opening of the Asia Future Energy Forum on Tuesday.

"Through our many research institutes in Singapore, we can provide both funding and R&D capabilities to further improve their technologies or adapt their technologies for tropical applications."

Mr Khew noted that there are companies from the Netherlands that are "very keen to collaborate and partner with Singapore firms and to jointly market their products in Asian markets".

"There are many reasons to transition to clean and sustainable energy - reducing oil dependence, strengthening energy security, creating green jobs, tackling global warming, addressing air pollution. However, as we all know, there is no single solution that can meet the world's future energy needs. The answer lies in a portfolio of diverse energy technologies that share a common thread: that they do not deplete our natural resources or destroy our environment," he said.

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