The Energy Market Authority (EMA) has signed two partnerships worth $12 million with oil giant Shell and port operator PSA in a move to reduce carbon emissions and to grow start-ups in the energy sector.
The tie-up with Shell is aimed at bringing solutions from such start-ups to market, a government spokesman said yesterday.
The agency will also work with PSA to fund solutions in energy management, among other areas, he added.
Senior Parliamentary Secretary for Trade and Industry and Foreign Affairs Tan Wu Meng yesterday said the partnerships can help the energy sector seize new opportunities as they help companies develop commercially viable solutions.
Working with PSA will give companies and researchers "the opportunity to use PSA's terminal as a living lab to innovate, gain experience, and test-bed cutting-edge technologies in areas such as smart energy management systems", said Dr Tan, who was speaking at an event held at Nanyang Technological University.
"For technologies with commercialisation potential, (the agency) has partnered Shell to set up an energy accelerator programme to incubate promising local start-ups. We will help them translate these solutions to meet market needs in areas such as distributed generation and energy storage systems."
Mr Ong Kim Pong, regional chief executive for South-east Asia at PSA International, said the new partnership will encourage the development of energy management solutions that will "reshape the entire port energy chain for the better".
Ms Aw Kah Peng, chairman of Shell Companies in Singapore, said that the partnership will strengthen the energy ecosystem. "Innovation and collaboration are vital in an energy transition world where opportunities to create more and cleaner energy solutions abound."