Mr Iswaran described the solar industry as 'highly innovative' and that 'clean energy, including solar, has now emerged as a mainstream venture investment field alongside IT and biotech.' -- PHOTO: ST FILE

The Economic Development Board (EDB) and the National University of Singapore (NUS) on Thursday unveiled its vision for the Solar Energy Research Institute of Singapore (Seris).

At its helm is world-renowned solar expert Professor Joachim Luther, former director of the well-established Fraunhofer Institute for Solar Energy Systems, one of Europe?s leading solar energy R&D institutes.

The EDB and NUS said they started courting Professor Luther for the top job at Seris since last July when they heard he was stepping down as Fraunhofer's director.

Seris has a $130 million budget for the next five years and will begin operations in April. To be housed at the NUS campus in the first couple of years, it will start with 25 researchers. The institute will will have its own 5,000 sq m centre to be built later.

Professor Luther said he is trying to rope in several top-notch foreign scientists. The institute expects to grow to 90 researchers, and produce 50 doctorate and 20 masters students in five years.

Professor Luther, who is also a professor of physics at the University of Freiburg in Germany, is an expert in solar cells, solar and energy efficient buildings and energy systems.

Minister of State for Trade and Industry S. Iswaran said at the launch that the establishment of Seris was 'yet another milestone in Singapore's development of the clean energy eco-system'.

The global solar market was estimated to be US$30 billion last year and is projected to continue its strong growth rate to reach more than US$100 billion by 2011, said Mr Iswaran.

'Successful R&D has been and will continue to be the differentiating factor between the success stories... in the industry,' he said.