The Singapore Economic Development Board (EDB) said earlier today that clean energy investments in Singapore would, over the next five years, generate some $500 million in business spending, while creating 400 professionals jobs.
According to the EDB, investments into solar, wind, microgrids and energy management were secured by EDB in recent months, in alignment with Singapore's aim to be the leading clean technology hub in Asia.
Speaking at the Asia Clean Energy Summit today, Goh Chee Kiong, the executive director of cleantech for EDB told attendees: “The future is bright for clean energy and we want to develop this as a national opportunity for Singapore. This recent wave of clean energy investments augur well for Singapore’s role as the springboard for companies to serve the fast-growing markets in Asia. The government will continue its commitment to invest in research and technology, train specialised talent, promote new financing and business models.”
The investments into Singapore's cleantech sector include:
Envision Energy, which will run its global digital energy hub in Singapore. Comprising a global digital R&D centre and global headquarters the company will hire more than 200 professionals for roles in big data and analytics, machine learning and artificial intelligence, Internet of Things, security, project engineering and regional management.
VDE, a leading quality assurance provider from Germany, will invest S$20 million to establish an energy storage testing and certification lab for the Asian region. The lab will also be the first in the world to provide bankability and insurability services for energy storage solutions at the system level.
Other investors include GCL (solar), Hover Energy (wind) and Jiangsu Linyang (smart meters, solar), who will be establishing their respective regional headquarters in Singapore. Additionally, Narada will set up its regional energy storage solution centre of excellence in Singapore, which will develop co-innovation opportunities with locally-based companies.
"Singapore invests significantly in research and development, engineering and project development capabilities, and serves as a springboard for companies into the region," said Dr Koh Poh Koon, Senior Minister of State for Trade and Industry
He used as an example of Singapore's continuing efforts in this regard, Renewable Energy Integration Demonstrator Singapore (REIDS). Led by the Nanyang Technological University, with support from the EDB, it is the largest microgrids testbed in the region.
Dr Koh further said that the first R&D microgrid led by REIDS founding members ENGIE and Schneider Electric will be launched on Tuesday.
An agreement will also be signed with three new investors - Emerson, EDF and IDSUD, to develop three more microgrids.