SINGAPORE: The Republic has increased efforts to grow the clean technology and renewable energy sectors with new investments.
Speaking at the opening of the Asia Clean Energy Summit on Tuesday (Oct 27), held during the Singapore International Energy Week, Minister for Trade and Industry (Industry) S Iswaran revealed that the Economic Development Board had secured five new investments across the fields of solar, fuel cells, smart grids and testing services in Singapore in 2015.
The companies - Intelligent Energy, Accenture, OMNETRIC Group, DNV GL and Grass Energy - have committed a total of S$150 million in cumulative business expenditure over the next five years and the creation of over 100 jobs.
Speaking at the event, Mr Iswaran said: "These investments are a strong vote of confidence of Singapore's role as an effective cleantech hub, with an emphasis on innovation, project development and financing activities."
Also at the opening, Mr Iswaran witnessed the signing of a Memorandum of Understanding between Singapore Power and its first batch of innovation partners, 3M and OMNETRIC Group under its Singapore Power Energy Advanced Research and Development programme (SPEAR).
The SPEAR programme is part of a S$30 million dollar initiative between Singapore Power and EDB to drive innovation, commercialisation of next generation energy network technologies, for greater reliability and efficiency throughout Singapore's grid infrastructure.