Budding cleantech entrepreneurs in Singapore will soon get dedicated help to transform their ideas and solutions into reality with the launch of Singapore’s first cleantech incubator.
The Sustainable Energy Association of Singapore (SEAS), together with six industry leaders from the fields of engineering, research and investment announced the new initiative on Tuesday at the Asia Future Energy Forum, part of the annual Singapore International Energy Week held at Marina Bay Sands.
Edwin Khew, SEAS chairman who gave the opening speech at the event, noted how Singapore is primed to be a hub for sustainable energy in the region.
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Singapore has the technical, financial and knowledge capabilities to provide support especially to companies, both local and foreign, who want to increase their knowhow and service in Asia, he said.
The incubator-accelerator and its partners will serve as the primary enabler for this, he added. It will “provide incubatees with finance, R&D support, enterprise and management start-up support, market intelligence including project financing support and facilitate partnership development with Singapore companies”.
Partners of the initiative include the Institute of Engineers, Singapore (IES), the Nanyang Environment and Water Research Institute (NEWRI), Red Dot Ventures, Solar Energy Research and Institute of Singapore (SERIS), and the Energy Research Institute @ NTU (ERI@N).
This Cleantech Incubator will be located at JTC’s CleanTech One complex, the first eco-business park in the country, which houses several research offices and clean energy-focused firms.
We welcome innovative start-ups to leverage on the resources and support provided by the Cleantech Incubator at CleanTech One… Start-ups and SMEs will be part of an entrepreneurial cleantech ecosystem that connects them with like-minded world-class research institutes and industry players under the same roof
Leow Thiam Seng, JTC’s Aerospace, Marine and CleanTech cluster director
The addition of the incubator into this community is expected to intensify the work done in this niche industrial zone.
Leow Thiam Seng, JTC’s Aerospace, Marine, and CleanTech cluster director, said: “We welcome innovative start-ups to leverage on the resources and support provided by the Cleantech Incubator at CleanTech One… Start-ups and SMEs will be part of an entrepreneurial cleantech ecosystem that connects them with like-minded world-class research institutes and industry players under the same roof.”
According to SEAS, ERI@N, NEWRI and SERIS will be mainly contributing their research and development expertise for the incubator, while IES will concentrate on mentoring the young incubatees and international firms who plan to venture into the regional market.
The IES also has a vast financial network that it will bring into this group. Likewise, Red Dot Ventures will specialise on financial matters and channelling investment to this up-and-coming innovators.
Together, they aim to make the cleantech incubator a one-stop business support solution in Singapore for local and foreign cleantech companies, as well as bridge to the rest of Asia.
“In light of unreliable energy supply in certain countries in the region, the local communities are turning to renewable or clean energy sources to meet their energy needs,” said Khew.
He noted, though, that there is no single solution to address these needs. “The answer lies instead in a portfolio of diverse energy technologies that share a common thread: that they do not deplete our natural resources or destroy our environment.”